Rapid7 (NASDAQ:RPD) Stock Gets Price Target Boost from Citigroup

Rapid7 (NASDAQ:RPD) had its target price hoisted by research analysts at Citigroup from $13.00 to $16.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Citigroup‘s price target indicates a potential upside of 3.49% from the company’s current price.

Several other research firms have also commented on RPD. Morgan Stanley lowered shares of Rapid7 from an “equal weight” rating to an “underweight” rating and set a $9.00 price target on the stock. in a research report on Tuesday, July 21st. DA Davidson lifted their price objective on Rapid7 from $5.25 to $9.00 and gave the stock an “underperform” rating in a research report on Tuesday, August 11th. Canaccord Genuity Group upped their target price on Rapid7 from $7.00 to $14.00 and gave the company a “hold” rating in a research note on Tuesday, August 11th. UBS Group upped their target price on Rapid7 from $7.00 to $12.00 and gave the company a “neutral” rating in a research note on Tuesday, August 11th. Finally, Barclays raised their price target on Rapid7 from $12.00 to $14.00 and gave the stock an “underweight” rating in a research report on Thursday. One research analyst has rated the stock with a Buy rating, seventeen have given a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $13.55.

Rapid7 Price Performance

Shares of RPD stock traded up $0.42 during mid-day trading on Thursday, reaching $15.46. The stock had a trading volume of 2,935,600 shares, compared to its average volume of 2,103,875. The company has a market cap of $1.04 billion, a P/E ratio of 49.87 and a beta of 0.90. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.50. Rapid7 has a 12-month low of $4.97 and a 12-month high of $18.56. The business has a 50-day simple moving average of $13.07 and a 200 day simple moving average of $9.55.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings data on Wednesday, November 4th. The technology company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.46 by $0.14. The business had revenue of $212.40 million for the quarter, compared to analyst estimates of $209.05 million. Rapid7 had a net margin of 2.35% and a return on equity of 27.89%. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 EPS. On average, sell-side analysts anticipate that Rapid7 will post 0.76 earnings per share for the current year.

Institutional Trading of Rapid7

A number of hedge funds have recently bought and sold shares of the company. Bank of America Corp DE purchased a new stake in Rapid7 in the 2nd quarter valued at about $6,861,000. Bank of New York Mellon Corp acquired a new position in shares of Rapid7 during the 2nd quarter valued at about $3,844,000. Man Group plc purchased a new position in shares of Rapid7 during the 2nd quarter worth about $3,409,000. Quantinno Capital Management LP lifted its holdings in shares of Rapid7 by 776.1% during the 1st quarter. Quantinno Capital Management LP now owns 260,359 shares of the technology company’s stock worth $1,435,000 after acquiring an additional 230,641 shares during the period. Finally, Deutsche Bank AG purchased a new position in shares of Rapid7 during the 2nd quarter worth about $1,751,000. Institutional investors and hedge funds own 95.66% of the company’s stock.

More Rapid7 News

Here are the key news stories impacting Rapid7 this week:

• Positive Sentiment: Rapid7 reported third-quarter adjusted earnings of $0.60 per share, above the $0.46 consensus, and revenue of $212.4 million, topping estimates of $209.05 million. Quarterly earnings results
• Positive Sentiment: Piper Sandler raised its price target to $20 from $12, implying potential upside from the quoted share price, though it maintained a neutral rating. Piper Sandler rating
• Neutral Sentiment: Rapid7 forecast fourth-quarter adjusted EPS of $0.53–$0.55; the provided report does not include analyst expectations for comparison. Fourth-quarter guidance
• Neutral Sentiment: Truist raised its target to $15 from $10 but reiterated a hold rating; the new target is below the quoted share price. Truist rating
• Negative Sentiment: Third-quarter revenue was down 2.5% from a year earlier, tempering the impact of the earnings and sales beats. Barclays also kept an underweight rating despite lifting its target to $14, below the quoted share price. Barclays rating

About Rapid7

Rapid7, Inc (NASDAQ:RPD) is a cybersecurity company that provides technology and services to help organizations identify, assess and manage security risk across their IT environments. Its offerings are designed to support security operations, vulnerability management, cloud security, application security and incident response.

The company’s product portfolio includes the Insight platform and solutions such as InsightVM for vulnerability risk management, InsightIDR for security detection and response, InsightCloudSec for cloud security and compliance, and InsightAppSec for application security testing.