Citigroup Issues Positive Forecast for Rapid7 (NASDAQ:RPD) Stock Price

Rapid7 (NASDAQ:RPD) had its target price raised by Citigroup from $13.00 to $16.00 in a report published on Thursday morning,Benzinga reports. Citigroup currently has a neutral rating on the technology company’s stock.

A number of other research firms also recently commented on RPD. DA Davidson increased their target price on Rapid7 from $5.25 to $9.00 and gave the company an “underperform” rating in a research report on Tuesday, August 11th. Piper Sandler boosted their target price on shares of Rapid7 from $12.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday. Jefferies Financial Group restated a “hold” rating and set a $12.00 target price on shares of Rapid7 in a research report on Tuesday, August 11th. Barclays boosted their price objective on Rapid7 from $12.00 to $14.00 and gave the stock an “underweight” rating in a research note on Thursday. Finally, Morgan Stanley downgraded Rapid7 from an “equal weight” rating to an “underweight” rating and set a $9.00 price objective on the stock. in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Buy rating, seventeen have given a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $13.92.

Rapid7 Price Performance

RPD opened at $15.44 on Thursday. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.80 and a quick ratio of 0.80. Rapid7 has a 1 year low of $4.97 and a 1 year high of $18.56. The firm has a market cap of $1.04 billion, a PE ratio of 73.53 and a beta of 0.90. The stock has a 50-day moving average price of $13.14 and a 200-day moving average price of $9.56.

Rapid7 (NASDAQ:RPD) last announced its earnings results on Wednesday, November 4th. The technology company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.14. Rapid7 had a net margin of 1.63% and a return on equity of 30.84%. The business had revenue of $212.40 million during the quarter, compared to analyst estimates of $209.05 million. During the same period in the previous year, the business earned $0.57 EPS. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. Sell-side analysts predict that Rapid7 will post 0.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rapid7

Several hedge funds have recently bought and sold shares of the business. Bank of America Corp DE purchased a new stake in Rapid7 in the second quarter worth $6,861,000. Bank of New York Mellon Corp bought a new stake in shares of Rapid7 during the second quarter worth $3,844,000. Man Group plc purchased a new stake in shares of Rapid7 during the second quarter valued at $3,409,000. Pacer Advisors Inc. boosted its stake in shares of Rapid7 by 24.3% during the first quarter. Pacer Advisors Inc. now owns 469,912 shares of the technology company’s stock valued at $2,589,000 after purchasing an additional 91,905 shares during the period. Finally, Hsbc Holdings PLC boosted its stake in shares of Rapid7 by 274.1% during the fourth quarter. Hsbc Holdings PLC now owns 159,688 shares of the technology company’s stock valued at $2,446,000 after purchasing an additional 117,000 shares during the period. Institutional investors 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 Q3 adjusted EPS of $0.60, topping the roughly $0.45–$0.46 consensus, and revenue of $212.4 million, above expectations of $209.05 million. The earnings and sales beats likely supported investor sentiment. Rapid7 Q3 earnings and revenues top estimates
• Positive Sentiment: Piper Sandler raised its price target to $20 from $12, leaving substantial potential upside at its new target, although it kept a neutral rating. Piper Sandler recommendations
• Neutral Sentiment: Several other firms also lifted targets: Citi and RBC to $16, Truist to $15, and Scotiabank to $14.50. Their neutral, sector-perform, or hold ratings suggest analysts see the improved results but remain measured about the outlook. Truist raises Rapid7 price target
• Negative Sentiment: Revenue fell 2.5% from a year earlier, tempering the strong quarterly beat. Barclays maintained an underweight rating with a $14 target, and Scotiabank’s $14.50 target is also below the recent share price, reflecting valuation or growth concerns. Barclays recommendations

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.