Citigroup Forecasts Strong Price Appreciation for Rapid7 (NASDAQ:RPD) Stock

Rapid7 (NASDAQ:RPD) had its price objective hoisted by equities researchers at Citigroup from $13.00 to $16.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Citigroup‘s price objective would suggest a potential upside of 3.49% from the stock’s previous close.

RPD has been the topic of a number of other reports. Royal Bank Of Canada raised their price objective on Rapid7 from $12.00 to $16.00 and gave the stock a “sector perform” rating in a report on Thursday. Barclays boosted their target price on Rapid7 from $12.00 to $14.00 and gave the stock an “underweight” rating in a report on Thursday. Piper Sandler increased their target price on shares of Rapid7 from $12.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday. Susquehanna raised their price target on shares of Rapid7 from $7.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, August 12th. Finally, DA Davidson increased their price target on Rapid7 from $5.25 to $9.00 and gave the company an “underperform” rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Buy rating, seventeen have assigned a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $13.55.

Rapid7 Trading Up 2.8%

Shares of RPD stock traded up $0.42 on Thursday, reaching $15.46. 2,935,600 shares of the stock were exchanged, compared to its average volume of 2,103,875. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.50. The stock has a market cap of $1.04 billion, a P/E ratio of 49.87 and a beta of 0.90. The firm has a 50 day moving average of $13.07 and a two-hundred day moving average of $9.55. Rapid7 has a 1-year low of $4.97 and a 1-year high of $18.56.

Rapid7 (NASDAQ:RPD) last issued 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 return on equity of 27.89% and a net margin of 2.35%. The firm had revenue of $212.40 million for the quarter, compared to analysts’ expectations of $209.05 million. During the same quarter last year, the firm earned $0.57 earnings per share. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, research analysts anticipate that Rapid7 will post 0.76 EPS for the current year.

Hedge Funds Weigh In On Rapid7

Several institutional investors and hedge funds have recently made changes to their positions in the business. Quantinno Capital Management LP increased its stake in shares of Rapid7 by 776.1% in the first quarter. Quantinno Capital Management LP now owns 260,359 shares of the technology company’s stock worth $1,435,000 after buying an additional 230,641 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Rapid7 by 535.0% in the first quarter. Renaissance Technologies LLC now owns 149,196 shares of the technology company’s stock valued at $822,000 after acquiring an additional 125,700 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Rapid7 in the second quarter valued at $393,000. Bank of New York Mellon Corp bought a new position in Rapid7 during the 2nd quarter valued at $3,844,000. Finally, CWA Asset Management Group LLC bought a new position in Rapid7 during the 3rd quarter valued at $1,361,000. 95.66% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting Rapid7

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.