Rapid7 (NASDAQ:RPD) Reaches New 12-Month Low Following Analyst Downgrade

Rapid7, Inc. (NASDAQ:RPD)’s stock price hit a new 52-week low during mid-day trading on Wednesday after Citigroup lowered their price target on the stock from $65.00 to $52.00. Citigroup currently has a buy rating on the stock. Rapid7 traded as low as $38.09 and last traded at $38.51, with a volume of 1860227 shares traded. The stock had previously closed at $45.80.

Several other analysts also recently weighed in on the stock. UBS Group lowered their price target on shares of Rapid7 from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. lowered their price objective on shares of Rapid7 from $61.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, February 8th. Royal Bank of Canada lowered their price objective on shares of Rapid7 from $70.00 to $57.00 and set an “outperform” rating for the company in a research note on Wednesday. Barclays lowered their price objective on shares of Rapid7 from $60.00 to $49.00 and set an “equal weight” rating for the company in a research note on Wednesday. Finally, Mizuho lowered their price objective on shares of Rapid7 from $62.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday. Ten research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $52.13.

Insider Buying and Selling at Rapid7

In other Rapid7 news, COO Andrew F. Burton sold 20,653 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $48.73, for a total transaction of $1,006,420.69. Following the completion of the transaction, the chief operating officer now owns 236,841 shares of the company’s stock, valued at $11,541,261.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Andrew F. Burton sold 31,727 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $53.07, for a total transaction of $1,683,751.89. Following the completion of the sale, the chief operating officer now owns 257,494 shares of the company’s stock, valued at $13,665,206.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Andrew F. Burton sold 20,653 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $48.73, for a total transaction of $1,006,420.69. Following the sale, the chief operating officer now directly owns 236,841 shares of the company’s stock, valued at approximately $11,541,261.93. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Rapid7

A number of large investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System grew its position in Rapid7 by 1.9% in the 3rd quarter. Arizona State Retirement System now owns 17,184 shares of the technology company’s stock worth $787,000 after purchasing an additional 320 shares during the period. Allspring Global Investments Holdings LLC grew its position in Rapid7 by 13.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,917 shares of the technology company’s stock worth $134,000 after purchasing an additional 336 shares during the period. Natixis Advisors L.P. grew its position in Rapid7 by 2.0% in the 4th quarter. Natixis Advisors L.P. now owns 17,446 shares of the technology company’s stock worth $996,000 after purchasing an additional 344 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Rapid7 by 1.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 49,346 shares of the technology company’s stock worth $2,259,000 after purchasing an additional 502 shares during the period. Finally, Knights of Columbus Asset Advisors LLC grew its position in Rapid7 by 2.4% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 28,167 shares of the technology company’s stock worth $1,289,000 after purchasing an additional 668 shares during the period. Institutional investors own 95.66% of the company’s stock.

Rapid7 Trading Down 17.0 %

The company’s 50 day moving average price is $49.04 and its two-hundred day moving average price is $52.71. The firm has a market cap of $2.37 billion, a PE ratio of -15.14 and a beta of 1.01.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings results on Wednesday, February 7th. The technology company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.27. The business had revenue of $205.27 million for the quarter, compared to analysts’ expectations of $201.52 million. Rapid7 had a negative net margin of 19.19% and a negative return on equity of 1.36%. Equities research analysts expect that Rapid7, Inc. will post 0.86 earnings per share for the current fiscal year.

About Rapid7

Rapid7, Inc provides cybersecurity solutions under the Rapid7, Nexpose, and Metasploit brand names. The company offers endpoint to cloud data collection and sharing applications, such as Rapid7 Insight Agent, a software-based agent that is used on assets across on-premises and cloud environments to centralize and monitor data on company's platform; Rapid7 Insight Network Sensor that analyzes raw end-to-end network traffic to increase visibility into user activity, pinpoint real threats, and investigations; Rapid7 Cloud Event Data Harvesting that offers visibility into changes made to cloud resources; and third-party integrations and ecosystem, as well as orchestration and automation solutions.