Rapid7 (NASDAQ:RPD) Updates FY 2024 Earnings Guidance

Rapid7 (NASDAQ:RPD) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.280-2.310 for the period, compared to the consensus earnings per share estimate of 2.170. The company issued revenue guidance of $839.0 million-$841.0 million, compared to the consensus revenue estimate of $834.1 million. Rapid7 also updated its Q4 guidance to $0.48-0.51 EPS.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RPD. Royal Bank of Canada lowered Rapid7 from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $50.00 to $40.00 in a research report on Friday, September 20th. Canaccord Genuity Group upgraded Rapid7 from a “hold” rating to a “buy” rating and dropped their target price for the company from $52.00 to $43.00 in a research report on Wednesday, August 7th. DA Davidson boosted their target price on Rapid7 from $35.00 to $39.00 and gave the company a “neutral” rating in a research report on Thursday. Canaccord Genuity Group raised shares of Rapid7 from a “hold” rating to a “buy” rating and decreased their price target for the company from $52.00 to $43.00 in a research note on Wednesday, August 7th. Finally, Robert W. Baird downgraded shares of Rapid7 from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $56.00 to $45.00 in a research note on Thursday, August 1st. Fourteen investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $44.59.

Rapid7 Stock Performance

NASDAQ:RPD traded down $0.74 during trading hours on Friday, reaching $40.54. The company’s stock had a trading volume of 1,005,345 shares, compared to its average volume of 848,452. The company has a market capitalization of $2.54 billion, a P/E ratio of 64.35 and a beta of 0.96. Rapid7 has a 12 month low of $32.94 and a 12 month high of $61.88. The stock has a 50 day moving average price of $38.02 and a two-hundred day moving average price of $38.76.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.06. The company had revenue of $207.99 million during the quarter, compared to the consensus estimate of $204.04 million. Rapid7 had a net margin of 5.65% and a negative return on equity of 99.08%. Rapid7’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.33) earnings per share. As a group, analysts predict that Rapid7 will post 0.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rapid7 news, Director Reeny Sondhi sold 3,663 shares of Rapid7 stock in a transaction on Monday, September 30th. The shares were sold at an average price of $40.00, for a total value of $146,520.00. Following the transaction, the director now directly owns 17,460 shares of the company’s stock, valued at approximately $698,400. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.60% of the company’s stock.

Rapid7 Company Profile

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.