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 2.100-2.210 for the period, compared to the consensus earnings per share estimate of 2.170. The company issued revenue guidance of $830.0 million-$836.0 million, compared to the consensus revenue estimate of $853.1 million. Rapid7 also updated its Q2 2024 guidance to 0.500-0.530 EPS.

Rapid7 Trading Down 0.9 %

NASDAQ RPD opened at $45.80 on Wednesday. Rapid7 has a 12 month low of $39.49 and a 12 month high of $61.88. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of -18.25 and a beta of 1.01. The company’s 50 day moving average is $49.41 and its two-hundred day moving average is $52.81.

Rapid7 (NASDAQ:RPD) last announced its quarterly earnings data on Wednesday, February 7th. The technology company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.27. The firm had revenue of $205.27 million during 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%. Sell-side analysts forecast that Rapid7 will post 0.86 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. UBS Group upgraded Rapid7 from a neutral rating to a buy rating and increased their price target for the stock from $53.00 to $70.00 in a research note on Monday, January 29th. Citigroup raised Rapid7 from a neutral rating to a buy rating and boosted their price target for the stock from $54.00 to $65.00 in a report on Tuesday, January 9th. Royal Bank of Canada restated an outperform rating and issued a $70.00 price target on shares of Rapid7 in a research note on Thursday, February 8th. JPMorgan Chase & Co. reduced their price objective on shares of Rapid7 from $61.00 to $60.00 and set a neutral rating on the stock in a research report on Thursday, February 8th. Finally, Scotiabank initiated coverage on shares of Rapid7 in a research report on Friday, April 26th. They set a sector perform rating and a $46.00 target price for the company. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $55.56.

Insiders Place Their Bets

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

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.