DA Davidson Has Bullish Forecast for Rapid7 FY2024 Earnings

Rapid7, Inc. (NASDAQ:RPD) – Equities researchers at DA Davidson boosted their FY2024 earnings per share estimates for Rapid7 in a research report issued on Thursday, November 7th. DA Davidson analyst R. Kessinger now forecasts that the technology company will earn $0.92 per share for the year, up from their prior estimate of $0.78. DA Davidson has a “Neutral” rating and a $39.00 price target on the stock. The consensus estimate for Rapid7’s current full-year earnings is $0.81 per share. DA Davidson also issued estimates for Rapid7’s FY2025 earnings at $1.02 EPS.

A number of other analysts also recently issued reports on RPD. Baird R W downgraded Rapid7 from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 1st. Piper Sandler cut their price target on Rapid7 from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Canaccord Genuity Group upgraded Rapid7 from a “hold” rating to a “buy” rating and cut their price target for the company from $52.00 to $43.00 in a report on Wednesday, August 7th. Royal Bank of Canada cut shares of Rapid7 from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $50.00 to $40.00 in a research report on Friday, September 20th. Finally, UBS Group dropped their target price on shares of Rapid7 from $59.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Fourteen equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $44.59.

Rapid7 Trading Up 2.1 %

Shares of Rapid7 stock opened at $41.39 on Monday. The stock has a 50 day moving average of $38.09 and a 200 day moving average of $38.62. Rapid7 has a 12 month low of $32.94 and a 12 month high of $61.88. The firm has a market cap of $2.60 billion, a PE ratio of 65.70 and a beta of 0.96.

Rapid7 (NASDAQ:RPD) last released its earnings results on Wednesday, November 6th. The technology company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. The company had revenue of $214.65 million for the quarter, compared to analysts’ expectations of $210.04 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 8.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.11 EPS.

Insider Buying and Selling at Rapid7

In other news, Director Reeny Sondhi sold 3,663 shares of Rapid7 stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $40.00, for a total transaction of $146,520.00. Following the sale, the director now owns 17,460 shares of the company’s stock, valued at approximately $698,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is owned by company insiders.

Institutional Trading of Rapid7

Institutional investors and hedge funds have recently bought and sold shares of the business. Comerica Bank lifted its position in shares of Rapid7 by 1.1% during the 1st quarter. Comerica Bank now owns 25,356 shares of the technology company’s stock worth $1,243,000 after purchasing an additional 281 shares during the last quarter. Virtu Financial LLC raised its position in Rapid7 by 7.1% in the 1st quarter. Virtu Financial LLC now owns 5,198 shares of the technology company’s stock valued at $255,000 after purchasing an additional 346 shares during the last quarter. 1620 Investment Advisors Inc. raised its position in Rapid7 by 14.5% in the 3rd quarter. 1620 Investment Advisors Inc. now owns 2,783 shares of the technology company’s stock valued at $111,000 after purchasing an additional 352 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Rapid7 by 10.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,287 shares of the technology company’s stock worth $185,000 after purchasing an additional 400 shares during the period. Finally, Arizona State Retirement System increased its stake in Rapid7 by 2.8% in the second quarter. Arizona State Retirement System now owns 17,352 shares of the technology company’s stock valued at $750,000 after purchasing an additional 465 shares during the period. 95.66% of the stock is currently owned by hedge funds and other institutional investors.

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.