Scotiabank Has Optimistic Outlook of Rapid7 FY2024 Earnings

Rapid7, Inc. (NASDAQ:RPD) – Equities research analysts at Scotiabank boosted their FY2024 earnings per share (EPS) estimates for Rapid7 in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst P. Colville now anticipates that the technology company will earn $0.99 per share for the year, up from their previous forecast of $0.78. The consensus estimate for Rapid7’s current full-year earnings is $0.98 per share. Scotiabank also issued estimates for Rapid7’s FY2025 earnings at $0.92 EPS.

RPD has been the topic of several other reports. StockNews.com upgraded Rapid7 from a “hold” rating to a “buy” rating in a report on Friday, December 6th. Piper Sandler reduced their price objective on shares of Rapid7 from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. JPMorgan Chase & Co. lifted their target price on shares of Rapid7 from $40.00 to $42.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. UBS Group cut their price target 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. Finally, DA Davidson lifted their price objective on Rapid7 from $35.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Fourteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $44.59.

Rapid7 Trading Down 0.3 %

NASDAQ RPD opened at $38.98 on Monday. Rapid7 has a 12 month low of $32.94 and a 12 month high of $61.88. The firm has a market capitalization of $2.46 billion, a PE ratio of 61.87 and a beta of 0.96. The business’s 50-day moving average price is $40.86 and its two-hundred day moving average price is $39.19.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings results on Wednesday, November 6th. The technology company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14. The company had revenue of $214.65 million for the quarter, compared to analyst estimates of $210.04 million. Rapid7 had a net margin of 5.65% and a negative return on equity of 128.95%. Rapid7’s revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.11 earnings per share.

Institutional Trading of Rapid7

Several institutional investors and hedge funds have recently modified their holdings of RPD. Algert Global LLC grew its position in Rapid7 by 158.6% during the second quarter. Algert Global LLC now owns 121,953 shares of the technology company’s stock valued at $5,272,000 after buying an additional 74,793 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Rapid7 during the third quarter valued at about $948,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Rapid7 by 36.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 85,951 shares of the technology company’s stock worth $3,429,000 after purchasing an additional 22,734 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in Rapid7 by 252.0% during the second quarter. Point72 Asset Management L.P. now owns 3,799,119 shares of the technology company’s stock valued at $164,236,000 after buying an additional 2,719,791 shares during the period. Finally, Stifel Financial Corp purchased a new stake in Rapid7 in the third quarter valued at approximately $1,006,000. 95.66% of the stock is 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.