Rapid7 (NASDAQ:RPD) Issues Q3 Earnings Guidance

Rapid7 (NASDAQ:RPD) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.50-0.53 for the period, compared to the consensus EPS estimate of $0.53. The company issued revenue guidance of $209-211 million, compared to the consensus revenue estimate of $209.28 million. Rapid7 also updated its FY 2024 guidance to 2.150-2.200 EPS.

Rapid7 Stock Performance

Shares of NASDAQ:RPD traded up $3.28 during midday trading on Wednesday, hitting $36.30. 2,442,398 shares of the stock were exchanged, compared to its average volume of 930,788. The business’s 50-day moving average price is $38.66 and its 200 day moving average price is $45.87. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of -17.71 and a beta of 0.98. Rapid7 has a 12 month low of $32.94 and a 12 month high of $61.88.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.22. Rapid7 had a negative net margin of 15.14% and a negative return on equity of 31.09%. The firm had revenue of $205.10 million during the quarter, compared to the consensus estimate of $204.10 million. As a group, sell-side analysts expect that Rapid7 will post 0.75 EPS for the current year.

Analysts Set New Price Targets

RPD has been the topic of several analyst reports. Mizuho reduced their target price on Rapid7 from $62.00 to $47.00 and set a neutral rating on the stock in a report on Wednesday, May 8th. Royal Bank of Canada restated an outperform rating and set a $50.00 target price on shares of Rapid7 in a research report on Wednesday. Truist Financial lowered their target price on Rapid7 from $50.00 to $45.00 and set a hold rating for the company in a report on Wednesday, May 8th. Morgan Stanley reaffirmed an equal weight rating and set a $46.00 price objective on shares of Rapid7 in a research report on Wednesday, July 10th. Finally, Citigroup dropped their target price on shares of Rapid7 from $65.00 to $52.00 and set a buy rating on the stock in a research report on Wednesday, May 8th. Thirteen analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $46.75.

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.