DA Davidson Has Bullish Outlook for Rapid7 FY2024 Earnings

Rapid7, Inc. (NASDAQ:RPD - Free Report) - Equities researchers at DA Davidson increased their FY2024 earnings estimates for Rapid7 in a research note issued to investors on Thursday, November 7th. DA Davidson analyst R. Kessinger now expects that the technology company will earn $0.92 per share for the year, up from their previous estimate of $0.78. DA Davidson currently 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.

Rapid7 (NASDAQ:RPD - Get Free Report) last announced its quarterly earnings data 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. Rapid7 had a negative return on equity of 99.08% and a net margin of 5.65%. The company had revenue of $214.65 million for the quarter, compared to analysts' expectations of $210.04 million. During the same period last year, the firm posted $0.11 EPS. Rapid7's revenue for the quarter was up 8.0% compared to the same quarter last year.

A number of other research firms have also commented on RPD. Jefferies Financial Group began coverage on shares of Rapid7 in a report on Wednesday, October 16th. They set a "buy" rating and a $50.00 price target for the company. Canaccord Genuity Group raised shares of Rapid7 from a "hold" rating to a "buy" rating and reduced their target price for the stock from $52.00 to $43.00 in a research report on Wednesday, August 7th. UBS Group lowered their price objective on Rapid7 from $59.00 to $52.00 and set a "buy" rating for the company in a research note on Thursday. Truist Financial dropped their target price on shares of Rapid7 from $40.00 to $38.00 and set a "hold" rating on the stock in a research note on Thursday. Finally, Canaccord Genuity Group raised Rapid7 from a "hold" rating to a "buy" rating and dropped their price objective for the company from $52.00 to $43.00 in a research report on Wednesday, August 7th. Fourteen analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $44.59.

Rapid7 Price Performance

NASDAQ RPD traded up $1.02 during trading on Monday, hitting $41.56. 385,266 shares of the company's stock traded hands, compared to its average volume of 846,327. The firm has a market cap of $2.61 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 fifty day moving average of $38.02 and a two-hundred day moving average of $38.65.

Insiders Place Their Bets

In other Rapid7 news, Director Reeny Sondhi sold 3,663 shares of the 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 completion of the sale, the director now directly owns 17,460 shares of the company's stock, valued at $698,400. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 2.60% of the company's stock.

Institutional Trading of Rapid7

Several hedge funds have recently modified their holdings of RPD. Point72 Asset Management L.P. boosted its position in shares of 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. Cannae Holdings Inc. purchased a new position in Rapid7 during the 2nd quarter valued at about $15,130,000. SG Americas Securities LLC raised its stake in Rapid7 by 7,688.6% in the second quarter. SG Americas Securities LLC now owns 165,196 shares of the technology company's stock worth $7,141,000 after buying an additional 163,075 shares in the last quarter. 272 Capital LP purchased a new stake in shares of Rapid7 during the 2nd quarter worth $6,979,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Rapid7 during the second quarter valued at about $6,106,000. 95.66% of the stock is owned by hedge funds and other institutional investors.

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.