Rapid7 (NASDAQ:RPD) Updates FY24 Earnings Guidance

Rapid7 (NASDAQ:RPD) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.10-2.21 for the period, compared to the consensus earnings per share estimate of $2.17. The company issued revenue guidance of $830-836 million, compared to the consensus revenue estimate of $852.98 million. Rapid7 also updated its Q2 guidance to $0.50-0.53 EPS.

Rapid7 Trading Down 17.0 %

Rapid7 stock traded down $7.80 during mid-day trading on Wednesday, hitting $38.00. The company had a trading volume of 9,293,338 shares, compared to its average volume of 809,718. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of -15.14 and a beta of 1.01. The company’s fifty day moving average is $49.41 and its 200-day moving average is $52.81. Rapid7 has a 12-month low of $35.22 and a 12-month high of $61.88.

Rapid7 (NASDAQ:RPD) last announced its earnings results on Wednesday, February 7th. The technology company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.27. The business had revenue of $205.27 million during the quarter, compared to the consensus estimate of $201.52 million. Rapid7 had a negative return on equity of 1.36% and a negative net margin of 19.19%. As a group, sell-side analysts expect that Rapid7 will post 0.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RPD. Stifel Nicolaus reduced their target price on Rapid7 from $63.00 to $51.00 and set a buy rating for the company in a research note on Wednesday. Royal Bank of Canada reduced their price objective on Rapid7 from $70.00 to $57.00 and set an outperform rating for the company in a research note on Wednesday. UBS Group reduced their price objective on Rapid7 from $70.00 to $65.00 and set a buy rating for the company in a research note on Wednesday. JPMorgan Chase & Co. reduced their price objective on Rapid7 from $61.00 to $60.00 and set a neutral rating for the company in a research note on Thursday, February 8th. Finally, Canaccord Genuity Group reduced their price objective on Rapid7 from $60.00 to $52.00 and set a hold rating for the company in a research note on Wednesday. Ten research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $52.13.

Insider Transactions at Rapid7

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

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.