In a report released today, Jonathan Ruykhaver from Robert W. Baird initiated coverage with a Buy rating on Rapid7 (RPD) and a price target of $58. The company’s shares opened today at $52.90, close to its 52-week high of $53.87.
Ruykhaver said:
“We initiate RPD with an Outperform rating and $58 price target. We commend management’s ability to deliver a compelling product roadmap focused on creating value for customers by automating standard workflows, leveraging ML to reduce complexity and dispersing intelligence through the Insight Platform. Strategically, we see growing importance within security operations for VM and a significant market need for an easy to consume, cloud-delivered SIEM that addresses “resource constrained” security operations teams.”
According to TipRanks.com, Ruykhaver is a top 100 analyst with an average return of 27.2% and a 81.9% success rate. Ruykhaver covers the Technology sector, focusing on stocks such as Forescout Technologies Inc, Carbon Black Inc, and Varonis Systems.
Rapid7 has an analyst consensus of Strong Buy, with a price target consensus of $47.82, a -9.6% downside from current levels. In a report issued on March 26, Mizuho Securities also initiated coverage with a Buy rating on the stock with a $59 price target.
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Based on Rapid7’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $13.02 million. In comparison, last year the company had a GAAP net loss of $16.36 million.
Based on the recent corporate insider activity of 92 insiders, corporate insider sentiment is negative on the stock.
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Rapid7, Inc. engages in the provision of cyber security analytics and automation services. Its product includes insight platform, which offers InsightVM, InsightIDR, InsightAppSec, and InsightConnect. The company was founded by Alan P. Matthews, Tas Giakouminakis and Chad Loder in July 2000 and is headquartered in Boston, MA.
