Robert W. Baird analyst Jonathan Ruykhaver maintained a Buy rating on Rapid7 (RPD) today and set a price target of $62. The company’s shares closed yesterday at $52.88, close to its 52-week high of $54.85.
Ruykhaver wrote:
“We maintain our Outperform rating and increase price target to $62. Rapid7 once again delivered an impressive quarter exceeding expectations on all metrics. ARR increased 51% against increasingly challenging comparisons. The strong performance was driven by growing adoption of its platform solutions, including and InsightConnect. Strategically, we see Rapid7s focus on simplifying security complexity and consumption with a cloud-based offering into a “resource constrained” mid-market as driving significant value to end customers and supporting continued robust share gains and growth.”
According to TipRanks.com, Ruykhaver is a top 100 analyst with an average return of 25.8% and a 79.0% success rate. Ruykhaver covers the Technology sector, focusing on stocks such as Forescout Technologies Inc, Carbon Black Inc, and Varonis Systems.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Rapid7 with a $54.67 average price target, which is a 3.4% upside from current levels. In a report issued on April 29, Needham also maintained a Buy rating on the stock with a $60 price target.
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The company has a one-year high of $54.85 and a one-year low of $26.27. Currently, Rapid7 has an average volume of 730K.
Based on the recent corporate insider activity of 91 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.
