In a report released today, Jonathan Ruykhaver from Robert W. Baird maintained a Buy rating on Rapid7 (RPD). The company’s shares opened today at $63.34, close to its 52-week high of $66.01.
Ruykhaver commented:
“We maintain Outperform rating and increase our price target to $72. Rapid7 posted strong results for the quarter, headlined by a second consecutive quarter of non-GAAP profitability. The company also posted strong ARR growth and accelerated YoY growth of customer count compared to 1Q19. On a market level, we believe RPD is gaining share in VM and appears poised to continue to expand the reach of its Insight Platform. Though still an early-stage opportunity, we see Rapid7’s InsightIDR as uniquely poised for enterprise market gains.”
According to TipRanks.com, Ruykhaver is a 5-star analyst with an average return of 22.1% and a 75.3% success rate. Ruykhaver covers the Technology sector, focusing on stocks such as Forescout Technologies Inc, Carbon Black Inc, and Varonis Systems.
Currently, the analyst consensus on Rapid7 is a Strong Buy with an average price target of $65.58, implying a 3.5% upside from current levels. In a report issued on July 18, Raymond James also maintained a Buy rating on the stock with a $74 price target.
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The company has a one-year high of $66.01 and a one-year low of $26.27. Currently, Rapid7 has an average volume of 639K.
Based on the recent corporate insider activity of 90 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.
