What is Scotiabank’s Estimate for Rapid7 FY2024 Earnings?

Rapid7, Inc. (NASDAQ:RPD) – Equities researchers at Scotiabank increased their FY2024 earnings per share (EPS) estimates for shares of Rapid7 in a report released on Wednesday, January 8th. Scotiabank analyst P. Colville now expects that the technology company will post earnings per share of $0.99 for the year, up from their prior forecast of $0.78. The consensus estimate for Rapid7’s current full-year earnings is $0.98 per share. Scotiabank also issued estimates for Rapid7’s FY2025 earnings at $0.92 EPS.

Other equities analysts have also issued research reports about the company. Truist Financial reduced their price objective on Rapid7 from $40.00 to $38.00 and set a “hold” rating for the company in a research note on Thursday, November 7th. Piper Sandler reduced their price target on Rapid7 from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Royal Bank of Canada lowered Rapid7 from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $50.00 to $40.00 in a research report on Friday, September 20th. JPMorgan Chase & Co. lifted their target price on shares of Rapid7 from $40.00 to $42.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, StockNews.com raised shares of Rapid7 from a “hold” rating to a “buy” rating in a report on Friday, December 6th. Fourteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Rapid7 presently has a consensus rating of “Hold” and an average price target of $44.59.

Rapid7 Price Performance

Shares of Rapid7 stock opened at $39.65 on Monday. The stock has a market cap of $2.51 billion, a PE ratio of 62.94 and a beta of 0.96. The firm has a fifty day moving average price of $40.82 and a 200 day moving average price of $39.16. Rapid7 has a 1 year low of $32.94 and a 1 year high of $61.88.

Rapid7 (NASDAQ:RPD) last announced its quarterly earnings data on Wednesday, November 6th. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.14. The firm had revenue of $214.65 million during the quarter, compared to analysts’ expectations of $210.04 million. Rapid7 had a negative return on equity of 128.95% and a net margin of 5.65%. The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period last year, the business posted $0.11 earnings per share.

Institutional Investors Weigh In On Rapid7

Several institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers boosted its stake in Rapid7 by 4.9% in the second quarter. Rhumbline Advisers now owns 90,430 shares of the technology company’s stock valued at $3,909,000 after acquiring an additional 4,221 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Rapid7 by 2.8% in the 2nd quarter. Arizona State Retirement System now owns 17,352 shares of the technology company’s stock valued at $750,000 after purchasing an additional 465 shares during the last quarter. Quest Partners LLC acquired a new stake in shares of Rapid7 in the 2nd quarter valued at about $35,000. Cannae Holdings Inc. purchased a new position in Rapid7 during the 2nd quarter worth approximately $15,130,000. Finally, Hsbc Holdings PLC increased its position in Rapid7 by 227.2% during the second quarter. Hsbc Holdings PLC now owns 34,580 shares of the technology company’s stock worth $1,518,000 after buying an additional 24,012 shares during the period. Hedge funds and other institutional investors own 95.66% 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.