2024-03-28 01:54:09 ET
Summary
- Rapid7's stock has underperformed and been volatile, currently down -10.3% YTD.
- The company's fundamentals are decent, with non-GAAP profitability and operating cash flow improving.
- Rapid7 aims to focus on profitable growth in 2024, driven by IT security tool consolidation trend, which helps securing larger deals with higher ARR per customer.
Rapid7 ( RPD ) is one of the leading cybersecurity companies based in the US with award-winning offerings in the vulnerability management space. I have covered RPD a few times in the past. The most recent one was last year in June 2023, where I rated the stock neutral due to relatively unattractive risk reward. With RPD only seeing 7% upside since my last coverage, I believe I made the right call....
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Rapid7: Positive Profitability Improvements, Stock Appears Fully Valued