Piper Sandler lowered the firm’s price target on Rapid7 (RPD) to $30 from $35 and keeps a Neutral rating on the shares. The firm notes Q1 ARR missed street expectations by $4M, resulting in a sequential decline in ARR as multiple 7-figure deals pushed out of the quarter and macro uncertainty impacted midmarket customers. This led to a reduced view of the full-year top-line outlook and reiterated operating income guide, Piper adds.
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Read More on RPD:
- Strategic Repositioning and Strong Demand Support Buy Rating for Rapid7 Amid Market Challenges
- Rapid7 price target lowered to $25 from $26 at Barclays
- Rapid7 Reports Modest Growth Amid Strategic Initiatives
- Hold Rating on Rapid7 Amid Mixed Q1 Results and Macroeconomic Challenges
- Rapid7 downgraded to Underperform from Neutral at DA Davidson