Rapid7 Inc RPD is on fire. The provider of security data and analytics solutions in cybersecurity was introduced to NASDAQ in mid-July.
Rapid7 offers three different solutions groups: incident detection and responses, or its UserInsight product, threat exposure management, or its Nexpose, Metasploit, and AppSpider products, and finally its incident response and security advisory services.
The company raised $103 million in its IPO, with a price per share of $16, above its initial price range of $13-$15 per share.
Rapid7 was in demand as investors valued it at a whopping $605 million. Wall Street even valued the company a bit north of a billion dollars as shares of the company hit the $25 range.
The cybersecurity company soared nearly 54 percent on its IPO, and is up nearly 38 percent since then. Wall Street analysts took interest in initiating coverage on the stock:
- Morgan Stanley: Initiated with an Equal-Weight rating and a price target of $23.
- Barclays Capital: Initiated with an Equal-Weight rating; price target of $24.
- Raymond James: Initiated with an Outperform rating; price target of $26.
- Pacific Crest: Initiated with an Overweight rating; price target of $28.
- Cowen & Company: Initiated with an Outperform rating; price target of $26.
- William Blair: Initiated with an Outperform rating.
SUMMARY: 2 Equal-Weight, 3 Outperform, and 1 Overweight rating; price target range of $23-$28.
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