Wall Street Takes On Rapid7

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.