Rapid7 (RPD) shares tumbled 5.91% in pre-market trading on Tuesday, following the company's first-quarter earnings report and subsequent analyst actions. Despite beating earnings expectations, the cybersecurity firm's lowered sales guidance and a notable analyst downgrade have sparked investor concerns.
The company reported better-than-expected Q1 earnings of 49 cents per share, surpassing the analyst consensus estimate of 35 cents. However, Rapid7 lowered its FY2025 sales guidance from $860.00 million-$870.00 million to $853.00 million-$863.00 million, signaling potential challenges ahead. CEO Corey Thomas acknowledged a "slower start to 2025 than anticipated" and cited a "more uncertain macroeconomic environment" as factors influencing the company's outlook.
Adding to the downward pressure, DA Davidson analyst Rudy Kessinger downgraded Rapid7 from Neutral to Underperform and lowered the price target from $29 to $21. This bearish stance, combined with the company's cautious outlook, appears to have triggered the significant pre-market sell-off. However, it's worth noting that other analysts maintain more optimistic views, with Morgan Stanley and RBC Capital Markets raising their price targets slightly, suggesting a mixed sentiment among Wall Street experts.
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