Rapid7 price target lowered to $45 from $56 at Piper Sandler

Piper Sandler lowered the firm’s price target on Rapid7 to $45 from $56 and keeps a Neutral rating on the shares. The firm notes revenue and profitability results that were modestly above Street expectations were overshadowed by Q1’s $10M ARR miss, driven by execution in March falling short as Cloud Risk Complete sales faltered. Following the underperformance, both the ARR and revenue guide for 2024 were lowered, while profitability guides were kept at the ranges, Piper adds.