Pinnacle Associates Ltd. Sells 10,906 Shares of Tenable Holdings, Inc. (NASDAQ:TENB)

Key Points

• Pinnacle Associates Ltd. reduced its stake in Tenable Holdings, Inc. by 4.4%, owning approximately $8.25 million worth of the company after selling 10,906 shares.
• Recent analyst reports have resulted in varied ratings for Tenable, with a consensus rating of "Moderate Buy" and an average target price of $40.78.
• During the last quarter, Tenable reported earnings of $0.36 per share, exceeding estimates, while revenue rose by 10.7% year-over-year to $239.14 million.

Pinnacle Associates Ltd. cut its holdings in shares of Tenable Holdings, Inc. (NASDAQ:TENB - Free Report) by 4.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 235,977 shares of the company's stock after selling 10,906 shares during the quarter. Pinnacle Associates Ltd. owned about 0.20% of Tenable worth $8,254,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in TENB. Summit Investment Advisors Inc. grew its holdings in Tenable by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 12,336 shares of the company's stock valued at $486,000 after buying an additional 390 shares in the last quarter. Xponance Inc. grew its holdings in Tenable by 6.6% in the 1st quarter. Xponance Inc. now owns 9,021 shares of the company's stock valued at $316,000 after buying an additional 562 shares in the last quarter. Tidal Investments LLC grew its holdings in Tenable by 1.8% in the 4th quarter. Tidal Investments LLC now owns 32,082 shares of the company's stock valued at $1,263,000 after buying an additional 564 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Tenable by 858.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 642 shares of the company's stock valued at $25,000 after buying an additional 575 shares in the last quarter. Finally, Byrne Asset Management LLC grew its holdings in Tenable by 115.4% in the 1st quarter. Byrne Asset Management LLC now owns 1,357 shares of the company's stock valued at $47,000 after buying an additional 727 shares in the last quarter. 89.06% of the stock is owned by institutional investors and hedge funds.

Tenable Price Performance

Shares of TENB stock traded up $0.17 on Monday, hitting $33.38. 178,807 shares of the company's stock were exchanged, compared to its average volume of 1,357,154. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.04 and a quick ratio of 1.04. Tenable Holdings, Inc. has a 12 month low of $28.75 and a 12 month high of $49.18. The stock has a market cap of $4.08 billion, a P/E ratio of -90.05 and a beta of 0.80. The company has a 50 day moving average of $32.93 and a 200 day moving average of $35.28.

Tenable (NASDAQ:TENB - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.08. The business had revenue of $239.14 million during the quarter, compared to the consensus estimate of $234.12 million. Tenable had a negative return on equity of 3.11% and a negative net margin of 4.86%. Tenable's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.25 EPS. On average, equities research analysts predict that Tenable Holdings, Inc. will post 0.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TENB. Jefferies Financial Group decreased their price objective on Tenable from $45.00 to $37.00 and set a "hold" rating on the stock in a report on Monday, March 31st. Wells Fargo & Company reduced their price target on Tenable from $50.00 to $40.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 30th. Scotiabank reduced their target price on Tenable from $45.00 to $30.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 30th. DA Davidson reduced their target price on Tenable from $45.00 to $28.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Finally, Westpark Capital reissued a "hold" rating on shares of Tenable in a report on Wednesday, April 30th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, Tenable currently has a consensus rating of "Moderate Buy" and an average target price of $40.78.

Insider Buying and Selling at Tenable

In other Tenable news, CEO Mark C. Thurmond sold 5,577 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $31.98, for a total value of $178,352.46. Following the completion of the transaction, the chief executive officer directly owned 75,210 shares in the company, valued at approximately $2,405,215.80. This trade represents a 6.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Stephen A. Vintz sold 6,499 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $31.98, for a total value of $207,838.02. Following the completion of the transaction, the chief executive officer owned 331,394 shares of the company's stock, valued at $10,597,980.12. This represents a 1.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,815 shares of company stock worth $669,797. 1.50% of the stock is currently owned by insiders.

About Tenable

Tenable Holdings, Inc provides cyber exposure solutions for in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan. Its platforms include Tenable Vulnerability Management, a cloud-delivered software as a service that provides organizations with a risk-based view of traditional and modern attack surfaces; Tenable Cloud Security, a cloud-native cloud security solutions for security teams to continuously assess the security posture; Tenable Identity Exposure, a solution to secure Active Directory environments; Tenable Web App Scanning, which provides scanning for modern web applications; Tenable Lumin Exposure View, a measurement tool; Tenable Attack Surface Management, an external attack surface management solution; Tenable Security Center, an on-premises solution that provides a risk-based view of an organization's IT, security and compliance posture; and Tenable OT Security, an operational technology security solution which provides threat detection, asset tracking, vulnerability management, and configuration control capabilities.