Tenable (NASDAQ:TENB) Announces Earnings Results

Key Points

• Tenable beat quarterly expectations: Earnings per share came in at $0.51 versus the $0.47 consensus estimate, while revenue reached $268.51 million, above expectations of $264.87 million.
• Shares edged higher: Tenable stock rose 0.4% to $31.48 during Wednesday trading, with a market capitalization of approximately $3.47 billion.
• Analyst sentiment remains mixed: Nine analysts rate the stock a Buy, 11 recommend Hold and one recommends Sell, resulting in a consensus Hold rating and an average price target of $33.42.

Tenable (NASDAQ:TENB - Get Free Report) issued its earnings results on Wednesday. The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.04, FiscalAI reports. The business had revenue of $268.51 million for the quarter, compared to analysts' expectations of $264.87 million. Tenable had a positive return on equity of 7.85% and a negative net margin of 1.15%.

Tenable Trading Up 0.4%

Shares of Tenable stock traded up $0.11 during trading hours on Wednesday, hitting $31.48. The company's stock had a trading volume of 3,881,738 shares, compared to its average volume of 3,244,968. Tenable has a twelve month low of $15.73 and a twelve month high of $43.67. The firm has a fifty day moving average of $31.69 and a 200-day moving average of $24.43. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of -314.80 and a beta of 0.93. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.85 and a current ratio of 0.85.

Institutional Trading of Tenable

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP purchased a new position in Tenable during the third quarter worth about $25,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Tenable in the 4th quarter valued at approximately $28,000. Horizon Investments LLC acquired a new position in shares of Tenable in the 3rd quarter worth approximately $45,000. Quadrant Capital Group LLC acquired a new position in shares of Tenable in the 4th quarter worth approximately $38,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Tenable during the 4th quarter worth approximately $48,000. 89.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TENB. Jefferies Financial Group lifted their price objective on Tenable from $22.00 to $27.00 and gave the stock a "hold" rating in a research report on Friday, May 22nd. Robert W. Baird set a $34.00 target price on Tenable in a report on Thursday, April 30th. Cantor Fitzgerald raised their target price on Tenable from $30.00 to $45.00 and gave the stock an "overweight" rating in a research note on Friday, July 24th. Wells Fargo & Company lifted their price target on Tenable from $19.00 to $20.00 and gave the stock an "equal weight" rating in a report on Thursday, April 30th. Finally, Stephens lifted their price target on Tenable from $24.00 to $29.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 26th. Nine research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $33.42.

About Tenable

Tenable Holdings, Inc is a global cybersecurity company specializing in vulnerability management and continuous threat exposure assessment. Headquartered in Columbia, Maryland, Tenable was founded in 2002 by Ron Gula and Jack Huffard to address the growing need for proactive network security solutions. Over the years, the company has evolved from a pioneer in open-source vulnerability scanning to a leading provider of comprehensive security platforms that help organizations identify, investigate and prioritize cyber risks across on-premises, cloud and operational technology environments.

At the core of Tenable's product suite is Nessus, one of the industry's most widely adopted vulnerability scanners.

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