Tenable (NASDAQ:TENB) Reaches New 52-Week Low - What's Next?

Key Points

• Tenable Holdings, Inc. shares reached a new 52-week low of $28.63, following a trading volume of 875,924 shares, indicating a potential downturn in the stock's performance.
• Despite recent struggles, several analysts, including Needham & Company, have issued upgrades, resulting in a consensus rating of "Moderate Buy" with a target price of $41.06.
• The company reported earnings per share (EPS) of $0.34 for the latest quarter, beating estimates, while quarterly revenue grew by 11.8% year-over-year, reflecting ongoing business growth.

Tenable Holdings, Inc. (NASDAQ:TENB - Get Free Report)'s stock price hit a new 52-week low during trading on Monday . The company traded as low as $28.67 and last traded at $28.63, with a volume of 875924 shares changing hands. The stock had previously closed at $28.99.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on TENB shares. Barclays lifted their price objective on Tenable from $33.00 to $39.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Stephens downgraded Tenable from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. UBS Group boosted their price target on Tenable from $40.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. DA Davidson boosted their price target on Tenable from $32.00 to $34.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Finally, Scotiabank boosted their price target on Tenable from $30.00 to $37.00 and gave the company a "sector perform" rating in a research report on Thursday, July 31st. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $41.06.

Tenable Stock Up 2.4%

The company has a market capitalization of $3.61 billion, a PE ratio of -80.51 and a beta of 0.76. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.04 and a current ratio of 0.94. The firm has a fifty day simple moving average of $32.37 and a 200-day simple moving average of $34.22.

Tenable (NASDAQ:TENB - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.04. The company had revenue of $247.30 million during the quarter, compared to the consensus estimate of $242.15 million. Tenable had a negative net margin of 4.74% and a negative return on equity of 3.32%. The company's revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.31 EPS. Equities research analysts anticipate that Tenable Holdings, Inc. will post 0.12 EPS for the current fiscal year.

Insider Transactions at Tenable

In related news, insider Barron Anschutz sold 1,245 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $31.98, for a total transaction of $39,815.10. Following the sale, the insider directly owned 57,905 shares of the company's stock, valued at approximately $1,851,801.90. This represents a 2.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark C. Thurmond sold 5,577 shares of the firm's stock in a transaction that occurred on 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 sale, 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,815 shares of company stock worth $669,797. 1.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tenable

Institutional investors have recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. lifted its holdings in shares of Tenable by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 12,336 shares of the company's stock valued at $486,000 after purchasing an additional 390 shares in the last quarter. Xponance Inc. lifted its holdings in shares of Tenable by 6.6% in the first quarter. Xponance Inc. now owns 9,021 shares of the company's stock valued at $316,000 after purchasing an additional 562 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Tenable by 1.8% in the fourth quarter. Tidal Investments LLC now owns 32,082 shares of the company's stock valued at $1,263,000 after purchasing an additional 564 shares in the last quarter. Fiera Capital Corp lifted its holdings in shares of Tenable by 1.1% in the first quarter. Fiera Capital Corp now owns 59,626 shares of the company's stock valued at $2,086,000 after purchasing an additional 651 shares in the last quarter. Finally, Amundi lifted its holdings in shares of Tenable by 1.2% in the first quarter. Amundi now owns 58,149 shares of the company's stock valued at $1,939,000 after purchasing an additional 676 shares in the last quarter. 89.06% of the stock is currently owned by institutional investors and hedge funds.

Tenable Company Profile

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.