Tenable (NASDAQ:TENB) Given New $37.00 Price Target at Scotiabank

Key Points

• Scotiabank has raised its price target for Tenable (NASDAQ:TENB) from $30.00 to $37.00, indicating a potential upside of 16.70% from the stock's previous close.
• Equities analysts have mixed opinions on TENB, with some maintaining "hold" ratings while others have set price targets ranging from $28.00 to $42.00.
• The company's stock has a consensus rating of "Moderate Buy" and analysts predict that Tenable will post $0.12 EPS for the current fiscal year.

Tenable (NASDAQ:TENB - Free Report) had its target price hoisted by Scotiabank from $30.00 to $37.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

A number of other brokerages have also recently commented on TENB. Jefferies Financial Group reaffirmed a "hold" rating and issued a $38.00 target price (up from $37.00) on shares of Tenable in a report on Thursday. Barclays raised their target price on Tenable from $33.00 to $39.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $45.00 target price (up from $40.00) on shares of Tenable in a report on Thursday. Robert W. Baird decreased their target price on Tenable from $44.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Finally, Morgan Stanley raised their target price on Tenable from $28.00 to $32.00 and gave the stock an "equal weight" rating in a report on Thursday. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $41.06.

Tenable Stock Performance

Shares of NASDAQ TENB traded up $0.25 during midday trading on Thursday, hitting $30.82. 156,076 shares of the stock traded hands, compared to its average volume of 1,391,936. The firm has a 50-day moving average of $32.91 and a two-hundred day moving average of $35.01. The firm has a market capitalization of $3.76 billion, a P/E ratio of -83.28 and a beta of 0.76. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.04 and a current ratio of 1.04. Tenable has a one year low of $28.75 and a one year high of $45.44.

Tenable (NASDAQ:TENB - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.04. The firm had revenue of $247.30 million for the quarter, compared to analysts' expectations of $242.15 million. Tenable had a negative return on equity of 3.22% and a negative net margin of 4.74%. The company's revenue was up 11.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.31 EPS. On average, equities analysts forecast that Tenable will post 0.12 EPS for the current fiscal year.

Insider Activity

In related news, insider Barron Anschutz sold 1,245 shares of Tenable stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $31.98, for a total value of $39,815.10. Following the completion of the transaction, the insider owned 57,905 shares in the company, valued at approximately $1,851,801.90. This trade represents a 2.10% decrease in their ownership of the stock. 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 Tenable 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 owned 75,210 shares of the company's stock, valued at approximately $2,405,215.80. This represents a 6.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,815 shares of company stock worth $669,797 over the last 90 days. Corporate insiders own 1.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC grew its position in Tenable by 2.0% in the fourth quarter. FMR LLC now owns 15,515,164 shares of the company's stock worth $610,987,000 after acquiring an additional 304,237 shares in the last quarter. Ameriprise Financial Inc. grew its position in Tenable by 5.6% in the first quarter. Ameriprise Financial Inc. now owns 5,918,686 shares of the company's stock worth $207,038,000 after acquiring an additional 312,299 shares in the last quarter. RGM Capital LLC grew its position in Tenable by 2.0% in the first quarter. RGM Capital LLC now owns 3,772,624 shares of the company's stock worth $131,966,000 after acquiring an additional 72,607 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Tenable by 1,043.7% in the second quarter. Assenagon Asset Management S.A. now owns 3,239,624 shares of the company's stock worth $109,434,000 after acquiring an additional 2,956,367 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Tenable by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 2,803,231 shares of the company's stock worth $110,416,000 after purchasing an additional 8,746 shares during the last quarter. Hedge funds and other institutional investors own 89.06% of the company's stock.

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.