Tenable (NASDAQ:TENB) Given New $42.00 Price Target at Wedbush

Key Points

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Tenable (NASDAQ:TENB - Free Report) had its price target hoisted by Wedbush from $40.00 to $42.00 in a report published on Thursday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other brokerages have also commented on TENB. Barclays upped their price objective on shares of Tenable from $33.00 to $39.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Stephens cut Tenable from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. DA Davidson lowered their price objective on Tenable from $45.00 to $28.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. Morgan Stanley dropped their target price on shares of Tenable from $40.00 to $30.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Finally, Needham & Company LLC upped their price objective on shares of Tenable from $35.00 to $42.00 and gave the stock a "buy" rating in a report on Thursday. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $41.06.

Tenable Trading Up 1.5%

Shares of Tenable stock traded up $0.47 during trading on Thursday, reaching $31.04. 1,120,446 shares of the stock were exchanged, compared to its average volume of 1,555,830. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.93. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of -83.89 and a beta of 0.76. Tenable has a 1 year low of $28.75 and a 1 year high of $45.44. The stock's fifty day moving average is $32.89 and its 200 day moving average is $34.94.

Tenable (NASDAQ:TENB - Get Free Report) last released its quarterly earnings data 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. Tenable had a negative return on equity of 3.22% and a negative net margin of 4.74%. The business had revenue of $247.30 million during the quarter, compared to analysts' expectations of $242.15 million. During the same quarter last year, the business posted $0.31 EPS. The business's revenue was up 11.8% on a year-over-year basis. As a group, equities research analysts expect that Tenable will post 0.12 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Mark C. Thurmond sold 2,483 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $32.45, for a total transaction of $80,573.35. Following the transaction, the chief executive officer owned 72,727 shares in the company, valued at $2,359,991.15. This represents a 3.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Barron Anschutz sold 970 shares of Tenable stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $33.08, for a total transaction of $32,087.60. Following the completion of the sale, the insider owned 58,311 shares of the company's stock, valued at $1,928,927.88. This trade represents a 1.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,815 shares of company stock worth $669,797. Insiders own 1.50% of the company's stock.

Institutional Investors Weigh In On Tenable

Large investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its position in Tenable by 1,043.7% during the 2nd 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 during the period. Norges Bank purchased a new stake in Tenable in the fourth quarter valued at approximately $54,950,000. Nuveen LLC acquired a new stake in Tenable during the 1st quarter valued at approximately $35,330,000. Shapiro Capital Management LLC boosted its holdings in shares of Tenable by 647.5% in the 4th quarter. Shapiro Capital Management LLC now owns 1,060,055 shares of the company's stock valued at $41,745,000 after acquiring an additional 918,235 shares during the last quarter. Finally, Penserra Capital Management LLC increased its stake in shares of Tenable by 47.6% in the first quarter. Penserra Capital Management LLC now owns 1,687,589 shares of the company's stock worth $59,031,000 after acquiring an additional 544,375 shares during the period. 89.06% of the stock is owned by hedge funds and other institutional investors.

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.