UBS Group Forecasts Strong Price Appreciation for Tenable (NASDAQ:TENB) Stock

Key Points

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Tenable (NASDAQ:TENB - Free Report) had its price objective increased by UBS Group from $40.00 to $43.00 in a report issued on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also recently issued reports on the company. Robert W. Baird reduced their price objective on Tenable from $44.00 to $40.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Stifel Nicolaus decreased their price objective on shares of Tenable from $45.00 to $30.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Scotiabank dropped their target price on shares of Tenable from $45.00 to $30.00 and set a "sector perform" rating for the company in a report on Wednesday, April 30th. Westpark Capital reaffirmed a "hold" rating on shares of Tenable in a report on Wednesday, April 30th. Finally, Barclays lifted their price objective on Tenable from $33.00 to $39.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $41.06.

Tenable Stock Performance

TENB traded up $0.47 during trading on Thursday, reaching $31.04. The company's stock had a trading volume of 1,120,446 shares, compared to its average volume of 1,555,830. The company has a market capitalization of $3.79 billion, a price-to-earnings ratio of -83.89 and a beta of 0.76. The company's fifty day moving average price is $32.89 and its 200-day moving average price is $34.94. Tenable has a 52-week low of $28.75 and a 52-week high of $45.44. 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 (NASDAQ:TENB - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.34 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 3.22% and a negative net margin of 4.74%. Tenable's quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.31 earnings per share. On average, equities analysts forecast that Tenable will post 0.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other 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 transaction, the insider directly owned 57,905 shares of the company's stock, valued at $1,851,801.90. The trade was a 2.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Mark C. Thurmond sold 5,577 shares of the business's 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 sale, the chief executive officer owned 75,210 shares of the company's stock, valued at $2,405,215.80. The trade was a 6.90% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,815 shares of company stock valued at $669,797. 1.50% of the stock is currently owned by company insiders.

Institutional Trading of Tenable

A number of institutional investors have recently added to or reduced their stakes in TENB. Prudential Financial Inc. increased its stake in Tenable by 698.9% during the 4th quarter. Prudential Financial Inc. now owns 70,555 shares of the company's stock worth $2,878,000 after buying an additional 61,723 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Tenable by 858.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 642 shares of the company's stock valued at $25,000 after acquiring an additional 575 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Tenable by 67.5% in the fourth quarter. JPMorgan Chase & Co. now owns 550,278 shares of the company's stock worth $21,670,000 after acquiring an additional 221,728 shares in the last quarter. Norges Bank acquired a new position in shares of Tenable in the fourth quarter worth about $54,950,000. Finally, California Public Employees Retirement System boosted its holdings in Tenable by 122.0% in the fourth quarter. California Public Employees Retirement System now owns 440,287 shares of the company's stock valued at $17,339,000 after purchasing an additional 241,926 shares during the last quarter. 89.06% of the stock is owned by hedge funds and other institutional investors.

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.