Tenable (NASDAQ:TENB) Raised to Strong-Buy at Wall Street Zen

Key Points

• Tenable's stock rating has been upgraded from "buy" to "strong-buy" by Wall Street Zen, indicating increased confidence in the company's performance.
• Several brokerages have adjusted their price targets for Tenable, with JPMorgan Chase lowering their target from $53.00 to $43.00, while Stifel Nicolaus raised their target from $30.00 to $35.00.
• Tenable reported earnings of $0.34 per share for the latest quarter, exceeding analyst expectations, with a year-over-year revenue increase of 11.8%.

Tenable (NASDAQ:TENB - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report released on Saturday.

Several other research analysts have also recently issued reports on the company. Needham & Company LLC upped their price target on Tenable from $35.00 to $42.00 and gave the company a "buy" rating in a report on Thursday. Robert W. Baird cut their target price on shares of Tenable from $44.00 to $40.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Jefferies Financial Group reaffirmed a "hold" rating and set a $38.00 price objective (up previously from $37.00) on shares of Tenable in a research report on Thursday. UBS Group upped their target price on shares of Tenable from $40.00 to $43.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Scotiabank upped their target price on shares of Tenable from $30.00 to $37.00 and gave the company a "sector perform" rating in a research note on Thursday. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $41.06.

Tenable Stock Up 1.5%

NASDAQ:TENB traded up $0.47 on Friday, reaching $31.04. The stock had a trading volume of 1,120,446 shares, compared to its average volume of 1,398,792. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.93. The company has a 50-day moving average of $32.91 and a 200 day moving average of $35.01. The stock has a market cap of $3.79 billion, a P/E ratio of -83.89 and a beta of 0.76. Tenable has a 12-month low of $28.75 and a 12-month high of $45.44.

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. The firm had revenue of $247.30 million for the quarter, compared to analyst estimates of $242.15 million. Tenable had a negative net margin of 4.74% and a negative return on equity of 3.22%. Tenable's quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.31 earnings per share. On average, research analysts predict that Tenable will post 0.12 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Stephen A. Vintz sold 3,386 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $32.45, for a total value of $109,875.70. Following the completion of the transaction, the chief executive officer owned 328,008 shares of the company's stock, valued at approximately $10,643,859.60. This trade represents a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark C. Thurmond sold 2,483 shares of Tenable 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 completion of the transaction, the chief executive officer directly owned 72,727 shares of the company's stock, valued at approximately $2,359,991.15. This trade represents a 3.30% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,815 shares of company stock worth $669,797. Company insiders own 1.50% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Assenagon Asset Management S.A. lifted its stake in shares of 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 buying an additional 2,956,367 shares during the last quarter. Nuveen LLC bought a new position in shares of Tenable in the 1st quarter valued at $35,330,000. Shapiro Capital Management LLC lifted its stake 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. Penserra Capital Management LLC increased its holdings in Tenable by 47.6% in the first quarter. Penserra Capital Management LLC now owns 1,687,589 shares of the company's stock valued at $59,031,000 after purchasing an additional 544,375 shares during the period. Finally, Cubist Systematic Strategies LLC raised its holdings in Tenable by 828.5% during the 1st quarter. Cubist Systematic Strategies LLC now owns 432,564 shares of the company's stock worth $15,131,000 after purchasing an additional 385,975 shares during the last quarter. 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.