Tenable (NASDAQ:TENB) Rating Increased 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 investment analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Saturday.

TENB has been the topic of a number of other research reports. Jefferies Financial Group reaffirmed a "hold" rating and issued a $38.00 price objective (up previously from $37.00) on shares of Tenable in a research report on Thursday, July 31st. Wedbush boosted their target price on shares of Tenable from $40.00 to $42.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Stephens downgraded shares of Tenable from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. Needham & Company LLC boosted their target price on shares of Tenable from $35.00 to $42.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Finally, Wells Fargo & Company restated an "overweight" rating and set a $45.00 price objective (up from $40.00) on shares of Tenable in a research note on Thursday, July 31st. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Tenable currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.06.

Tenable Stock Up 0.1%

NASDAQ TENB traded up $0.04 during trading on Friday, reaching $29.79. 590,160 shares of the company's stock traded hands, compared to its average volume of 1,396,638. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $3.64 billion, a price-to-earnings ratio of -80.47 and a beta of 0.76. The company's 50 day simple moving average is $32.83 and its two-hundred day simple moving average is $34.90. Tenable has a 12-month low of $28.75 and a 12-month high of $45.44.

Tenable (NASDAQ:TENB - Get Free Report) last posted 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. Tenable had a negative net margin of 4.74% and a negative return on equity of 3.22%. The business had revenue of $247.30 million for the quarter, compared to the consensus estimate of $242.15 million. During the same quarter last year, the firm posted $0.31 EPS. The company's revenue for the quarter was up 11.8% on a year-over-year basis. As a group, sell-side analysts forecast that Tenable will post 0.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other Tenable news, insider Barron Anschutz sold 1,245 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $31.98, for a total transaction of $39,815.10. Following the completion of the transaction, the insider directly owned 57,905 shares in the company, valued at approximately $1,851,801.90. This 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 the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $31.98, for a total transaction of $178,352.46. Following the transaction, the chief executive officer owned 75,210 shares of the company's stock, valued at $2,405,215.80. This represents a 6.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,815 shares of company stock worth $669,797. Company insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Tenable

A number of large investors have recently added to or reduced their stakes in TENB. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings 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 worth $25,000 after buying an additional 575 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Tenable by 67.5% during the fourth quarter. JPMorgan Chase & Co. now owns 550,278 shares of the company's stock worth $21,670,000 after buying an additional 221,728 shares in the last quarter. California Public Employees Retirement System grew its holdings in shares of Tenable by 122.0% during the fourth quarter. California Public Employees Retirement System now owns 440,287 shares of the company's stock worth $17,339,000 after buying an additional 241,926 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Tenable by 1.0% during the fourth quarter. Alliancebernstein L.P. now owns 148,763 shares of the company's stock worth $5,858,000 after buying an additional 1,452 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Tenable by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 2,803,231 shares of the company's stock worth $110,416,000 after buying an additional 8,746 shares in the last quarter. 89.06% of the stock is currently owned by institutional investors and hedge funds.

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.