Tenable (NASDAQ:TENB) Shares Gap Up Following Strong Earnings

Key Points

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Shares of Tenable Holdings, Inc. (NASDAQ:TENB - Get Free Report) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $32.24, but opened at $35.57. Tenable shares last traded at $32.66, with a volume of 553,701 shares changing hands.

The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $247.30 million for the quarter, compared to the consensus estimate of $242.15 million. During the same quarter in the prior year, the company posted $0.31 earnings per share. The company's revenue for the quarter was up 11.8% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TENB. Scotiabank upped their price objective on shares of Tenable from $30.00 to $37.00 and gave the company a "sector perform" rating in a report on Thursday. UBS Group upped their price objective on shares of Tenable from $40.00 to $43.00 and gave the company a "buy" rating in a report on Thursday. Robert W. Baird cut their price objective on shares of Tenable from $44.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Wedbush upped their price objective on shares of Tenable from $40.00 to $42.00 and gave the company an "outperform" rating in a report on Thursday. Finally, Stifel Nicolaus increased their price target on shares of Tenable from $30.00 to $35.00 and gave the stock a "hold" rating in a report on Thursday. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $41.06.

Insider Transactions at Tenable

In other news, CEO Mark C. Thurmond sold 2,483 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $32.45, for a total transaction of $80,573.35. Following the sale, the chief executive officer owned 72,727 shares of the company's stock, valued at $2,359,991.15. This trade represents a 3.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Barron Anschutz sold 970 shares of the firm's 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 sale, the insider directly owned 58,311 shares in the company, valued at $1,928,927.88. The trade was a 1.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,815 shares of company stock valued at $669,797 in the last 90 days. 1.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in TENB. JPMorgan Chase & Co. lifted its position in shares of Tenable by 67.5% during the 4th quarter. JPMorgan Chase & Co. now owns 550,278 shares of the company's stock valued at $21,670,000 after buying an additional 221,728 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Tenable by 1.0% during the 4th quarter. Alliancebernstein L.P. now owns 148,763 shares of the company's stock valued at $5,858,000 after buying an additional 1,452 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Tenable by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 2,803,231 shares of the company's stock valued at $110,416,000 after buying an additional 8,746 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Tenable by 41.9% during the 4th quarter. Wells Fargo & Company MN now owns 67,831 shares of the company's stock valued at $2,671,000 after buying an additional 20,031 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Tenable by 211.6% in the 4th quarter. Russell Investments Group Ltd. now owns 14,713 shares of the company's stock valued at $579,000 after purchasing an additional 9,991 shares in the last quarter. Hedge funds and other institutional investors own 89.06% of the company's stock.

Tenable Stock Up 1.5%

The business has a fifty day simple moving average of $32.89 and a two-hundred day simple moving average of $34.94. 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 market cap of $3.79 billion, a PE ratio of -83.89 and a beta of 0.76.

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.