Tenable (NASDAQ:TENB) Stock Price Expected to Rise, DA Davidson Analyst Says

Key Points

• DA Davidson increased its price target for Tenable's stock from $32.00 to $34.00, indicating a potential upside of 7.24% from the previous close.
• Multiple analysts, including Barclays and Scotiabank, have also raised their price targets for Tenable, suggesting a range between $35.00 and $39.00 with an average rating of "Moderate Buy."
• Despite favorable analyst ratings, Tenable's stock recently traded down 1.7%, closing at $31.71, with averages and market metrics indicating mixed investor sentiment.

Tenable (NASDAQ:TENB - Get Free Report) had its price target lifted by investment analysts at DA Davidson from $32.00 to $34.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the stock. DA Davidson's price target suggests a potential upside of 7.24% from the company's previous close.

Other research analysts have also issued reports about the stock. Barclays raised 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. Scotiabank boosted 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. Stifel Nicolaus raised their price target on shares of Tenable from $30.00 to $35.00 and gave the stock a "hold" rating in a research report on Thursday. Stephens cut shares of Tenable from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. Finally, Westpark Capital restated a "hold" rating on shares of Tenable in a research note on Wednesday, April 30th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $42.11.

Tenable Trading Down 1.7%

Shares of NASDAQ TENB traded down $0.54 during trading on Thursday, hitting $31.71. 2,478,203 shares of the company traded hands, compared to its average volume of 1,383,075. 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 capitalization of $3.87 billion, a P/E ratio of -85.89 and a beta of 0.80. The company has a 50-day moving average price of $32.95 and a 200-day moving average price of $35.21. Tenable has a 1 year low of $28.75 and a 1 year high of $47.19.

Tenable (NASDAQ:TENB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.04. The firm 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 3.11% and a negative net margin of 4.86%. The firm's quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.31 earnings per share. On average, equities analysts predict that Tenable will post 0.12 EPS for the current year.

Insider Transactions at Tenable

In other Tenable news, insider Barron Anschutz sold 970 shares of the business's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $33.08, for a total value of $32,087.60. Following the sale, the insider directly owned 58,311 shares in the company, valued at approximately $1,928,927.88. The trade was a 1.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Stephen A. Vintz sold 3,386 shares of the firm'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 $109,875.70. Following 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,815 shares of company stock valued at $669,797. Corporate insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Tenable

A number of hedge funds have recently modified their holdings of TENB. Summit Investment Advisors Inc. lifted its position in shares of Tenable by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 12,336 shares of the company's stock worth $486,000 after purchasing an additional 390 shares in the last quarter. Xponance Inc. increased its stake in Tenable by 6.6% in the 1st quarter. Xponance Inc. now owns 9,021 shares of the company's stock valued at $316,000 after buying an additional 562 shares during the period. Tidal Investments LLC lifted its position in Tenable by 1.8% in the 4th quarter. Tidal Investments LLC now owns 32,082 shares of the company's stock worth $1,263,000 after buying an additional 564 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Tenable by 858.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 642 shares of the company's stock valued at $25,000 after buying an additional 575 shares during the period. Finally, Fiera Capital Corp grew its holdings in shares of Tenable by 1.1% during the 1st quarter. Fiera Capital Corp now owns 59,626 shares of the company's stock valued at $2,086,000 after acquiring an additional 651 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.

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