Needham & Company LLC Forecasts Strong Price Appreciation for Tenable (NASDAQ:TENB) Stock

Key Points

• Needham & Company LLC has increased its target price for Tenable (NASDAQ:TENB) from $35.00 to $42.00, suggesting a potential upside of 30.27% from its current price, and maintains a "buy" rating on the stock.
• Despite some analysts downgrading their reviews, Tenable received a "Moderate Buy" consensus rating from analysts, with an average price target of $40.41.
• Tenable's latest quarterly earnings showed strong performance, surpassing estimates with $0.34 earnings per share and revenue of $247.30 million, marking an 11.8% year-over-year increase.

Tenable (NASDAQ:TENB - Get Free Report) had its target price upped by equities researchers at Needham & Company LLC from $35.00 to $42.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's price objective would indicate a potential upside of 37.39% from the stock's current price.

A number of other analysts have also recently weighed in on the stock. 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. JPMorgan Chase & Co. cut their price objective on shares of Tenable from $53.00 to $43.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. DA Davidson cut their price objective on shares of Tenable from $45.00 to $28.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Stifel Nicolaus cut their price objective on shares of Tenable from $45.00 to $30.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Finally, Barclays raised their target price on shares of Tenable from $33.00 to $39.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Tenable has an average rating of "Moderate Buy" and an average price target of $41.06.

Tenable Stock Down 2.4%

NASDAQ:TENB traded down $0.74 during mid-day trading on Thursday, hitting $30.57. The stock had a trading volume of 1,722,086 shares, compared to its average volume of 1,469,725. The stock has a 50-day simple moving average of $32.91 and a two-hundred day simple moving average of $35.10. The company has a market capitalization of $3.73 billion, a PE ratio of -82.62 and a beta of 0.76. Tenable has a twelve month low of $28.75 and a twelve month high of $45.44. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.93.

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 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 company had revenue of $247.30 million for the quarter, compared to analysts' expectations of $242.15 million. During the same quarter last year, the company earned $0.31 earnings per share. The firm's revenue for the quarter was up 11.8% on a year-over-year basis. On average, equities research analysts anticipate that Tenable will post 0.12 EPS for the current year.

Insider Activity at Tenable

In related news, insider Barron Anschutz sold 1,245 shares of Tenable stock in a transaction on Friday, May 23rd. The shares were 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 in the company, valued at $1,851,801.90. This trade represents a 2.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Stephen A. Vintz sold 6,499 shares of the business'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 $207,838.02. Following the sale, the chief executive officer owned 331,394 shares in the company, valued at $10,597,980.12. The trade was a 1.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,815 shares of company stock worth $669,797 in the last three months. Insiders own 1.50% of the company's stock.

Institutional Investors Weigh In On Tenable

Institutional investors have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position 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 worth $25,000 after purchasing an additional 575 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Tenable during the 4th quarter worth $35,000. Johnson Financial Group Inc. acquired a new position in shares of Tenable during the 4th quarter worth $53,000. Byrne Asset Management LLC raised its stake in shares of Tenable by 115.4% during the 1st quarter. Byrne Asset Management LLC now owns 1,357 shares of the company's stock worth $47,000 after buying an additional 727 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Tenable during the 1st quarter worth $69,000. 89.06% of the stock is currently owned by hedge funds and other institutional investors.

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.