SecureWorks (NASDAQ:SCWX) Issues Q3 2023 Earnings Guidance

SecureWorks (NASDAQ:SCWXGet Rating) updated its third quarter 2023 earnings guidance on Thursday. The company provided EPS guidance of -$0.22–$0.20 for the period, compared to the consensus EPS estimate of -$0.18. The company issued revenue guidance of $111.00 million-$113.00 million, compared to the consensus revenue estimate of $119.08 million. SecureWorks also updated its FY 2023 guidance to -$0.70–$0.64 EPS.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SCWX. Morgan Stanley lowered their target price on shares of SecureWorks from $13.00 to $12.00 and set an equal weight rating for the company in a research note on Tuesday, September 6th. Barclays lowered their target price on shares of SecureWorks from $13.00 to $11.00 in a research note on Friday, September 2nd. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat, SecureWorks has an average rating of Hold and a consensus target price of $14.00.

SecureWorks Trading Up 5.8 %

SCWX opened at $10.60 on Friday. SecureWorks has a 12-month low of $9.26 and a 12-month high of $26.89. The firm has a market capitalization of $900.68 million, a PE ratio of -13.09 and a beta of 0.86. The firm has a 50 day moving average of $10.31 and a two-hundred day moving average of $11.42.

SecureWorks (NASDAQ:SCWXGet Rating) last posted its quarterly earnings results on Thursday, September 1st. The technology company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.03. The company had revenue of $116.20 million during the quarter, compared to analyst estimates of $116.10 million. SecureWorks had a negative net margin of 13.62% and a negative return on equity of 6.81%. SecureWorks’s revenue for the quarter was down 13.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.06) EPS. As a group, analysts predict that SecureWorks will post -1.02 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Neil Gagnon bought 18,274 shares of the business’s stock in a transaction dated Monday, June 27th. The stock was purchased at an average cost of $11.32 per share, with a total value of $206,861.68. Following the acquisition, the insider now directly owns 94,276 shares in the company, valued at $1,067,204.32. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders bought a total of 105,788 shares of company stock valued at $1,108,865 in the last three months. 85.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SecureWorks

Institutional investors have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd acquired a new stake in SecureWorks in the 1st quarter valued at $145,000. Delphia USA Inc. acquired a new stake in SecureWorks in the 1st quarter valued at $148,000. Rhumbline Advisers grew its stake in SecureWorks by 11.8% in the 2nd quarter. Rhumbline Advisers now owns 16,869 shares of the technology company’s stock valued at $183,000 after acquiring an additional 1,780 shares during the period. Jane Street Group LLC acquired a new stake in SecureWorks in the 1st quarter valued at $221,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in SecureWorks in the 1st quarter valued at $265,000. 10.73% of the stock is owned by hedge funds and other institutional investors.

SecureWorks Company Profile

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SecureWorks Corp., through its subsidiaries, provides technology-driven information security solutions for protecting its customers in the United States and internationally. The company's solutions include software-as-a-service solutions, managed security services, and professional services, including incident response and security risk consulting services.

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