Needham & Company LLC Lowers Tenable (NASDAQ:TENB) Price Target to $35.00

Tenable (NASDAQ:TENB) had its price target cut by Needham & Company LLC from $50.00 to $35.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts also recently weighed in on TENB. Truist Financial cut their price target on Tenable from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Morgan Stanley reduced their target price on Tenable from $40.00 to $30.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. Scotiabank boosted their target price on Tenable from $44.00 to $45.00 and gave the stock a “sector perform” rating in a research report on Tuesday, January 21st. JPMorgan Chase & Co. cut their price target on shares of Tenable from $53.00 to $43.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. Finally, Cantor Fitzgerald initiated coverage on shares of Tenable in a report on Monday, March 31st. They set an “overweight” rating and a $50.00 price objective for the company. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tenable currently has a consensus rating of “Moderate Buy” and an average target price of $40.44.

Tenable Price Performance

Tenable stock opened at $30.77 on Wednesday. The business’s 50-day simple moving average is $34.47 and its 200 day simple moving average is $38.83. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.88. The stock has a market cap of $3.70 billion, a price-to-earnings ratio of -102.57 and a beta of 0.88. Tenable has a 12-month low of $28.75 and a 12-month high of $49.18.

Tenable (NASDAQ:TENB) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.28 by $0.08. The company had revenue of $239.14 million during the quarter, compared to analysts’ expectations of $234.12 million. Tenable had a negative net margin of 4.03% and a negative return on equity of 2.07%. Tenable’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.25 EPS. As a group, research analysts anticipate that Tenable will post 0.12 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Linda Kay Zecher sold 2,500 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $37.00, for a total value of $92,500.00. Following the transaction, the director now directly owns 353 shares in the company, valued at approximately $13,061. This represents a 87.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mark C. Thurmond sold 3,606 shares of Tenable stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $38.48, for a total transaction of $138,758.88. Following the completion of the sale, the chief executive officer now owns 74,295 shares of the company’s stock, valued at $2,858,871.60. This trade represents a 4.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,128 shares of company stock worth $539,256 in the last 90 days. Company insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Tenable

A number of large investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in Tenable in the fourth quarter valued at about $54,950,000. Shapiro Capital Management LLC increased its holdings in Tenable by 647.5% in the 4th quarter. Shapiro Capital Management LLC now owns 1,060,055 shares of the company’s stock valued at $41,745,000 after buying an additional 918,235 shares during the period. Vanguard Group Inc. raised its position in shares of Tenable by 5.3% in the 4th quarter. Vanguard Group Inc. now owns 13,947,023 shares of the company’s stock valued at $549,234,000 after buying an additional 708,249 shares in the last quarter. Penserra Capital Management LLC lifted its holdings in shares of Tenable by 47.6% during the 1st quarter. Penserra Capital Management LLC now owns 1,687,589 shares of the company’s stock worth $59,031,000 after acquiring an additional 544,375 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Tenable during the 4th quarter worth approximately $15,653,000. Institutional investors and hedge funds own 89.06% of the company’s stock.

Tenable Company Profile

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.