Scotiabank Issues Pessimistic Forecast for Tenable (NASDAQ:TENB) Stock Price

Tenable (NASDAQ:TENB) had its target price reduced by equities research analysts at Scotiabank from $45.00 to $30.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s price objective suggests a potential downside of 2.41% from the company’s current price.

TENB has been the subject of several other research reports. Cantor Fitzgerald started coverage on Tenable in a report on Monday, March 31st. They set an “overweight” rating and a $50.00 price target for the company. Truist Financial cut their price target on Tenable from $48.00 to $45.00 and set a “buy” rating for the company in a report on Monday, March 31st. Needham & Company LLC dropped their target price on Tenable from $50.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday. Stephens began coverage on Tenable in a report on Tuesday, April 1st. They issued an “equal weight” rating and a $42.00 target price for the company. Finally, UBS Group dropped their target price on Tenable from $47.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $41.74.

Tenable Trading Up 0.6 %

Shares of Tenable stock opened at $30.74 on Wednesday. Tenable has a twelve month low of $28.75 and a twelve month high of $49.18. 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 business has a 50-day moving average price of $34.63 and a 200-day moving average price of $38.91. The firm has a market cap of $3.69 billion, a price-to-earnings ratio of -102.47 and a beta of 0.88.

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

Insider Transactions at Tenable

In related news, CEO Mark C. Thurmond sold 1,341 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $39.56, for a total transaction of $53,049.96. Following the transaction, the chief executive officer now directly owns 41,266 shares of the company’s stock, valued at $1,632,482.96. This represents a 3.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 $13,061. This represents a 87.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 14,128 shares of company stock valued at $539,256. Corporate insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TENB. Barclays PLC increased its position in Tenable by 31.9% during the 3rd quarter. Barclays PLC now owns 731,626 shares of the company’s stock valued at $29,646,000 after buying an additional 177,048 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Tenable in the third quarter worth about $282,000. Tidal Investments LLC lifted its holdings in shares of Tenable by 19.4% during the third quarter. Tidal Investments LLC now owns 31,518 shares of the company’s stock worth $1,277,000 after purchasing an additional 5,116 shares during the period. Franklin Resources Inc. increased its holdings in Tenable by 7.3% in the 3rd quarter. Franklin Resources Inc. now owns 448,586 shares of the company’s stock worth $18,984,000 after buying an additional 30,530 shares during the period. Finally, Nordea Investment Management AB raised its position in Tenable by 10.4% during the 4th quarter. Nordea Investment Management AB now owns 267,519 shares of the company’s stock worth $10,489,000 after buying an additional 25,247 shares during the last quarter. 89.06% of the stock is owned by institutional investors and hedge funds.

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.