SecureWorks (NASDAQ:SCWX) Trading Down 7%

Shares of SecureWorks Corp. (NASDAQ:SCWX) traded down 7% during trading on Tuesday . The company traded as low as $8.23 and last traded at $8.23. 2,454 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 42,762 shares. The stock had previously closed at $8.85.

Analyst Upgrades and Downgrades

SCWX has been the subject of a number of analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of SecureWorks in a research report on Friday, September 6th. Barclays upped their target price on SecureWorks from $6.00 to $7.00 and gave the stock an “underweight” rating in a report on Friday, September 6th.

SecureWorks Price Performance

The stock has a market capitalization of $731.09 million, a P/E ratio of -8.35 and a beta of 0.99. The company’s 50-day simple moving average is $7.64 and its 200-day simple moving average is $6.80.

SecureWorks (NASDAQ:SCWX) last issued its earnings results on Thursday, September 5th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). SecureWorks had a negative net margin of 21.23% and a negative return on equity of 4.94%. The firm had revenue of $82.18 million during the quarter, compared to the consensus estimate of $80.98 million. On average, analysts forecast that SecureWorks Corp. will post -0.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SecureWorks

Hedge funds have recently added to or reduced their stakes in the business. Squarepoint Ops LLC bought a new position in shares of SecureWorks in the second quarter valued at about $121,000. Scalar Gauge Management LLC grew its stake in SecureWorks by 18.8% in the 2nd quarter. Scalar Gauge Management LLC now owns 316,137 shares of the technology company’s stock valued at $2,213,000 after buying an additional 50,000 shares during the last quarter. Marshall Wace LLP raised its holdings in SecureWorks by 11.6% in the 2nd quarter. Marshall Wace LLP now owns 49,997 shares of the technology company’s stock valued at $350,000 after acquiring an additional 5,205 shares during the period. King Luther Capital Management Corp acquired a new stake in SecureWorks during the second quarter worth approximately $411,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of SecureWorks by 22.3% during the second quarter. Renaissance Technologies LLC now owns 181,540 shares of the technology company’s stock worth $1,271,000 after acquiring an additional 33,100 shares during the period. Institutional investors and hedge funds own 14.38% of the company’s stock.

About SecureWorks

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 penetration testing services.