Tenable (NASDAQ:TENB) Shares Gap Down – Should You Sell?

Tenable Holdings, Inc. (NASDAQ:TENB) gapped down prior to trading on Friday . The stock had previously closed at $43.01, but opened at $41.97. Tenable shares last traded at $41.88, with a volume of 11,008 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TENB. Robert W. Baird lowered their price target on Tenable from $53.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Morgan Stanley decreased their target price on Tenable from $55.00 to $50.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Barclays decreased their target price on Tenable from $49.00 to $45.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Piper Sandler decreased their target price on Tenable from $55.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday, October 31st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $50.00 price target on shares of Tenable in a report on Tuesday, October 29th. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.81.

Tenable Price Performance

The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.88. The company has a 50 day moving average price of $41.24 and a 200 day moving average price of $41.65. The company has a market capitalization of $5.04 billion, a P/E ratio of -82.31 and a beta of 0.83.

Insider Buying and Selling

In other Tenable news, CEO Amit Yoran sold 4,828 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $40.72, for a total value of $196,596.16. Following the sale, the chief executive officer now owns 45,171 shares in the company, valued at approximately $1,839,363.12. The trade was a 9.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Stephen A. Vintz sold 2,801 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $40.72, for a total value of $114,056.72. Following the completion of the sale, the chief financial officer now owns 281,536 shares in the company, valued at $11,464,145.92. This trade represents a 0.99 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,654 shares of company stock valued at $862,879. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Tenable

Several institutional investors and hedge funds have recently made changes to their positions in TENB. Readystate Asset Management LP bought a new position in Tenable in the third quarter worth approximately $24,660,000. Mackenzie Financial Corp boosted its holdings in Tenable by 12.7% in the second quarter. Mackenzie Financial Corp now owns 4,191,935 shares of the company’s stock worth $182,685,000 after acquiring an additional 471,126 shares in the last quarter. FMR LLC boosted its holdings in Tenable by 2.0% in the third quarter. FMR LLC now owns 15,210,927 shares of the company’s stock worth $616,347,000 after acquiring an additional 305,334 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Tenable by 28.0% in the third quarter. The Manufacturers Life Insurance Company now owns 920,378 shares of the company’s stock worth $37,294,000 after acquiring an additional 201,366 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in Tenable in the second quarter worth approximately $7,740,000. Institutional investors own 89.06% of the company’s stock.

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.