Scotiabank Has Strong Forecast for Tenable FY2024 Earnings

Tenable Holdings, Inc. (NASDAQ:TENB) – Equities research analysts at Scotiabank upped their FY2024 earnings estimates for Tenable in a report released on Wednesday, January 8th. Scotiabank analyst P. Colville now expects that the company will post earnings per share of ($0.02) for the year, up from their previous estimate of ($0.06). The consensus estimate for Tenable’s current full-year earnings is ($0.02) per share. Scotiabank also issued estimates for Tenable’s FY2025 earnings at $0.10 EPS.

A number of other brokerages have also recently weighed in on TENB. Barclays decreased their price target on shares of 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 lowered their target price on Tenable from $55.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. Needham & Company LLC reiterated a “buy” rating and set a $50.00 target price on shares of Tenable in a report on Monday, January 6th. Morgan Stanley restated an “equal weight” rating and issued a $47.00 price target (down previously from $50.00) on shares of Tenable in a report on Monday, December 2nd. Finally, Jefferies Financial Group lifted their price objective on shares of Tenable from $40.00 to $45.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Six research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given 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 price target of $50.63.

Tenable Price Performance

Tenable stock opened at $38.49 on Friday. The firm has a fifty day moving average of $41.16 and a 200-day moving average of $41.49. Tenable has a 52-week low of $35.25 and a 52-week high of $53.50. 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 firm has a market capitalization of $4.62 billion, a P/E ratio of -75.47 and a beta of 0.85.

Insider Activity

In related news, CFO Stephen A. Vintz sold 2,801 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $40.72, for a total transaction of $114,056.72. Following the sale, the chief financial officer now directly owns 281,536 shares of the company’s stock, valued at approximately $11,464,145.92. This represents a 0.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Raymond Jr. Vicks sold 809 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $38.52, for a total transaction of $31,162.68. Following the sale, the director now owns 8,659 shares of the company’s stock, valued at approximately $333,544.68. The trade was a 8.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,463 shares of company stock worth $894,042. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its position in shares of Tenable by 1.8% during the second quarter. Principal Financial Group Inc. now owns 15,930 shares of the company’s stock worth $694,000 after buying an additional 276 shares during the period. Covestor Ltd boosted its position in Tenable by 84.5% during the 3rd quarter. Covestor Ltd now owns 631 shares of the company’s stock worth $26,000 after acquiring an additional 289 shares during the period. Xponance Inc. grew its stake in shares of Tenable by 5.5% in the second quarter. Xponance Inc. now owns 7,441 shares of the company’s stock worth $324,000 after purchasing an additional 389 shares in the last quarter. Fulton Bank N.A. increased its holdings in shares of Tenable by 5.7% during the third quarter. Fulton Bank N.A. now owns 8,202 shares of the company’s stock valued at $332,000 after purchasing an additional 443 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Tenable by 0.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 52,281 shares of the company’s stock valued at $2,118,000 after purchasing an additional 457 shares in the last quarter. 89.06% of the stock is currently owned by institutional investors.

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.