Tenable (NASDAQ:TENB) Shares Down 6.2% Following Weak Earnings

Tenable Holdings, Inc. (NASDAQ:TENB)’s share price fell 6.2% during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $40.64 and last traded at $40.54. 110,398 shares traded hands during trading, a decline of 90% from the average session volume of 1,067,212 shares. The stock had previously closed at $43.21.

The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.26). Tenable had a negative net margin of 6.82% and a negative return on equity of 6.21%.

Wall Street Analysts Forecast Growth

TENB has been the topic of a number of recent research reports. Stifel Nicolaus lowered shares of Tenable from a “buy” rating to a “hold” rating and dropped their price objective for the company from $46.00 to $45.00 in a research note on Friday, January 17th. Jefferies Financial Group raised their price target on shares of Tenable from $40.00 to $45.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Piper Sandler decreased their price objective on Tenable from $55.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, October 31st. Scotiabank raised their target price on Tenable from $44.00 to $45.00 and gave the company a “sector perform” rating in a report on Tuesday, January 21st. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $47.00 price target (down previously from $50.00) on shares of Tenable in a report on Monday, December 2nd. Seven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.44.

Insider Buying and Selling

In other news, Director Raymond Jr. Vicks sold 809 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $38.52, for a total value of $31,162.68. Following the sale, the director now owns 8,659 shares of the company’s stock, valued at $333,544.68. The trade was a 8.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Stephen A. Vintz sold 2,801 shares of the firm’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 completion of the transaction, the chief financial officer now directly owns 281,536 shares of the company’s stock, valued at approximately $11,464,145.92. This trade represents a 0.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,463 shares of company stock valued at $894,042. 4.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tenable

Large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its position in shares of Tenable by 1.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 68,192 shares of the company’s stock valued at $2,972,000 after acquiring an additional 858 shares during the last quarter. Creative Planning boosted its stake in shares of Tenable by 12.1% in the 2nd quarter. Creative Planning now owns 9,541 shares of the company’s stock valued at $416,000 after purchasing an additional 1,031 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Tenable during the 3rd quarter valued at $1,277,000. Handelsbanken Fonder AB raised its position in Tenable by 14.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 27,100 shares of the company’s stock worth $1,098,000 after purchasing an additional 3,400 shares during the period. Finally, Fulton Bank N.A. boosted its position in 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 buying an additional 443 shares during the period. 89.06% of the stock is owned by institutional investors.

Tenable Stock Down 7.8 %

The stock has a market capitalization of $4.79 billion, a P/E ratio of -78.14 and a beta of 0.87. The stock has a 50 day moving average price of $41.45 and a 200-day moving average price of $41.34. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.28 and a quick ratio of 1.28.

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.