Needham & Company LLC Reiterates “Buy” Rating for Tenable (NASDAQ:TENB)

Tenable (NASDAQ:TENB)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports. They currently have a $50.00 price objective on the stock. Needham & Company LLC’s price objective suggests a potential upside of 24.29% from the stock’s current price.

Other analysts have also issued research reports about the company. Piper Sandler lowered their target price on Tenable from $55.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Morgan Stanley restated an “equal weight” rating and set a $47.00 target price (down from $50.00) on shares of Tenable in a report on Monday, December 2nd. Jefferies Financial Group lifted their target price on shares of Tenable from $40.00 to $45.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Scotiabank increased their price target on shares of Tenable from $44.00 to $45.00 and gave the company a “sector perform” rating in a research report on Tuesday, January 21st. Finally, Stifel Nicolaus downgraded Tenable from a “buy” rating to a “hold” rating and cut their price objective for the stock from $46.00 to $45.00 in a research report on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Tenable currently has an average rating of “Moderate Buy” and an average price target of $49.67.

Tenable Stock Up 1.0 %

Shares of NASDAQ TENB opened at $40.23 on Thursday. The stock has a market capitalization of $4.83 billion, a price-to-earnings ratio of -78.88 and a beta of 0.87. Tenable has a 52 week low of $35.25 and a 52 week high of $52.50. The firm has a 50-day moving average price of $41.41 and a 200 day moving average price of $41.33. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.88.

Tenable (NASDAQ:TENB) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $0.08 earnings per share (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%. Equities research analysts anticipate that Tenable will post -0.02 EPS for the current fiscal year.

Insider Activity

In other Tenable news, CFO Stephen A. Vintz sold 3,180 shares of Tenable stock in a transaction on Monday, November 25th. The shares were sold at an average price of $42.74, for a total value of $135,913.20. Following the transaction, the chief financial officer now owns 285,045 shares in the company, valued at $12,182,823.30. This trade represents a 1.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 directly owns 8,659 shares of the company’s stock, valued at $333,544.68. This represents a 8.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,463 shares of company stock valued at $894,042 over the last quarter. Company insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TENB. Readystate Asset Management LP acquired a new position in shares of Tenable in the 3rd quarter valued at about $24,660,000. Assenagon Asset Management S.A. purchased a new stake in Tenable during the fourth quarter worth approximately $15,653,000. FMR LLC increased its holdings in Tenable by 2.0% in the 3rd quarter. FMR LLC now owns 15,210,927 shares of the company’s stock valued at $616,347,000 after purchasing an additional 305,334 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Tenable by 28.0% in the third quarter. The Manufacturers Life Insurance Company now owns 920,378 shares of the company’s stock valued at $37,294,000 after buying an additional 201,366 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its position in Tenable by 430.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 248,117 shares of the company’s stock valued at $9,771,000 after acquiring an additional 201,360 shares in the last quarter. Institutional investors and hedge funds own 89.06% of the company’s stock.

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.