SecureWorks (NASDAQ:SCWX) Releases FY 2023 Earnings Guidance

SecureWorks (NASDAQ:SCWXGet Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $-0.700-$-0.610 for the period, compared to the Thomson Reuters consensus estimate of $-0.220. The company issued revenue guidance of $475 million-$490 million, compared to the consensus revenue estimate of $526.71 million.SecureWorks also updated its Q1 2023 guidance to $-0.150-$-0.140 EPS.

Shares of SecureWorks stock opened at $13.41 on Thursday. SecureWorks has a 12 month low of $10.05 and a 12 month high of $26.89. The business has a fifty day simple moving average of $13.73 and a 200 day simple moving average of $16.18.

SecureWorks (NASDAQ:SCWXGet Rating) last announced its quarterly earnings data on Thursday, March 17th. The technology company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.11. SecureWorks had a negative return on equity of 2.38% and a negative net margin of 7.43%. The business had revenue of $127.90 million during the quarter, compared to analysts’ expectations of $128.85 million. During the same period in the previous year, the firm earned ($0.06) earnings per share. The firm’s quarterly revenue was down 8.4% compared to the same quarter last year. As a group, equities research analysts anticipate that SecureWorks will post -1.01 earnings per share for the current fiscal year.

A number of research firms have issued reports on SCWX. Morgan Stanley decreased their target price on SecureWorks from $16.00 to $14.00 and set an equal weight rating for the company in a research note on Monday, March 21st. JPMorgan Chase & Co. decreased their target price on SecureWorks from $19.50 to $16.00 and set an underweight rating for the company in a research note on Friday, March 18th. StockNews.com began coverage on SecureWorks in a research note on Thursday, March 31st. They issued a hold rating for the company. Zacks Investment Research cut SecureWorks from a hold rating to a sell rating in a research note on Thursday, February 3rd. Finally, The Goldman Sachs Group decreased their target price on SecureWorks from $14.00 to $12.00 and set a sell rating for the company in a research note on Monday, March 21st. Four research analysts have rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $17.17.

In related news, CFO Paul Parrish bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, March 18th. The shares were acquired at an average price of $11.19 per share, for a total transaction of $55,950.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider George B. Hanna bought 4,000 shares of the company’s stock in a transaction that occurred on Friday, March 18th. The shares were bought at an average price of $11.27 per share, for a total transaction of $45,080.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 15,205 shares of company stock worth $175,199. Corporate insiders own 86.50% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC raised its holdings in SecureWorks by 197.0% during the fourth quarter. Barclays PLC now owns 12,116 shares of the technology company’s stock worth $194,000 after acquiring an additional 8,037 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of SecureWorks in the fourth quarter valued at approximately $285,000. Marshall Wace LLP lifted its position in shares of SecureWorks by 46.8% in the fourth quarter. Marshall Wace LLP now owns 74,054 shares of the technology company’s stock valued at $1,183,000 after buying an additional 23,622 shares during the last quarter. Millennium Management LLC lifted its position in shares of SecureWorks by 11.4% in the fourth quarter. Millennium Management LLC now owns 56,599 shares of the technology company’s stock valued at $904,000 after buying an additional 5,811 shares during the last quarter. Finally, State Street Corp lifted its position in shares of SecureWorks by 4.4% in the fourth quarter. State Street Corp now owns 179,370 shares of the technology company’s stock valued at $2,865,000 after buying an additional 7,567 shares during the last quarter. Institutional investors and hedge funds own 13.37% of the company’s stock.

SecureWorks Company Profile (Get Rating)

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 security risk consulting services.

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