SecureWorks (NASDAQ:SCWX) Issues Q2 2023 Earnings Guidance

SecureWorks (NASDAQ:SCWXGet Rating) updated its second quarter 2023 earnings guidance on Thursday. The company provided EPS guidance of -$0.17–$0.15 for the period, compared to the consensus EPS estimate of -$0.16. The company issued revenue guidance of $115.00 million-$117.00 million, compared to the consensus revenue estimate of $119.43 million.SecureWorks also updated its FY 2023 guidance to -$0.70–$0.61 EPS.

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

NASDAQ SCWX opened at $11.63 on Thursday. The firm has a market cap of $982.39 million, a price-to-earnings ratio of -24.23 and a beta of 1.00. The company has a 50 day moving average of $11.82 and a 200-day moving average of $14.14. SecureWorks has a 1-year low of $9.93 and a 1-year high of $26.89.

SecureWorks (NASDAQ:SCWXGet Rating) last posted its quarterly earnings data on Thursday, March 17th. The technology company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.13. The company had revenue of $127.90 million during the quarter, compared to analyst estimates of $128.85 million. SecureWorks had a negative net margin of 7.43% and a negative return on equity of 2.38%. The company’s revenue was down 8.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.06) earnings per share. Research analysts expect that SecureWorks will post -0.98 earnings per share for the current year.

In other news, CFO Paul Parrish purchased 5,000 shares of SecureWorks stock in a transaction dated Friday, March 18th. The shares were bought at an average cost of $11.19 per share, with a total value of $55,950.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider George B. Hanna purchased 4,000 shares of SecureWorks stock in a transaction dated Friday, March 18th. The shares were purchased at an average cost of $11.27 per share, for a total transaction of $45,080.00. The disclosure for this purchase can be found here. In the last three months, insiders purchased 14,000 shares of company stock valued at $158,100. 85.30% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of SCWX. Dynamic Technology Lab Private Ltd acquired a new stake in shares of SecureWorks during the first quarter worth $145,000. Delphia USA Inc. acquired a new stake in SecureWorks in the 1st quarter valued at $148,000. Barclays PLC increased its stake in SecureWorks by 197.0% in the 4th quarter. Barclays PLC now owns 12,116 shares of the technology company’s stock valued at $194,000 after buying an additional 8,037 shares during the last quarter. Jane Street Group LLC acquired a new stake in SecureWorks in the 1st quarter valued at $221,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in SecureWorks in the 1st quarter valued at $265,000. Institutional investors and hedge funds own 11.87% of the company’s stock.

About SecureWorks (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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