Needham & Company LLC Cuts Tenable (NASDAQ:TENB) Price Target to $35.00

Tenable (NASDAQ:TENB) had its price objective lowered by Needham & Company LLC from $50.00 to $35.00 in a research note published on Wednesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other equities research analysts have also issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Tenable from $53.00 to $43.00 and set an “overweight” rating for the company in a research note on Monday, April 28th. Scotiabank upped their price target on Tenable from $44.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Tuesday, January 21st. Truist Financial lowered their price objective on Tenable from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Stifel Nicolaus lowered Tenable from a “buy” rating to a “hold” rating and reduced their target price for the stock from $46.00 to $45.00 in a report on Friday, January 17th. Finally, Barclays lowered their price target on Tenable from $48.00 to $40.00 and set an “equal weight” rating on the stock in a report on Monday, April 14th. Seven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Tenable currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.44.

Tenable Stock Performance

Shares of NASDAQ TENB opened at $30.77 on Wednesday. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.28 and a quick ratio of 1.28. Tenable has a one year low of $28.75 and a one year high of $49.18. The business’s 50-day moving average price is $34.47 and its two-hundred day moving average price is $38.83. The company has a market capitalization of $3.70 billion, a P/E ratio of -102.57 and a beta of 0.88.

Tenable (NASDAQ:TENB) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.28 by $0.08. The business had revenue of $239.14 million during the quarter, compared to analysts’ expectations of $234.12 million. Tenable had a negative return on equity of 2.07% and a negative net margin of 4.03%. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 EPS. Analysts anticipate that Tenable will post 0.12 earnings per share for the current fiscal year.

Insider Activity at Tenable

In other Tenable news, CEO Stephen A. Vintz sold 6,681 shares of Tenable stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $38.16, for a total transaction of $254,946.96. Following the sale, the chief executive officer now owns 316,523 shares in the company, valued at $12,078,517.68. The trade was a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Mark C. Thurmond sold 1,341 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $39.56, for a total transaction of $53,049.96. Following the completion of the transaction, the chief executive officer now owns 41,266 shares of the company’s stock, valued at approximately $1,632,482.96. This represents a 3.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,128 shares of company stock worth $539,256 over the last three months. Company insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Tenable by 858.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 642 shares of the company’s stock valued at $25,000 after purchasing an additional 575 shares during the period. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Tenable in the fourth quarter worth $35,000. SBI Securities Co. Ltd. acquired a new stake in shares of Tenable in the fourth quarter valued at $38,000. Johnson Financial Group Inc. bought a new stake in Tenable during the 4th quarter worth about $53,000. Finally, Byrne Asset Management LLC increased its position in Tenable by 115.4% in the 1st quarter. Byrne Asset Management LLC now owns 1,357 shares of the company’s stock valued at $47,000 after acquiring an additional 727 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.