Wells Fargo & Company Cuts Tenable (NASDAQ:TENB) Price Target to $40.00

Tenable (NASDAQ:TENB) had its target price lowered by Wells Fargo & Company from $50.00 to $40.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts also recently issued reports on TENB. Robert W. Baird lowered their price target on Tenable from $44.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday. Needham & Company LLC reduced their price target on Tenable from $50.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. lowered their price target on shares of Tenable from $53.00 to $43.00 and set an “overweight” rating on the stock in a research note on Monday, April 28th. Morgan Stanley decreased their price target on Tenable from $40.00 to $30.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 16th. Finally, Stifel Nicolaus lowered shares of Tenable from a “buy” rating to a “hold” rating and dropped their price target for the stock from $46.00 to $45.00 in a research report on Friday, January 17th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.44.

Tenable Price Performance

Tenable stock opened at $30.77 on Wednesday. Tenable has a 52 week low of $28.75 and a 52 week high of $49.18. The business’s fifty day moving average is $34.47 and its two-hundred day moving average is $38.83. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.28 and a current ratio of 1.28. The firm has a market cap of $3.70 billion, a P/E ratio of -102.57 and a beta of 0.88.

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

Insiders Place Their Bets

In related news, CEO Mark C. Thurmond sold 3,606 shares of Tenable stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $38.48, for a total value of $138,758.88. Following the transaction, the chief executive officer now owns 74,295 shares in the company, valued at $2,858,871.60. This trade represents a 4.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Linda Kay Zecher sold 2,500 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $37.00, for a total value of $92,500.00. Following the sale, the director now owns 353 shares of the company’s stock, valued at $13,061. This represents a 87.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,128 shares of company stock worth $539,256 over the last quarter. 1.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tenable

Several hedge funds and other institutional investors have recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Tenable by 858.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 642 shares of the company’s stock worth $25,000 after buying an additional 575 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Tenable in the fourth quarter worth about $35,000. SBI Securities Co. Ltd. bought a new stake in shares of Tenable during the 4th quarter valued at about $38,000. Byrne Asset Management LLC increased its position in shares of Tenable by 115.4% during the 1st quarter. Byrne Asset Management LLC now owns 1,357 shares of the company’s stock valued at $47,000 after purchasing an additional 727 shares during the last quarter. Finally, Johnson Financial Group Inc. bought a new position in shares of Tenable in the 4th quarter worth approximately $53,000. 89.06% of the stock is owned by institutional investors.

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.