Wedbush Increases Tenable (NASDAQ:TENB) Price Target to $42.00

Tenable (NASDAQ:TENB) had its target price boosted by equities researchers at Wedbush from $40.00 to $42.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s target price suggests a potential upside of 37.39% from the company’s current price.

Other research analysts have also recently issued reports about the company. Scotiabank reduced their price target on Tenable from $45.00 to $30.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 30th. Morgan Stanley dropped their price objective on shares of Tenable from $40.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. Stifel Nicolaus cut their target price on shares of Tenable from $45.00 to $30.00 and set a “hold” rating for the company in a report on Wednesday, April 30th. Needham & Company LLC boosted their target price on shares of Tenable from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Robert W. Baird dropped their price target on shares of Tenable from $44.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Tenable presently has an average rating of “Moderate Buy” and a consensus price target of $41.06.

Tenable Stock Down 2.4%

NASDAQ:TENB opened at $30.57 on Thursday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.04 and a quick ratio of 1.04. The company’s fifty day moving average price is $32.91 and its 200-day moving average price is $35.10. Tenable has a 1-year low of $28.75 and a 1-year high of $45.44. The firm has a market capitalization of $3.73 billion, a P/E ratio of -82.62 and a beta of 0.76.

Tenable (NASDAQ:TENB) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.04. The company had revenue of $247.30 million for the quarter, compared to the consensus estimate of $242.15 million. Tenable had a negative return on equity of 3.22% and a negative net margin of 4.74%. The firm’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same period last year, the firm earned $0.31 EPS. As a group, equities research analysts anticipate that Tenable will post 0.12 EPS for the current year.

Insider Transactions at Tenable

In related news, CEO Stephen A. Vintz sold 3,386 shares of Tenable stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $32.45, for a total value of $109,875.70. Following the sale, the chief executive officer directly owned 328,008 shares in the company, valued at approximately $10,643,859.60. The trade was a 1.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark C. Thurmond sold 2,483 shares of the business’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $32.45, for a total value of $80,573.35. Following the sale, the chief executive officer owned 72,727 shares of the company’s stock, valued at approximately $2,359,991.15. This trade represents a 3.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,815 shares of company stock valued at $669,797 over the last 90 days. Corporate insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Tenable

Several hedge funds and other institutional investors have recently made changes to their positions in TENB. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Tenable by 858.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 642 shares of the company’s stock worth $25,000 after purchasing an additional 575 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Tenable in the 4th quarter valued at $35,000. Johnson Financial Group Inc. acquired a new stake in Tenable during the 4th quarter worth $53,000. Byrne Asset Management LLC grew its holdings in shares of Tenable by 115.4% during the first quarter. Byrne Asset Management LLC now owns 1,357 shares of the company’s stock worth $47,000 after buying an additional 727 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Tenable during the first quarter worth $69,000. Hedge funds and other institutional investors own 89.06% of the company’s stock.

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.