Tenable (NASDAQ:TENB) Price Target Cut to $50.00

Tenable (NASDAQ:TENB) had its price target decreased by investment analysts at Needham & Company LLC from $62.00 to $50.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 17.70% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Robert W. Baird cut their target price on Tenable from $55.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday. Truist Financial restated a “buy” rating and issued a $55.00 target price (down previously from $60.00) on shares of Tenable in a research note on Thursday. Wedbush reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of Tenable in a research note on Thursday, May 2nd. Wells Fargo & Company decreased their target price on Tenable from $60.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Barclays reduced their price objective on shares of Tenable from $57.00 to $49.00 and set an “equal weight” rating for the company in a research note on Thursday. Three investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.00.

Tenable Stock Performance

Shares of TENB traded down $3.44 during mid-day trading on Thursday, reaching $42.48. 5,027,494 shares of the company’s stock traded hands, compared to its average volume of 969,319. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.23 and a current ratio of 1.23. The business’s 50-day moving average price is $42.45 and its 200-day moving average price is $45.52. The stock has a market capitalization of $5.05 billion, a P/E ratio of -73.24 and a beta of 0.86. Tenable has a 12 month low of $33.85 and a 12 month high of $53.50.

Tenable (NASDAQ:TENB) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.03. Tenable had a negative return on equity of 10.40% and a negative net margin of 8.18%. The company had revenue of $215.96 million for the quarter, compared to the consensus estimate of $213.56 million. Equities analysts predict that Tenable will post -0.14 earnings per share for the current year.

Insider Activity at Tenable

In other Tenable news, CEO Amit Yoran sold 4,851 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $43.76, for a total transaction of $212,279.76. Following the completion of the transaction, the chief executive officer now directly owns 361,457 shares in the company, valued at $15,817,358.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Tenable news, Director Yoran Amit 70,000 shares of the stock in a transaction dated Tuesday, July 30th. The was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Amit Yoran sold 4,851 shares of Tenable stock in a transaction on Monday, May 20th. The shares were sold at an average price of $43.76, for a total value of $212,279.76. Following the completion of the sale, the chief executive officer now directly owns 361,457 shares of the company’s stock, valued at $15,817,358.32. The disclosure for this sale can be found here. Insiders have sold a total of 24,132 shares of company stock valued at $1,049,183 in the last 90 days. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tenable

Several hedge funds have recently added to or reduced their stakes in TENB. Norges Bank bought a new stake in Tenable during the 4th quarter worth about $56,568,000. Readystate Asset Management LP acquired a new position in Tenable in the fourth quarter valued at approximately $32,199,000. First Trust Advisors LP boosted its stake in Tenable by 18.0% in the fourth quarter. First Trust Advisors LP now owns 4,452,555 shares of the company’s stock valued at $205,085,000 after acquiring an additional 680,477 shares during the last quarter. Champlain Investment Partners LLC grew its holdings in Tenable by 59.5% during the 1st quarter. Champlain Investment Partners LLC now owns 1,591,147 shares of the company’s stock worth $78,650,000 after acquiring an additional 593,529 shares during the period. Finally, William Blair Investment Management LLC raised its position in shares of Tenable by 20.2% during the 1st quarter. William Blair Investment Management LLC now owns 3,491,301 shares of the company’s stock valued at $172,575,000 after acquiring an additional 585,559 shares during the last quarter. 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.