Tenable (NASDAQ:TENB) Shares Gap Down – Here’s Why

Tenable Holdings, Inc. (NASDAQ:TENB)’s share price gapped down before the market opened on Friday . The stock had previously closed at $43.01, but opened at $41.97. Tenable shares last traded at $41.88, with a volume of 11,008 shares.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TENB. Truist Financial reaffirmed a “buy” rating and issued a $55.00 target price (down from $60.00) on shares of Tenable in a report on Thursday, August 1st. Robert W. Baird cut their price objective on Tenable from $53.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. DA Davidson lowered Tenable from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $56.00 to $40.00 in a report on Thursday, August 1st. Canaccord Genuity Group cut their price target on Tenable from $57.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Finally, Jefferies Financial Group initiated coverage on shares of Tenable in a report on Wednesday, October 16th. They issued a “hold” rating and a $45.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Tenable presently has a consensus rating of “Moderate Buy” and an average price target of $50.81.

Tenable Price Performance

The company has a debt-to-equity ratio of 0.88, a current ratio of 1.28 and a quick ratio of 1.28. The firm has a 50 day moving average of $41.21 and a 200-day moving average of $41.69.

Insider Buying and Selling at Tenable

In related news, CFO Stephen A. Vintz sold 2,801 shares of Tenable stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $40.72, for a total value of $114,056.72. Following the transaction, the chief financial officer now directly owns 281,536 shares of the company’s stock, valued at $11,464,145.92. This trade represents a 0.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Amit Yoran sold 4,828 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $40.72, for a total value of $196,596.16. Following the sale, the chief executive officer now owns 45,171 shares of the company’s stock, valued at $1,839,363.12. The trade was a 9.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,654 shares of company stock valued at $862,879 in the last three months. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Tenable

Several hedge funds and other institutional investors have recently modified their holdings of TENB. Principal Financial Group Inc. grew its position in Tenable by 1.8% in the second quarter. Principal Financial Group Inc. now owns 15,930 shares of the company’s stock valued at $694,000 after acquiring an additional 276 shares during the last quarter. Covestor Ltd grew its holdings in shares of Tenable by 84.5% during the 3rd quarter. Covestor Ltd now owns 631 shares of the company’s stock valued at $26,000 after purchasing an additional 289 shares during the last quarter. Xponance Inc. increased its position in Tenable by 5.5% during the 2nd quarter. Xponance Inc. now owns 7,441 shares of the company’s stock worth $324,000 after purchasing an additional 389 shares in the last quarter. Fulton Bank N.A. lifted its stake in Tenable by 5.7% in the 3rd quarter. Fulton Bank N.A. now owns 8,202 shares of the company’s stock valued at $332,000 after purchasing an additional 443 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Tenable by 0.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 52,281 shares of the company’s stock valued at $2,118,000 after buying an additional 457 shares in 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.