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

Tenable (NASDAQ:TENB - Get Free Report) had its price target decreased by investment analysts at Morgan Stanley from $55.00 to $50.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Morgan Stanley's target price would indicate a potential upside of 23.95% from the company's previous close.

A number of other research analysts also recently commented on the company. Truist Financial reiterated a "buy" rating and issued a $55.00 price objective (down previously from $60.00) on shares of Tenable in a report on Thursday, August 1st. Westpark Capital cut shares of Tenable from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 1st. Robert W. Baird lowered their target price on shares of Tenable from $55.00 to $53.00 and set an "outperform" rating for the company in a report on Thursday, August 1st. Baird R W upgraded shares of Tenable to a "strong-buy" rating in a research note on Monday, July 15th. Finally, Piper Sandler decreased their price objective on shares of Tenable from $60.00 to $55.00 and set an "overweight" rating for the company in a research note on Thursday, August 1st. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $51.56.

Tenable Stock Down 3.0 %

Shares of TENB traded down $1.24 during midday trading on Wednesday, hitting $40.34. The company had a trading volume of 686,410 shares, compared to its average volume of 900,982. The company's 50-day simple moving average is $40.90 and its 200-day simple moving average is $42.53. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.21 and a current ratio of 1.21. Tenable has a 1 year low of $33.85 and a 1 year high of $53.50. The firm has a market capitalization of $4.80 billion, a P/E ratio of -69.55 and a beta of 0.83.

Tenable (NASDAQ:TENB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.03. Tenable had a negative net margin of 7.77% and a negative return on equity of 7.63%. The company had revenue of $221.24 million during the quarter, compared to analysts' expectations of $218.41 million. As a group, sell-side analysts expect that Tenable will post -0.06 EPS for the current year.

Insider Transactions at Tenable

In related news, COO Mark C. Thurmond sold 3,383 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $41.66, for a total transaction of $140,935.78. Following the completion of the transaction, the chief operating officer now directly owns 34,079 shares of the company's stock, valued at $1,419,731.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Amit Yoran sold 40,000 shares of the company's stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $47.72, for a total transaction of $1,908,800.00. Following the transaction, the chief executive officer now directly owns 387,356 shares of the company's stock, valued at $18,484,628.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Mark C. Thurmond sold 3,383 shares of the firm's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $41.66, for a total transaction of $140,935.78. Following the completion of the sale, the chief operating officer now owns 34,079 shares of the company's stock, valued at $1,419,731.14. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,469 shares of company stock worth $2,429,076. Company insiders own 4.30% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Tidal Investments LLC grew its holdings in shares of Tenable by 157.8% in the 1st quarter. Tidal Investments LLC now owns 23,268 shares of the company's stock worth $1,150,000 after acquiring an additional 14,244 shares during the period. CANADA LIFE ASSURANCE Co increased its position in shares of Tenable by 21.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 352,468 shares of the company's stock valued at $17,408,000 after buying an additional 61,080 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of Tenable by 10.1% during the 1st quarter. ProShare Advisors LLC now owns 21,283 shares of the company's stock worth $1,052,000 after buying an additional 1,961 shares during the last quarter. Blair William & Co. IL boosted its position in shares of Tenable by 9.5% in the 1st quarter. Blair William & Co. IL now owns 295,886 shares of the company's stock worth $14,626,000 after buying an additional 25,760 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Tenable by 16.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 932,384 shares of the company's stock worth $46,088,000 after buying an additional 131,117 shares in the last quarter. 89.06% of the stock is owned by hedge funds and other 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.