Tenable (NASDAQ:TENB) Shares Down 6.2% After Earnings Miss

Tenable Holdings, Inc. (NASDAQ:TENB) shares traded down 6.2% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $40.64 and last traded at $40.54. 110,398 shares traded hands during trading, a decline of 90% from the average session volume of 1,067,212 shares. The stock had previously closed at $43.21.

The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.26). Tenable had a negative return on equity of 6.21% and a negative net margin of 6.82%.

Analysts Set New Price Targets

TENB has been the topic of a number of analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of Tenable in a research note on Thursday. Jefferies Financial Group lifted their price target on shares of Tenable from $40.00 to $45.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Stifel Nicolaus lowered shares of Tenable from a “buy” rating to a “hold” rating and cut their price objective for the company from $46.00 to $45.00 in a research report on Friday, January 17th. Robert W. Baird decreased their target price on shares of Tenable from $53.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, Scotiabank boosted their price target on Tenable from $44.00 to $45.00 and gave the company a “sector perform” rating in a report on Tuesday, January 21st. Seven research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $50.44.

Insiders Place Their Bets

In related news, Director Raymond Jr. Vicks sold 809 shares of the stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $38.52, for a total value of $31,162.68. Following the completion of the transaction, the director now owns 8,659 shares of the company’s stock, valued at approximately $333,544.68. This represents a 8.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Amit Yoran sold 4,828 shares of the 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 $196,596.16. Following the transaction, the chief executive officer now owns 45,171 shares of the company’s stock, valued at approximately $1,839,363.12. This trade represents a 9.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,463 shares of company stock worth $894,042 over the last three months. 4.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Readystate Asset Management LP bought a new position in Tenable during the 3rd quarter worth approximately $24,660,000. Assenagon Asset Management S.A. acquired a new position in Tenable during the 4th quarter valued at about $15,653,000. FMR LLC grew its holdings in Tenable by 2.0% in the 3rd quarter. FMR LLC now owns 15,210,927 shares of the company’s stock worth $616,347,000 after buying an additional 305,334 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Tenable by 28.0% in the third quarter. The Manufacturers Life Insurance Company now owns 920,378 shares of the company’s stock worth $37,294,000 after purchasing an additional 201,366 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its position in Tenable by 430.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 248,117 shares of the company’s stock valued at $9,771,000 after buying an additional 201,360 shares in the last quarter. 89.06% of the stock is owned by institutional investors and hedge funds.

Tenable Stock Down 5.8 %

The firm has a market cap of $4.89 billion, a price-to-earnings ratio of -79.41 and a beta of 0.87. The stock’s 50 day moving average is $41.45 and its 200 day moving average is $41.34. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.88.

Tenable Company Profile

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.