Tenable (NASDAQ:TENB) Stock Price Down 6.2% on Disappointing Earnings

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

The company reported $0.08 EPS 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%.

Wall Street Analyst Weigh In

TENB has been the subject of several analyst reports. Scotiabank increased their price objective on Tenable from $44.00 to $45.00 and gave the stock a “sector perform” rating in a research report on Tuesday, January 21st. Needham & Company LLC restated a “buy” rating and set a $50.00 price target on shares of Tenable in a research report on Thursday. Westpark Capital restated a “hold” rating on shares of Tenable in a research report on Thursday, October 31st. Morgan Stanley restated an “equal weight” rating and set a $47.00 price target (down from $50.00) on shares of Tenable in a research report on Monday, December 2nd. Finally, Barclays raised their price target on Tenable from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.67.

Insider Buying and Selling at Tenable

In other Tenable news, COO Mark C. Thurmond sold 2,209 shares of the business’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 $89,950.48. Following the completion of the transaction, the chief operating officer now directly owns 35,480 shares in the company, valued at approximately $1,444,745.60. The trade was a 5.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Raymond Jr. Vicks sold 809 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were 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 $333,544.68. This trade represents a 8.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,463 shares of company stock valued at $894,042. 4.30% of the stock is owned by corporate insiders.

Institutional Trading of Tenable

A number of institutional investors have recently added to or reduced their stakes in the business. Covestor Ltd boosted its position in Tenable by 84.5% in the 3rd quarter. Covestor Ltd now owns 631 shares of the company’s stock valued at $26,000 after buying an additional 289 shares during the last quarter. Larson Financial Group LLC raised its stake in Tenable by 658.6% during the third quarter. Larson Financial Group LLC now owns 751 shares of the company’s stock worth $30,000 after acquiring an additional 652 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Tenable during the fourth quarter worth about $38,000. Nisa Investment Advisors LLC raised its stake in Tenable by 74.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,753 shares of the company’s stock worth $108,000 after acquiring an additional 1,172 shares during the period. Finally, Pacer Advisors Inc. increased its stake in shares of Tenable by 30.3% in the fourth quarter. Pacer Advisors Inc. now owns 2,823 shares of the company’s stock valued at $111,000 after purchasing an additional 657 shares during the period. 89.06% of the stock is owned by hedge funds and other institutional investors.

Tenable Stock Up 1.0 %

The firm’s 50 day simple moving average is $41.41 and its 200 day simple moving average is $41.33. The company has a market cap of $4.83 billion, a price-to-earnings ratio of -78.88 and a beta of 0.87. 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.