Morgan Stanley Lowers Tenable (NASDAQ:TENB) Price Target to $50.00

Tenable (NASDAQ:TENB) had its price objective decreased by stock analysts at Morgan Stanley from $55.00 to $50.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 22.19% from the company’s current price.

Several other analysts have also weighed in on TENB. Scotiabank lowered their target price on Tenable from $47.00 to $44.00 and set a “sector perform” rating on the stock in a report on Thursday, August 1st. DA Davidson cut shares of Tenable from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $56.00 to $40.00 in a research note on Thursday, August 1st. Wells Fargo & Company cut their target price on shares of Tenable from $60.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Truist Financial reiterated a “buy” rating and issued a $55.00 price target (down from $60.00) on shares of Tenable in a research report on Thursday, August 1st. Finally, Barclays cut their price objective on Tenable from $57.00 to $49.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.56.

Tenable Stock Performance

Shares of TENB opened at $40.92 on Wednesday. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.98. Tenable has a 52-week low of $33.85 and a 52-week high of $53.50. The company has a 50-day simple moving average of $40.88 and a 200-day simple moving average of $42.52. The company has a market capitalization of $4.87 billion, a PE ratio of -73.07 and a beta of 0.83.

Tenable (NASDAQ:TENB) last issued its earnings results on Wednesday, July 31st. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The company had revenue of $221.24 million during the quarter, compared to analysts’ expectations of $218.41 million. Tenable had a negative net margin of 7.77% and a negative return on equity of 7.63%. Equities research analysts predict that Tenable will post -0.06 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Mark C. Thurmond sold 3,383 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $41.66, for a total value of $140,935.78. Following the transaction, the chief operating officer now owns 34,079 shares in the company, valued at approximately $1,419,731.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Stephen A. Vintz sold 3,413 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $41.75, for a total value of $142,492.75. Following the completion of the sale, the chief financial officer now owns 278,493 shares of the company’s stock, valued at $11,627,082.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 value of $140,935.78. Following the sale, the chief operating officer now owns 34,079 shares in the company, valued at approximately $1,419,731.14. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 52,469 shares of company stock valued at $2,429,076 in the last three months. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Tenable

A number of institutional investors and hedge funds have recently bought and sold shares of TENB. Quest Partners LLC acquired a new position in shares of Tenable during the second quarter worth $40,000. Fidelis Capital Partners LLC acquired a new position in Tenable in the 1st quarter worth $58,000. Allspring Global Investments Holdings LLC boosted its position in Tenable by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,708 shares of the company’s stock valued at $183,000 after buying an additional 312 shares during the last quarter. Truvestments Capital LLC acquired a new stake in shares of Tenable during the first quarter valued at about $189,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Tenable during the second quarter worth about $200,000. Hedge funds and other 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.