Needham & Company LLC Reiterates “Buy” Rating for Tenable (NASDAQ:TENB)

Tenable (NASDAQ:TENB)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $50.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 28.30% from the stock’s current price.

A number of other research analysts also recently issued reports on the stock. Robert W. Baird decreased their price target on shares of Tenable from $53.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Morgan Stanley reaffirmed an “equal weight” rating and set a $47.00 price objective (down from $50.00) on shares of Tenable in a research report on Monday, December 2nd. Westpark Capital reissued a “hold” rating on shares of Tenable in a report on Thursday, October 31st. Piper Sandler decreased their price target on Tenable from $55.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, October 31st. Finally, Barclays lowered their price objective on Tenable from $49.00 to $45.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Six equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.63.

Tenable Stock Performance

Shares of TENB opened at $38.97 on Monday. Tenable has a 1 year low of $35.25 and a 1 year high of $53.50. The stock has a market capitalization of $4.68 billion, a PE ratio of -76.41 and a beta of 0.85. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.28 and a current ratio of 1.28. The stock has a 50-day simple moving average of $41.22 and a 200-day simple moving average of $41.52.

Insiders Place Their Bets

In other news, COO Mark C. Thurmond sold 2,209 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $40.72, for a total transaction of $89,950.48. Following the completion of the transaction, the chief operating officer now directly owns 35,480 shares of the company’s stock, valued at approximately $1,444,745.60. This represents a 5.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Amit Yoran sold 5,293 shares of Tenable stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $42.74, for a total value of $226,222.82. Following the completion of the sale, the chief executive officer now owns 51,691 shares in the company, valued at approximately $2,209,273.34. This trade represents a 9.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,654 shares of company stock valued at $862,879. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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