Tenable (NASDAQ:TENB) Coverage Initiated at Morgan Stanley

Analysts at Morgan Stanley initiated coverage on shares of Tenable (NASDAQ:TENB) in a research report issued to clients and investors on Tuesday. The firm set an “equal weight” rating on the stock.

TENB has been the subject of several other research reports. Scotiabank lifted their price target on Tenable from $44.00 to $45.00 and gave the company a “sector perform” rating in a research note on Tuesday, January 21st. Barclays upped their target price on Tenable from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. Stifel Nicolaus cut shares of Tenable from a “buy” rating to a “hold” rating and dropped their price target for the company from $46.00 to $45.00 in a research note on Friday, January 17th. Needham & Company LLC restated a “buy” rating and set a $50.00 price objective on shares of Tenable in a research report on Thursday, February 6th. Finally, Jefferies Financial Group lifted their target price on shares of Tenable from $40.00 to $45.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.67.

Tenable Stock Performance

NASDAQ:TENB traded down $0.46 during trading hours on Tuesday, hitting $36.29. 53,803 shares of the company were exchanged, compared to its average volume of 911,066. The company’s 50 day moving average price is $39.75 and its 200-day moving average price is $40.56. The stock has a market capitalization of $4.37 billion, a price-to-earnings ratio of -120.56 and a beta of 0.87. Tenable has a 52-week low of $35.25 and a 52-week high of $50.30. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.28 and a quick ratio of 1.28.

Tenable (NASDAQ:TENB) last issued its quarterly earnings results on Wednesday, February 5th. 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 2.07% and a negative net margin of 4.03%. As a group, research analysts forecast that Tenable will post 0.12 earnings per share for the current year.

Insider Activity

In other Tenable news, Director Linda Kay Zecher sold 2,500 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $37.00, for a total transaction of $92,500.00. Following the completion of the sale, the director now directly owns 353 shares of the company’s stock, valued at approximately $13,061. This trade represents a 87.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark C. Thurmond sold 1,341 shares of Tenable stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $39.56, for a total transaction of $53,049.96. Following the completion of the transaction, the chief executive officer now owns 41,266 shares in the company, valued at approximately $1,632,482.96. This trade represents a 3.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,937 shares of company stock worth $570,418. 4.30% of the stock is currently owned by company insiders.

Institutional Trading of Tenable

Several hedge funds have recently made changes to their positions in TENB. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Tenable by 858.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 642 shares of the company’s stock worth $25,000 after acquiring an additional 575 shares during the period. Larson Financial Group LLC lifted its stake in shares of Tenable by 658.6% in the third quarter. Larson Financial Group LLC now owns 751 shares of the company’s stock valued at $30,000 after purchasing an additional 652 shares during the period. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Tenable during the fourth quarter worth about $35,000. SBI Securities Co. Ltd. acquired a new position in Tenable during the fourth quarter worth about $38,000. Finally, Johnson Financial Group Inc. purchased a new position in Tenable in the fourth quarter valued at about $53,000. Institutional investors and hedge funds 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.