As of May 26, 2023, Raymond James Financial Services Advisors Inc. has reported a significant reduction in its holdings in Tenable Holdings, Inc. (NASDAQ:TENB). This decision comes after the company sold 17,924 shares during the fourth quarter of the previous fiscal year. The total number of shares owned by Raymond James Financial Services Advisors Inc. as of the latest filing with the Securities and Exchange Commission (SEC) is 46,057. Additionally, the total value of these holdings is estimated to be $1,757,000.
Tenable Holdings Inc. is engaged in developing software security solutions that cater to various fields such as application security, cloud security, compliance, energy, finance, healthcare and retail. As part of its Cyber Exposure discipline initiative, the company provides solutions that manage and measure cybersecurity risks in the era of digitization. Its products include tenable.io, tenable.sc, tenable.ot and nessus professional.
Recently TENABLE has become a hot topic among research reports as stock analysts evaluate its performance in terms of growth potential and returns on investment for investors. Multiple reports have been generated which provide valuable information regarding target prices for Tenable’s stocks based on analyst insights.
For instance Needham & Company LLC recommended a price range between $51-48 while DA Davidson sharply dropped their estimation from $54 to $48 . Similarly Barclays reduced their estimation from $50 to$44 whilst according to Morgan Stanley , this leading cybersecurity firm needs more ground work until they could see improvements at par with already established market leaders like Cisco or FireEye
Based on an average compiled rating of “Moderate Buy” by Bloomberg alongside consensus target pricing proportioning up to $48.40; It can be inferred from these reviews that analysts are somewhat divided between holding Tenable stock versus buying or completely selling out since ambiguity persists upon it’s future undertaking projections given it’s volatile nature as a cyber security software firm in the time of rapid digitization and rising threats. In conclusion, it is best advised to have a more nuanced evaluation of the stock before making any investments or trades involving Tenable Holdings Inc.
Tenable Holdings, Inc.: Recent Activities and Investment Opportunities in Cybersecurity Solutions
Tenable Holdings, Inc. offers cybersecurity solutions in various sectors including energy, healthcare, finance, and retail. The company provides innovative services in the fields of application security, compliance, cloud security and more. With its success evident after recording $188.84 million revenue during the last quarter of 2022 compared to analysts’ expectations of $187.14 million; it is pertinent to focus on other recent activities going on.
In recent news surrounding Tenable’s investment portfolio; hedge funds like Raymond James & Associates increased their holdings by 5.7% over the fourth quarter with an additional purchase of about 745 shares while IQ EQ FUND MANAGEMENT IRELAND Ltd raised the stakes by a 95.6% holding rise in shares leading to ownership of 98,655 shares now worth $3.8 million after purchasing another 48,214 shares during that same period.
Newer investments are also coming from companies such as Cambridge Investment Research Advisors Inc., which bought a new position worth over $240k at the end of Q4 – December 2022 – with reports showing that Swiss National Bank raised its position by an additional 7,400 shares; bringing its total investment holdings to almost $10.3 million.
Another push notification indicates insider selling which could may potentially give investors cause for concern; CFO Stephen A.Vintz sold over 3K (3,373) shares of Tenable’s stock on Monday February 27th for approximately $44 per share amounting to a total transactional value of around $148k.
Director Linda Kay Zecher has also been partaking in insider selling – indicating a worrying trend – recently disposing off about half her portfolio worth approximately $121k at the end of Q1. However these sales still leaves corporate insiders with substantial holdings proving their confident outlook regarding the potential growth trajectory of Tenable in upcoming quarters; having already sold about 56K+ shares of company stocks worth over $2.4 million in the past 90 days.
NASDAQ TENB opened at a price of $37.63 on May 26, 2023. The company’s 12-month low stands at $28.80 and high is at $53.75; meanwhile it currently has a debt-to-equity ratio of 1.24 and an average moving price range of between $40 – $41 indicating stability within the portfolio with a positive outlook expected to impact its future holdings.
Despite the possible inside selling drama, sell-side analysts are optimistic about Tenable’s growth potential by projecting that the company will report -$0.46 EPS for FY23 – marking a change from last year’s result where the quarter reported ($0.17) EPS whilst recording significant quarterly revenue growth of up to 18.5%. Consequently, Tenable Holdings could potentially be a worthy investment opportunity for investors seeking long-term portfolio gains in cybersecurity solutions going forward from Q2-2023 and beyond.
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