SecureWorks (NASDAQ: SCWX-Get Rating) provided investors with revised earnings forecast for the third quarter of 2023 on Thursday morning. The company anticipated that its earnings per share (EPS) for the quarter would fall within the range of-$0.22–$0.20, which was a lower prediction than the consensus projection of-$0.18. In addition, the company has released a revenue projection that falls somewhere in the region of $111 million to $13 million, a figure much lower than the consensus sales estimate of $119.08 million. As a result, industry analysts expect that SecureWorks will earn between $0.70 and $0.64 per share during its fiscal year 2023.
The price of the NASDAQ SCWX was $9.39 when it first debuted for trading on Thursday. The simple moving average over the last 50 days for the firm is presently at $10.23, and the simple moving average over the past 200 days is currently at $11.33. The current value of the company on the market, known as its market cap, is $797.87 million. It has a beta value of 0.86 and a price-to-earnings ratio of -11.59. A year ago, SecureWorks reached an all-time high price of $26.89, while the company’s stock price dropped to a new all-time low of $9.14.
The most recent quarterly earnings report for SecureWorks (NASDAQ: SCWX-Get Rating), which was made public on September 1st, a Thursday, was for the company’s fiscal quarter that ended in the previous quarter. The information technology company announced profits per share (EPS) for the quarter of $0.13, which was $0.03 better than what was anticipated by the market, which was ($0.16) The company announced sales for the quarter that came in at $116.20 million, which was much better than the average projection of $116.10 million. A negative return on equity of 6.81% and a negative net margin of 13.62% were also characteristics of SecureWorks’ financial performance. The company’s quarterly sales dropped by 13.4% when measured against the same period in the prior year’s financial year. The company incurred a loss equivalent to $0.06 per share in the same period the year before.
The experts at SecureWorks anticipate that the company will have a loss in revenue of 1.05 cents per share this year. There have been multiple brokerages that have provided their feedback regarding SCWX. On Tuesday, September 6th, Morgan Stanley lowered their price objective for SecureWorks from $13.00 to $12.00 and assigned the company an equal weight rating. In addition to that, a rating was assigned to the company. The price objective that Barclays has placed on SecureWorks has been reduced from $13.00 to $11.00, as stated in a research report made available to the general public on Friday, September 2nd. There have been two analysts who have suggested to their clients that they should sell their shares of the company, while there have been four others who have maintained a hold rating on the stock. According to MarketBeat.com, the average rating for the company has been changed to “Hold,” and the average price goal is currently set at $14.00.
On the same day that the most recent event occurred, June 27th, significant shareholder Neil Gagnon bought 18,274 shares of the company’s stock. This piece of information was revealed in another piece of recent news. The number of shares was acquired for a total cost of $206,861.68, which is equivalent to an average price of $11.32 per share. As a result of the successful completion of the acquisition, the corporate insider now directly controls 94,276 shares of the company. The total value of these shares is approximately $1,067,204.32. The Securities and Exchange Commission (SEC) kept a legal file accessible online and contained information relevant to the transaction. This information can be viewed by anybody interested. Insiders of the firm have spent a total of $796,921 over the previous three months to acquire 72,708 shares, bringing the total number of shares purchased by these individuals to 72,708. 85.30, the company’s insiders control percent of the company’s equity.
Over the past several weeks, several hedge funds and other forms of institutional investors have adjusted to the positions they now hold in SCWX. Dynamic Technology Lab Private Ltd. made a new investment in SecureWorks shares, totaling about 145,000 dollars, during the first three months of 2018. The first three months of 2018 saw Delphia USA Inc. make a brand-new investment in the stock purchase of 148,000 dollars in SecureWorks. Rhumbline Advisers increased the proportion of SecureWorks stock owned by 11.8% during the year’s second quarter. Rhumbline Advisers now holds 16,869 shares of the common stock of the technology company, which has a value of $183,000 after purchasing an additional 1,780 shares during the quarter. Rhumbline Advisers’ holdings in the company are valued at $183,000. Jane Street Group LLC made a new investment in SecureWorks totaling close to $220,000 during the first three months of 2018.
Finally, GABELLI & Co. Investment Advisers, Inc. conducted a transaction during the first three months of this year that raised the entire value of its acquisition of SecureWorks shares to roughly $265,000 total. Shares of the firm are now held by hedge funds and various other institutional investors, who collectively account for 10.73% of the total. Because the company has subsidiaries in a variety of countries, SecureWorks Corp. can provide its customers in the United States and other countries with information security solutions that are on the cutting edge of the most recent technological developments. In addition, the company offers various services, including software-as-a-service (SaaS) solutions, managed security services, and professional services, including incident response and risk assessment.
MarketBeat tracks the most well-regarded and successful research analysts working on Wall Street and the firms that these analysts recommend to their clients daily. MarketBeat also follows the companies that these analysts study closely. SecureWorks was not one of the five companies MarketBeat’s top analysts recommended to their customers as ones to buy immediately before the rest of the market caught on to what they had discovered. These customers were told to buy the companies immediately before the rest of the market caught on to what these analysts had found.