Tenable Holdings (TENB) Receives a New Rating from Needham

In a report released today, Mike Cikos from Needham initiated coverage with a Buy rating on Tenable Holdings (TENBResearch Report) and a price target of $51.00. The company’s shares closed last Thursday at $42.99.

According to TipRanks.com, Cikos is a 3-star analyst with an average return of 65.7% and a 66.7% success rate. Cikos covers the Technology sector, focusing on stocks such as Ping Identity Holding, Cognyte Software, and SecureWorks.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Tenable Holdings with a $58.20 average price target.

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Based on Tenable Holdings’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $123 million and GAAP net loss of $7.75 million. In comparison, last year the company earned revenue of $103 million and had a GAAP net loss of $22.98 million.

Based on the recent corporate insider activity of 75 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TENB in relation to earlier this year.

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Tenable Holdings, Inc. engages in the development of security software solutions. It offers Cyber Exposure which is a discipline for managing and measuring cybersecurity risk in the digital era. Its products include tenable.io, tenable.sc, and nessus professional. The firm delivers solutions in the field of application security, cloud security, compliance, energy, finance, healthcare, and retail. The company was founde by John C. Huffard, Jr. and Renaud M. Deraison in 2002 and is headquartered in Columbia, MD.