TD Cowen analyst Shaul Eyal has reiterated their bullish stance on TENB stock, giving a Buy rating today.
Shaul Eyal has given his Buy rating due to a combination of factors including Tenable Holdings’ (TENB) robust fourth-quarter earnings and strategic company maneuvers that are poised to increase operating margins. Eyal notes TENB’s impressive 16% year-over-year revenue growth, which exceeded consensus estimates, and significant billings growth, propelled by the adoption of Tenable One, OT, Cloud, and Identity solutions. The forecast also takes into account cost savings from a recent workforce reduction, which is expected to significantly boost operating margins in 2024.
Moreover, Eyal’s optimism is bolstered by Tenable One’s strong market adoption, which doubled in 2023 and contributed notably to both new business and revenue. The company’s exposure solutions are becoming increasingly significant, accounting for half of the new enterprise sales. Additionally, the successful acquisition and integration of Ermetic are in line with expectations and contribute to the company’s strategic growth. Despite a cautious outlook due to a variable spending environment, TENB’s performance and prudent cost-saving measures have led Eyal to reiterate an Outperform rating with a target of $55.
In another report released today, Needham also maintained a Buy rating on the stock with a $62.00 price target.
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Based on the recent corporate insider activity of 60 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 (TENB) Company Description:
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.
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