Tenable (NASDAQ:TENB) Shares Gap Down – Here’s Why

Shares of Tenable Holdings, Inc. (NASDAQ:TENB) gapped down prior to trading on Friday . The stock had previously closed at $43.01, but opened at $41.97. Tenable shares last traded at $41.88, with a volume of 11,008 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Morgan Stanley dropped their price target on Tenable from $55.00 to $50.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Piper Sandler decreased their target price on Tenable from $55.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday, October 31st. Barclays decreased their target price on Tenable from $49.00 to $45.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Jefferies Financial Group started coverage on Tenable in a research report on Wednesday, October 16th. They issued a “hold” rating and a $45.00 target price for the company. Finally, Westpark Capital reiterated a “hold” rating on shares of Tenable in a research report on Thursday, October 31st. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $50.81.

Tenable Trading Up 0.2 %

The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.28 and a current ratio of 1.28. The stock’s fifty day moving average is $41.24 and its 200 day moving average is $41.65. The stock has a market cap of $5.04 billion, a P/E ratio of -82.31 and a beta of 0.83.

Insiders Place Their Bets

In related news, CEO Amit Yoran sold 4,828 shares of Tenable stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $40.72, for a total transaction of $196,596.16. Following the transaction, the chief executive officer now directly owns 45,171 shares of the company’s stock, valued at $1,839,363.12. This trade represents a 9.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Mark C. Thurmond sold 2,209 shares of Tenable stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $40.72, for a total transaction of $89,950.48. Following the completion of the transaction, the chief operating officer now directly owns 35,480 shares in the company, valued at $1,444,745.60. This represents a 5.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,654 shares of company stock valued at $862,879 over the last 90 days. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Tenable

Large investors have recently made changes to their positions in the stock. Covestor Ltd grew its stake in Tenable by 84.5% in the 3rd quarter. Covestor Ltd now owns 631 shares of the company’s stock valued at $26,000 after acquiring an additional 289 shares during the period. Larson Financial Group LLC raised its holdings in shares of Tenable by 658.6% during the 3rd quarter. Larson Financial Group LLC now owns 751 shares of the company’s stock worth $30,000 after acquiring an additional 652 shares during the period. Quest Partners LLC purchased a new position in shares of Tenable during the 2nd quarter worth $40,000. Truvestments Capital LLC purchased a new stake in Tenable in the 3rd quarter valued at about $171,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Tenable in the 2nd quarter valued at about $200,000. 89.06% of the stock is owned by hedge funds and other institutional investors.

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.