SecureWorks Corp. (NASDAQ:SCWX) Sees Large Drop in Short Interest

SecureWorks Corp. (NASDAQ:SCWX) saw a significant decline in short interest during the month of December. As of December 15th, there was short interest totalling 75,800 shares, a decline of 15.5% from the November 30th total of 89,700 shares. Based on an average daily trading volume, of 271,500 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.7% of the shares of the company are short sold.

SecureWorks Price Performance

Shares of SCWX opened at $8.45 on Monday. SecureWorks has a 1-year low of $5.61 and a 1-year high of $9.76. The stock has a market cap of $750.60 million, a price-to-earnings ratio of -8.54 and a beta of 1.00. The firm has a 50 day simple moving average of $8.41 and a 200-day simple moving average of $7.80.

Hedge Funds Weigh In On SecureWorks

A number of large investors have recently bought and sold shares of SCWX. Squarepoint Ops LLC purchased a new stake in shares of SecureWorks during the 2nd quarter worth about $121,000. Jaffetilchin Investment Partners LLC acquired a new position in SecureWorks during the second quarter valued at approximately $127,000. FMR LLC grew its stake in SecureWorks by 22.3% during the third quarter. FMR LLC now owns 21,734 shares of the technology company’s stock worth $192,000 after buying an additional 3,964 shares during the period. Oppenheimer Asset Management Inc. increased its position in shares of SecureWorks by 107.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 38,180 shares of the technology company’s stock worth $267,000 after acquiring an additional 19,735 shares in the last quarter. Finally, Marshall Wace LLP raised its stake in shares of SecureWorks by 11.6% in the 2nd quarter. Marshall Wace LLP now owns 49,997 shares of the technology company’s stock valued at $350,000 after acquiring an additional 5,205 shares during the period. Hedge funds and other institutional investors own 14.38% of the company’s stock.

Analyst Upgrades and Downgrades

SCWX has been the subject of several analyst reports. StockNews.com initiated coverage on SecureWorks in a research note on Thursday. They set a “hold” rating for the company. Needham & Company LLC restated a “hold” rating on shares of SecureWorks in a research note on Tuesday, October 22nd. Finally, Barclays lifted their price objective on shares of SecureWorks from $6.00 to $7.00 and gave the company an “underweight” rating in a research report on Friday, September 6th.

SecureWorks Company Profile

SecureWorks Corp., through its subsidiaries, provides technology-driven information security solutions for protecting its customers in the United States and internationally. The company's solutions include software-as-a-service solutions; managed security services; and professional services, including incident response and penetration testing services.