Needham analyst Mike Cikos maintained a Buy rating on Tenable Holdings (TENB – Research Report) today and set a price target of $62.00.
Mike Cikos has given his Buy rating due to a combination of factors including Tenable Holdings’ significant opportunities within the Public Sector. Following a meeting with Tenable’s executives at the RSA conference, Cikos identified that the company is positioned to benefit from a strong pipeline in the upcoming calendar year, as the Public Sector awaits funding from a recently passed Senate Bill. This points towards potential growth in revenue and market share, particularly as Tenable’s products like Vulnerability Management (VM) and Operational Technology (OT) are adopted by federal agencies, and their Tenable One platform sees increased uptake with state, local, and education (SLED) entities.
The optimism in Cikos’s assessment is further supported by Tenable’s performance in the third quarter of the previous calendar year, where the Public Sector’s contribution to the company’s business was double the typical amount since Tenable’s IPO. This exceptional rise indicates a robust and growing demand for Tenable’s services within the Public Sector. Additionally, competitive dynamics in Tenable’s core VM market have remained stable, suggesting that the company is maintaining its position against competitors, which is a positive sign for investors considering Tenable’s stock.
In another report released on May 2, D.A. Davidson also maintained a Buy rating on the stock with a $56.00 price target.
Based on the recent corporate insider activity of 69 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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