KLP Kapitalforvaltning AS has increased its investment in Qualys, Inc. (NASDAQ: QLYS) by 27.8% during the third quarter of 2023. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), KLP now holds 18,400 shares of the cybersecurity firm after acquiring an additional 4,000 shares. The value of KLP’s holdings in Qualys reached approximately $2.4 million at the end of the reporting period.
This decision comes as various institutional investors and hedge funds have also adjusted their positions in Qualys. Notably, BNP Paribas Asset Management Holding S.A. acquired a new stake valued at $44,000 in the second quarter. Similarly, Parallel Advisors LLC boosted its holdings by 82.0%, now owning 484 shares worth $69,000 after purchasing an additional 218 shares. Other notable movements include Elevation Point Wealth Partners LLC, which picked up shares valued at approximately $73,000, and Northwestern Mutual Wealth Management Co., which increased its position by a remarkable 3,218.8% during the same period.
Institutional investors and hedge funds collectively own an impressive 99.31% of Qualys, highlighting strong interest in the company’s stock.
Qualys Stock Performance and Insider Activity
As of the most recent trading session, Qualys shares opened at $133.15. The company has experienced a fifty-two week range, with a low of $112.61 and a high of $155.47. Its market capitalization stands at approximately $4.77 billion, with a price-to-earnings (P/E) ratio of 25.80 and a beta of 0.50.
Recent insider transactions have also drawn attention. On December 3, Bruce K. Posey, an insider, sold 3,077 shares at an average price of $145.99, amounting to a total value of $449,211.23. Following this transaction, Posey holds 71,776 shares valued at approximately $10.5 million. This sale represents a 4.11% decline in his position.
In a separate transaction, CEO Sumedh S. Thakar sold 8,500 shares on December 15 for an average price of $147.12, totaling $1.25 million. Post-sale, Thakar retains 252,800 shares, valued at around $37.2 million, reflecting a 3.25% decrease in ownership.
Over the past three months, insiders have sold 37,153 shares valued at $5.2 million, which accounts for 0.88% of the total stock held by insiders.
Analyst Ratings and Future Outlook
Qualys has been the subject of recent analyst evaluations, with varying price targets established. On November 5, Canaccord Genuity Group raised its target price from $158.00 to $160.00, maintaining a “buy” rating. Conversely, Scotiabank adjusted its price objective from $150.00 to $139.00 while issuing a “sector perform” rating.
There are mixed sentiments among analysts regarding the stock’s future performance. According to data from MarketBeat.com, the consensus rating for Qualys is “Hold,” with an average price target set at $143.57. A total of one analyst has provided a “Strong Buy” rating, while two analysts recommend a “Buy,” and two others have rated it as a “Sell.”
Qualys, Inc. is recognized as a leading provider of cloud-based security and compliance solutions. The company offers a unified platform that enables organizations to enhance their IT security programs through continuous visibility into global IT assets, allowing for real-time detection of vulnerabilities and policy violations.
Investors and analysts alike will continue to watch Qualys closely as it navigates the evolving cybersecurity landscape and seeks to capitalize on growing demand for its services.
