Nicholas Company Inc. has expanded its holdings in Tenable Holdings, Inc. (NASDAQ: TENB) by acquiring an additional 20,940 shares in the second quarter of 2023. This increase represents a growth of 12.7%, bringing the firm’s total ownership to 186,323 shares valued at approximately $6.3 million as reported in its latest SEC filing.
Several other institutional investors have also adjusted their positions in Tenable. For instance, Ameriprise Financial Inc. raised its stake by 5.6% in the first quarter, now holding 5,918,686 shares worth $207 million after acquiring an additional 312,299 shares. Similarly, RGM Capital LLC increased its holdings by 2.0%, owning 3,772,624 shares valued at $132 million. Assenagon Asset Management S.A. made a significant move, boosting its stake by an astonishing 1,043.7%, acquiring 2,956,367 shares during the second quarter, bringing its total to 3,239,624 shares valued at $109 million.
Institutional ownership of Tenable is substantial, with hedge funds and other entities controlling approximately 89.06% of the company’s stock.
Analyst Ratings and Market Performance
Recent analyst evaluations reflect a mix of perspectives on Tenable’s stock. Needham & Company has lowered its target price from $42.00 to $38.00, maintaining a “buy” rating. Conversely, UBS Group has raised its target price from $40.00 to $43.00 while also rating the stock as a “buy.” Jefferies Financial Group issued a “hold” rating with a price target of $38.00, an increase from a previous target of $37.00. Meanwhile, Stifel Nicolaus adjusted its target from $30.00 to $35.00.
Currently, Tenable’s stock has garnered a consensus rating of “Hold” from nine investment analysts, with a consensus target price set at $38.63.
Insider Transactions
In related developments, CEO Stephen A. Vintz sold 29,196 shares on August 25, 2023, at an average price of $30.25, resulting in a total transaction value of $883,179. Post-sale, Vintz remains a significant shareholder with 358,949 shares worth approximately $10.9 million, reflecting a decrease of 7.52% in his holdings.
Similarly, CEO Mark C. Thurmond sold 28,500 shares on the same day, also at an average price of $30.25, amounting to $862,125. Following this transaction, Thurmond holds 102,322 shares valued at around $3.1 million, marking a 21.79% reduction in his ownership.
In total, insiders have sold 64,555 shares valued at approximately $1.95 million over the past 90 days, with insiders owning about 1.50% of the company’s stock.
Tenable’s Financial Performance
Tenable Holdings, Inc. opened its stock at $29.02 on the most recent trading day. The company has a market capitalization of $3.51 billion, with a P/E ratio of -107.48 and a beta of 0.73. The stock has experienced a twelve-month range, with a low of $28.45 and a high of $45.44.
Recently, Tenable reported its quarterly earnings on October 29, 2023, revealing earnings per share (EPS) of $0.42, surpassing the consensus estimate of $0.37 by $0.05. The company recorded revenues of $252.44 million, exceeding the projected $247.43 million, which represents an increase of 11.2% compared to the same quarter last year. For fiscal year 2025, Tenable has set its EPS guidance between $1.510 and $1.540, with fourth-quarter guidance of $0.390 to $0.430.
Overall, Tenable continues to strengthen its market position, bolstered by significant institutional investment and positive earnings growth, despite fluctuations in share prices and insider trading activities.
