Now Is A Suitable Moment For A Long-Term Purchase Of Tenable Holdings Inc. (NASDAQ: TENB)


    Mackenzie Financial Corp. recently announced the acquisition of new stake in Tenable Holdings Inc. (NASDAQ:TENB). The institutional investor has increased its shareholding in the Technology company by 28.82% to 4.29 million shares with purchase of 0.96 million shares. This fresh investment now brings its stake to 4.29% valued currently at $134.26 million. In addition, Champlain Investment Partners LLC raised its holdings by 0.26 million to 4.15 million shares. And The Vanguard Group, Inc. has lifted its position by 3.10% or 0.11 million shares – to 3.67 million shares.

    With over 0.54 million Tenable Holdings Inc. (TENB) shares trading Wednesday and a closing price of $30.88 on the day, the dollar volume was approximately $16.56 million. The shares have shown a positive weekly performance of 3.59% and its price on 07/08/20 gained nearly 2.29%. Currently, there are 98.86M common shares owned by the public and among those 85.06M shares have been available to trade.

    Insiders at the company have transacted a total of 204 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 41 of these insider trades were purchases, accounting for 456,712 shares. Insider sales of the common stock occurred on 163 occasions, with total insider shares sold totaling 18,188,892 shares.

    The top 3 mutual fund holders in Tenable Holdings Inc. are Mackenzie US Mid Cap Growth Class, Fidelity Select Software & Comput, and Advisors Inner Circle II – Champl. Mackenzie US Mid Cap Growth Class owns 3.23 million shares of the company’s stock, all valued at over $101.12 million. The company bought an additional 0.25 million shares recently to bring their total holdings to about 3.23% of the shares outstanding. Fidelity Select Software & Comput has total holdings of 1.62 million shares valued at over $50.58 million and representing 1.62% of the shares outstanding. Advisors Inner Circle II – Champl bought 0.11 million shares to bring its total holdings to over 1.58 million shares at a value of $49.56 million. Advisors Inner Circle II – Champl now owns shares totaling to 1.59% of the shares outstanding.

    Shares of Tenable Holdings Inc. (NASDAQ: TENB) opened at $30.28, up $0.09 from a prior closing price of $30.19. However, the script later closed the day at $30.88, up 2.29%. The company’s stock has a 5-day price change of 3.59% and 50.19% over the past three months. TENB shares are trading 28.88% year to date (YTD), with the 12-month market performance up to 3.52% higher. It has a 12-month low price of $16.28 and touched a high of $32.10 over the same period. Currently, 0.54 million shares have been traded, compared to an average intraday trading volume of 878.32K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.67%, 6.28%, and 21.38% respectively.

    Institutional ownership of Tenable Holdings Inc. (NASDAQ: TENB) shares accounts for 79.70% of the company’s 98.86M shares outstanding. Mutual fund holders own 24.61%, while other institutional holders and individual stakeholders account for 38.54% and 19.24% respectively.

    It has a market capitalization of $3.15B. The stock’s earnings-per-share (ttm) stands at -$1.03. The company has a Quick Ratio of 1.10 with the debt-to-equity ratio at 0.01. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.49% over the week and 4.32% over the month.

    Analysts forecast that Tenable Holdings Inc. (TENB) will achieve an EPS of -$0.05 for the current quarter, -$0.05 for the next quarter and -$0.14 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.06 while analysts give the company a high EPS estimate of -$0.05. Comparatively, EPS for the current quarter was -$0.1 a year ago. Earnings per share for the fiscal year are expected to decrease by -32.40%, and 44.00% over the next financial year. EPS should be at an annualized rate of 9.80% over the next five years.

    If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Tenable Holdings Inc. (TENB) as a “Strong Buy” at a consensus score of 1.90. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 2 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”

    Looking at the support for the TENB, a number of firms have released research notes about the stock. Monness Crespi & Hardt stated their Buy rating for the stock in a research note on April 15, 2020, with the firm’s price target at $30. Goldman coverage for the Tenable Holdings Inc. (TENB) stock in a research note released on March 25, 2020 offered a Buy rating with a price target of $29. JP Morgan was of a view on October 30, 2019 that the stock is Overweight, while SunTrust gave the stock Hold rating on October 03, 2019. Macquarie on their part issued Neutral rating on July 16, 2019.


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