Tenable Gets Price Target Cuts By Analysts Following Weak Revenue Forecast, Shares Plunge

Tenable Holdings Inc TENB reported better-than-expected first-quarter results but issued revenue guidance below analyst estimates.

Tenable posted adjusted earnings of 11 cents per share, beating market estimates of 3 cents per share. The company’s quarterly sales came in at $188.84 million, versus expectations of $187.09 million.

Tenable said it sees full-year revenue of $775 million to $785 million versus estimates of $805.35 million. The company sees full-year earnings in a range of 57 cents to 61 cents per share versus estimates of 53 cents per share.

Tenable shares fell 17.4% to $37.50 in pre-market trading.

These analysts made changes to their price targets on Tenable following earnings announcement.

• Barclays cut the price target on Tenable from $50 to $44. Barclays analyst Saket Kalia maintained an Overweight rating.
• Wells Fargo slashed the price target on Tenable from $58 to $52. Wells Fargo analyst Andrew Nowinski maintained an Overweight rating
• Canaccord Genuity cut the price target on Tenable from $56 to $53. Canaccord Genuity analyst Michael Walkley maintained a Buy rating on the stock.
• Needham lowered the Tenable price target from $51 to $48. Needham analyst Mike Cikos maintained a Buy rating on the stock.
• Wedbush slashed Tenable price target from $51 to $45. Wedbush analyst Daniel Ives maintained the stock with an Outperform rating.
• Morgan Stanley lowered the price target from $48 to $44. Morgan Stanley analyst Hamza Fodderwala maintained Tenable with an Equal-Weight.

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