Analyst Shrenik Kothari from Robert W. Baird maintained a Buy rating on Tenable Holdings (TENB – Research Report) and keeping the price target at $50.00.
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Shrenik Kothari has given his Buy rating due to a combination of factors influencing Tenable Holdings’ performance. The company reported strong results with its calculated current billings rising by approximately 11% year-over-year, surpassing consensus forecasts. Additionally, total revenue exceeded expectations, largely driven by a robust demand for Tenable One and Cloud Security services, showcasing the company’s growth potential.
Despite slightly lower-than-expected full-year guidance for calculated current billings and free cash flow, the company’s profitability and free cash flow guidance were slightly better than anticipated. Tenable Holdings also demonstrated growth in its customer base, notably increasing the number of enterprise platform customers and high-value customers. Moreover, the company executed a share repurchase program, buying back 1.2 million shares for $50 million, which can be seen as a strategic move to enhance shareholder value.
Kothari covers the Technology sector, focusing on stocks such as Fortinet, Okta, and CrowdStrike Holdings. According to TipRanks, Kothari has an average return of 29.9% and a 79.38% success rate on recommended stocks.
In another report released yesterday, Canaccord Genuity also maintained a Buy rating on the stock with a $53.00 price target.