Analyst Shrenik Kothari from Robert W. Baird maintained a Buy rating on Tenable Holdings and keeping the price target at $42.00.
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Shrenik Kothari’s rating is based on several positive financial indicators for Tenable Holdings. The company has shown a significant year-over-year revenue increase, primarily driven by existing customers, with a notable rise in new customer revenue as well. This growth is complemented by an increase in contract duration for platform offerings, indicating a strong customer commitment and future revenue stability.
Additionally, Tenable Holdings has demonstrated effective management of its partnerships and commitments. The company has successfully maintained a substantial portion of its revenue through its channel network and has met its commitments with major cloud service providers like AWS and MSFT. These strategic moves, along with a disciplined approach to capitalized contract acquisition costs and research and development expenses, contribute to the positive outlook and justify the Buy rating.
Kothari covers the Technology sector, focusing on stocks such as Elastic, Tenable Holdings, and Okta. According to TipRanks, Kothari has an average return of 23.5% and a 68.34% success rate on recommended stocks.
In another report released on October 30, Needham also maintained a Buy rating on the stock with a $38.00 price target.