Robert W. Baird analyst Shrenik Kothari maintained a Buy rating on Tenable Holdings today and set a price target of $42.00.
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Shrenik Kothari has given his Buy rating due to a combination of factors including Tenable Holdings’ strategic leadership appointments and strong financial performance. The recent appointment of Matthew Brown as CFO, alongside the elevation of Steve Vintz and Mark Thurmond to co-CEOs, completes a significant leadership transition. This new executive team is expected to enhance the company’s focus on execution and operating discipline, which is crucial for its evolving platform strategy.
Furthermore, Tenable’s recent financial results have been promising, with a notable increase in revenue and customer contract bookings. The company has also raised its full-year guidance, reflecting strong demand for its unified exposure visibility solutions. The stock is currently trading at attractive valuation multiples, suggesting potential for upward movement. However, Kothari acknowledges risks such as competition and integration challenges, but remains optimistic about Tenable’s market position and growth prospects.
In another report released on August 15, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $42.00 price target.