Tenable price target lowered to $28 from $38 at Needham

Needham lowered the firm’s price target on Tenable (TENB) to $28 from $38 and keeps a Buy rating on the shares. Tenable’s shift from multi-year to annual upfront billings, which began in 1Q25, is creating a larger gap between cRPO and CCB growth, the analyst tells investors in a research note. Near-term volatility is expected during this billing transition unless management provides clearer medium-term targets or additional Tenable One disclosures, Needham adds.