William Blair analyst Jonathan Ho has maintained their bullish stance on TENB stock, giving a Buy rating yesterday.
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Jonathan Ho’s rating is based on Tenable Holdings’ strong performance in the recent quarter, where the company exceeded expectations across various metrics. This success is largely attributed to the increasing demand for its exposure management solutions, particularly through its Tenable One platform, which accounted for a significant portion of new deals. Additionally, Tenable’s minimal exposure to the U.S. federal government sector and its optimistic outlook on future growth opportunities in areas like exposure management, operational technology (OT), and cloud solutions contributed to a positive guidance revision.
Furthermore, Jonathan Ho notes that while traditional vulnerability management (VM) is experiencing slower growth, Tenable is effectively capturing market share. The company’s strategic focus on newer growth areas such as exposure/risk management, OT, cloud, and artificial intelligence (AI) security is expected to drive future growth. This strategic shift, coupled with the company’s ability to balance profitability with top-line growth, supports the Buy rating as Tenable continues to execute well on its business strategies.
In another report released yesterday, Canaccord Genuity also maintained a Buy rating on the stock with a $45.00 price target.
Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TENB in relation to earlier this year.