Tenable Holdings price target lowered to $50 from $55 at Piper Sandler

Piper Sandler analyst Rob Owens lowered the firm’s price target on Tenable Holdings to $50 from $55 and keeps an Overweight rating on the shares. The analyst says the company’s results were mixed in the quarter with revenue and profitability exceeding expectations, while a 10 point deceleration in billings lent to lower guidance for the year. While pipeline generation and competitive dynamics remain robust, weakness across specific verticals like financial services, tech and telecom weighed on both new deals and expansion in the quarter, the analyst tells investors in a research note. However, the firm remains constructive on Tenable’s longer-term, strategic platform proposition.