Mark C. Thurmond, the Chief Operating Officer of Tenable Holdings, Inc. (NASDAQ:TENB), recently sold a portion of his shares in the company, according to a Form 4 filing with the Securities and Exchange Commission. The transaction, which took place on November 27, involved the sale of 939 shares at a price of $42.95 per share, totaling approximately $40,330. The cybersecurity company, currently valued at $5 billion, has shown strong fundamental performance with impressive gross profit margins of 77.55% and revenue growth of nearly 14% over the last twelve months. According to InvestingPro data, 17 analysts have recently revised their earnings estimates upward for the upcoming period.
Following this transaction, Thurmond holds 38,046 shares of Tenable Holdings. The sale was conducted under a Rule 10b5-1 trading plan, a pre-established plan that allows company insiders to sell a predetermined number of shares at a set time to avoid any allegations of insider trading.
Tenable Holdings, based in Columbia, Maryland, is a prominent player in the cybersecurity space, specializing in prepackaged software solutions.
In other recent news, Tenable Holdings, Inc. has reported a 13% year-over-year increase in its Q3 2024 revenue, reaching $227.1 million. The company's earnings per share stood at $0.32 and it also announced a $200 million increase to its share repurchase program. These developments come amidst Morgan Stanley (NYSE:MS)'s decision to downgrade Tenable's stock to Equal-weight from Overweight, citing challenges within the company's core Vulnerability Management market. The financial firm also reduced its price target on Tenable shares from $50.00 to $47.00. Despite these adjustments, Tenable's Q4 revenue is projected to be between $229 million and $233 million, with full-year revenue expected to fall between $893.3 million and $897.3 million. Non-GAAP diluted EPS for Q4 is estimated to range from $0.33 to $0.35. These recent developments highlight the company's resilience and growth, even as it navigates the challenges presented by the current market conditions.
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