Tenable Holdings tumbles after report, Wall Street PT cuts

Tenable Holdings

27/07/2022 18:10

** Shares of Tenable Holdings Inc  TENB.O  tumble 15.8% to
over 1-yr low $37.76 after cybersecurity firm's qtrly report
fails to impress
    ** TENB on track for biggest one-day pct loss in 3 years if
decline exceeds Mar 16, 2020 drop of 15.5%
    ** Co posts Q2 rev of $164 mln, up 26% yr/yr, and adj EPS of
5 cents, above Refinitiv estimates of $163 mln and 1 cent,
respectively  urn:newsml:reuters.com:*:nGNXcgRzkS
    ** For FY22, co reiterated rev guidance of $673-$679 mln,
revised adj EPS to 17-20 cents vs 16-20 cents prior
    ** On earnings call, Tenable pointed to weakness in its EMEA
business, along with higher scrutiny of larger deals
    ** Co said stronger U.S. dollar relative to European
currencies made its products more expensive, which resulted in
"a couple points" of additional rev growth in Q2
    ** At least 7 analysts cut PTs in reaction to report
    ** Stifel reduces PT to $55 from $66, saying results
essentially inline, but appear to have fallen short of buy-side
expectations
    ** Wells Fargo trims PT to $50 from $57, saying it is
concerned growth could continue to slow due to macro environment
    ** Still, all 16 analysts remain bullish, including 6
"strong buy" ratings, per Refinitiv; median PT of $56 down from
$70 a month ago
    ** With moves on Weds, TENB down ~31% YTD vs Nasdaq's
 .IXIC  24% decline

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))