Priya PatelInn an impressive fourth-quarter report, Tenable, a cybersecurity company, exceeded analysts’ expectations with earnings per share that more than doubled from the previous year. The company also experienced an increase in revenue by 16%, totaling $213.3 million. This caught the attention of Wall Street, resulting in several firms raising their price targets on the cybersecurity stock. Traders have also taken notice of Tenable’s breakout past a buy point and its surge to the highest level since June 2022. Despite this success, the relative strength line for Tenable is in a long-term downtrend, but if it can surpass its October 2023 peak, it would be a positive indicator for the stock. The cybersecurity industry group, in which Tenable is part of, is ranked third out of 197 groups. Other key points include:
- Tenable added 597 enterprise platform customers and 156 net additions of six-figure contracts in the fourth quarter.
- The company forecasts an increase of 12% to 13% in revenue for the current quarter.
- Analysts at several firms raised their price targets on Tenable after the quarterly report.
- Tenable provides ways to manage, measure, and compare cybersecurity risks, offering products that highlight security issues such as vulnerabilities and regulatory compliance violations.
