2023-07-26 07:21:00 ET
Tenable ( NASDAQ: TENB ) shares rose more than 11% in pre-market trading on Wednesday as the cybersecurity company reported second-quarter results and guidance that easily topped estimates, leaving investment firm Wedbush Securities impressed.
Analyst Dan Ives, who reiterated his outperform rating on Tenable ( TENB ) shares after the results, said the results were "robust" and helped the company to rebound from the first-quarter.
"Overall, this was a major inflection point quarter for the Tenable story with momentum heading into [the second-half of 2023] and 2024," Ives wrote in an investor note.
Other cybersecurity stocks, like Fortinet ( FTNT ), Palo Alto Networks ( PANW ) and CyberArk ( CYBR ) were little changed in pre-market trading.
Additionally, Ives, who also raised his price target to $55 from $45, praised the company's execution, as the company saw "accelerated momentum across its entire portfolio despite a difficult macro."
Ives also pointed out that Tenable's ( TENB ) cloud products, including Tenable One, saw more than 20% of new bookings in the quarter as customers consolidate their vendors.
For the second-quarter, Tenable ( TENB ) earned an adjusted 22 cents per share as revenue rose 18.7% year-over-year to $195M. Analysts were expecting adjusted earnings of 12 cents per share and $189.5M in revenue.
Looking ahead, Tenable ( TENB ) expects third-quarter sales to be between $197M and $199M, topping the consensus estimate of $194.47M. It also expects adjusted earnings to be between 18 and 19 cents per share, above the 16-cent-per-share estimate.
Columbia, Maryland-based Tenable ( TENB ) expects full-year current billings to be between $879M and $887M, with revenue between $783M and $791M, above the consensus forecast for $781.1M in revenue.
Full-year adjusted earnings are forecast to be between 65 and 69 cents per share, while analysts had expected 59 cents per share in adjusted earnings.
More on Tenable
- CyberArk, Tenable among top security stocks heading into Q2: Barclays
- Fortinet, Check Point, CrowdStrike have 'favorable setups' going into Q2: MS
- Tenable well positioned in cybersecurity, but Qualys, Rapid7 closing gap: UBS
For further details see:
Tenable surges 11% as Wedbush says Q2 results were 'major inflection point'