- Needham analyst Mike Cikos reiterated a Buy rating on the shares of Tenable Holdings, Inc. (NASDAQ:TENB), lowering the price target to $48 from $51.
- Expectations for longer deal cycles, lower achievement rates, and lower Dollar-Based Net Expansion rates are likely to weigh on the stock going ahead, the analyst notes.
- Tenable Holdings recently lowered its outlook for Calculated Current Billings to $875 million – $885 million from the previously expected $915 million – $925 million. The lower end of the CCB guide is significantly lower than Needham’s $919.5 million, and reflects Y/Y growth of 13% at the midpoint.
- Given extended sales cycles and increased deal scrutiny, the analyst views Tenable’s reduced calculated current billings outlook as appropriate.
- However, the investors will have difficulty in matching management’s latest comments regarding new pipeline generation to the guidance cut, the analyst cautioned.
- Also Read: Tenable Gets Price Target Cuts By Analysts Following Weak Revenue Forecast, Shares Plunge
- Price Action: TENB shares are trading lower by 19.41% at $36.59 on the last check Tuesday.
Cantor Fitzgerald Initiates Coverage On Cleanspark with Overweight Rating, Announces Price Target of $5
Cantor Fitzgerald analyst Josh Siegler initiates coverage on Cleanspark (NASDAQ:CLSK) with a Overweight rating and announces Price Target of $5.
