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Shares of Tenable Holdings Inc reversed course Thursday after opening lower following third-quarter financial results released Wednesday after the market close. Tech analyst Dan Ives could be one of the reasons for the reversal.
Dan Ives on Tenable Stock
Yorkville Ives analyst Dan Ives was among the analysts who raised their price targets on Tenable stock after third-quarter financial results.
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Ives maintained an Outperform rating on the stock and raised the price target from $45 to $52.
“Tenable’s third quarter delivered the acceleration that billings, expansion, and platform mix had been building toward,” Ives said in a new investor note.
Ives highlighted the company’s net dollar expansion rate rising to 107% from 106%. It marked a second straight quarter of improvement for the metric, the first such streak in more than four years.
“The exposure management thesis moved from pipeline to proof this quarter,” Ives said.
Ives highlighted the company’s Tenable One platform, which accounted for 59% of new business and grew 39% year over year.
“The AI argument behind our thesis is now visible in how customers buy,” the analyst said.
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The analyst said Hexa AI prompt volumes rose as customers used the platform more.
One minor concern was guidance that may have been below what investors were expecting.
“For a 25% margin business that converts to cash, that is the setup for re-acceleration into 2027,” Ives said.
Tenable Stock Reverses Course
Tenable stock initially traded lower after its third-quarter results, possibly because of guidance or a selloff in other cybersecurity stocks on Wednesday.
Shares opened down 6.6% on Thursday, then climbed 6.8% to $52.07 in afternoon trading, near a new 52-week high.
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