Mark C. Thurmond, the Chief Operating Officer of Tenable Holdings, Inc. (NASDAQ:TENB), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Thurmond sold 823 shares of Tenable's common stock on November 20 at an average price of $40.71 per share, totaling approximately $33,504. Following this transaction, Thurmond's direct ownership stands at 34,657 shares. The sale was conducted under a pre-established Rule 10b5-1 trading plan.
In other recent news, cybersecurity company Tenable Holdings, Inc. reported a robust financial performance for its third quarter of 2024. The company's revenue reached $227.1 million, marking a 13% increase from the previous year, and earnings per share (EPS) stood at $0.32. In a notable move, Tenable announced a $200 million increase to their share repurchase program.
These developments come on the back of strong demand for Tenable's One and Cloud Security products, and successful engagement in the public sector and mid-market. The company also added 386 new enterprise customers and reported a 100% year-over-year growth in Tenable Cloud Security.
Looking forward, Tenable provided an outlook for the fourth quarter, expecting revenues to be between $229 million and $233 million. The full-year revenue for 2024 is projected to be between $893.3 million and $897.3 million. Furthermore, the company is targeting an unlevered free cash flow of $280 million to $290 million for 2025. These are indeed significant recent developments for Tenable.
InvestingPro Insights
While Mark C. Thurmond's recent sale of Tenable Holdings, Inc. (NASDAQ:TENB) shares may raise questions, it's important to consider the broader financial picture of the company. According to InvestingPro data, Tenable boasts a market capitalization of $5.1 billion and has demonstrated strong revenue growth, with a 13.97% increase over the last twelve months as of Q3 2024, reaching $877.6 million.
One of the standout metrics for Tenable is its impressive gross profit margin of 77.55%, which aligns with an InvestingPro Tip highlighting the company's "impressive gross profit margins." This strong profitability at the gross level suggests that Tenable has a solid foundation for potential future earnings growth.
Another relevant InvestingPro Tip indicates that "17 analysts have revised their earnings upwards for the upcoming period." This positive sentiment from analysts could be seen as a counterbalance to the insider selling activity, potentially signaling confidence in the company's near-term prospects.
It's worth noting that Tenable operates with a moderate level of debt, which may provide financial flexibility as the company continues to grow. However, investors should be aware that the company is currently trading at a high Price / Book multiple of 12.6, suggesting a premium valuation.
For those interested in a more comprehensive analysis, InvestingPro offers additional tips and insights, with 8 more tips available for Tenable Holdings. These additional insights could provide valuable context for understanding the company's financial health and market position beyond the recent insider transaction.
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