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Tenable Holdings, Inc. (TENB) stock rallied in the premarket: Here’s Why

Shares of the Tenable Holdings, Inc (TENB) stock were rallied in the premarket following the release of third-quarter 2021 financial results. TENB stock price saw a push of 6.28% to reach $55.0 a share at the time of this writing. The stock was gloomy in the previous trade and went down by 2.32% at closing. Let’s deep dive to explore more of it.

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Third Quarter Financial Results:

  • Tenable stock reported $138.7 million in revenue in the third quarter of 2021 representing a 23% increase over the year.
  • Calculated current billings increased by 25% YoY to reach $166.9 million in the reported quarter.
  • Non-GAAP net income jumped from $12.4 million in Q3,2020 to $13.7 million in Q3,2021.
  • GAAP net loss surged from $5.9 million in Q3,2020 to $16.2 million in Q3,2021.
  • Non-GAAP net income declined from $10.5 million in Q3,2020 to $8.1 million in Q3,2020.
  • Non-GAAP diluted earnings per share for the TENB stock was $0.07 as compared to  $0.09 in the same tenure of the previous year.
  • TENB stock reported net cash of $19.6 million from operating activities in the third quarter of 2021. The previous year’s same quarter net cash from operating activities was $24.8
  • By the end of the third quarter, Tenable stock had $651.9 million in cash and cash equivalents and short-term investments.
  • Free cash flow in the third quarter was $18.5 million as compared to $16.7 million in the same quarter of last year.

Financial Outlook of TENB stock:

  • Tenable stock has projected its revenue for the fourth quarter of 2021 to be between $143.0 million to $145.0 million. For the full year, revenue will be in the range of $535.1 million to $537.1 millio
  • Non-GAAP income from operations is estimated between $7.0 million to $8.0 million for the fourth quarter and $46.1 million to $47.1 million for the full year 2021.
  • Non-GAAP net income is expected between $2.0 million to $3.0 million for the fourth quarter and $35.0 million to $36.0 million for the full year 2021.
  • TENB stock is hoping to report $0.02 to $0.03 diluted earnings per share in the fourth quarter of 2021 and $0.30 to $0.31 for the full year 2021.

Business Developments of TENB stock:

TENB stock reported 499 new enterprise platform customers and 62 net new six-figure customers in the third quarter of 2021. Moreover, TENB stock closed the acquisition of Accurics, Inc in October and gained FedRAMP authorization for Tenable.io® and Tenable.io Web App Scanning. In order to secure active Directory and converged operational technology (OT) environments, Tenable stock expanded its strategic partnership with Splunk Inc.

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