SecureWorks (NASDAQ:SCWX) Stock Price Down 6% After Analyst Downgrade - MarketBeat - Financial Daily News Site

SecureWorks (NASDAQ:SCWX) Stock Price Down 6% After Analyst Downgrade – MarketBeat

Shares of SecureWorks Corp. (NASDAQ:SCWX – Get Rating) dropped 6% on Monday after Morgan Stanley lowered their price target on the stock from $14.00 to $13.00. Morgan Stanley currently has an equal weight rating on the stock. SecureWorks traded as low as $10.78 and last traded at $11.02. Approximately 1,374 shares traded hands during trading, a decline of 99% from the average daily volume of 140,184 shares. The stock had previously closed at $11.72.

Other equities analysts have also issued research reports about the stock. The Goldman Sachs Group lowered their price target on shares of SecureWorks from $14.00 to $12.00 and set a “sell” rating for the company in a research report on Monday, March 21st. JPMorgan Chase & Co. cut their price target on SecureWorks from $19.50 to $16.00 and set an “underweight” rating on the stock in a report on Friday, March 18th. Zacks Investment Research downgraded SecureWorks from a “hold” rating to a “sell” rating in a research report on Thursday, February 3rd. Finally, StockNews.com initiated coverage on SecureWorks in a report on Thursday, March 31st. They set a “hold” rating on the stock. Four analysts have rated the stock with a sell rating and four have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $17.00.

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In related news, insider George B. Hanna acquired 4,000 shares of the business’s stock in a transaction dated Friday, March 18th. The stock was bought at an average price of $11.27 per share, for a total transaction of $45,080.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Paul Parrish bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, March 18th. The stock was bought at an average price of $11.19 per share, for a total transaction of $55,950.00. The disclosure for this purchase can be found here. Insiders acquired a total of 14,000 shares of company stock valued at $158,100 over the last three months. 85.30% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC acquired a new stake in SecureWorks during the 4th quarter valued at $28,000. Barclays PLC increased its stake in shares of SecureWorks by 223.0% in the third quarter. Barclays PLC now owns 4,079 shares of the technology company’s stock worth $81,000 after acquiring an additional 2,816 shares during the last quarter. FNY Investment Advisers LLC acquired a new stake in shares of SecureWorks during the 1st quarter valued at about $127,000. Dynamic Technology Lab Private Ltd acquired a new stake in SecureWorks in the first quarter valued at approximately $145,000. Finally, Delphia USA Inc. bought a new position in shares of SecureWorks during the 1st quarter valued at $148,000. Institutional investors and hedge funds own 11.87% of the company’s stock.

The company has a market cap of $924.15 million, a P/E ratio of -17.76 and a beta of 1.00. The firm has a 50 day moving average price of $11.75 and a 200-day moving average price of $13.93.

SecureWorks (NASDAQ:SCWX – Get Rating) last posted its earnings results on Thursday, June 2nd. The technology company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.06. SecureWorks had a negative return on equity of 4.66% and a negative net margin of 10.64%. The firm had revenue of $121.00 million during the quarter, compared to analyst estimates of $120.90 million. During the same period in the previous year, the company earned ($0.01) EPS. The company’s revenue for the quarter was down 13.3% on a year-over-year basis. Equities analysts forecast that SecureWorks Corp. will post -0.98 earnings per share for the current fiscal year.

About SecureWorks (NASDAQ:SCWX)

SecureWorks Corp., through its subsidiaries, provides technology-driven information security solutions for protecting its customers in the United States and internationally. The company’s solutions include software-as-a-service solutions, managed security services, and professional services, including incident response and security risk consulting services.

Further Reading

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