Tenable surges 11% as Wedbush says Q2 results were 'major inflection point'
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Tenable (NASDAQ:TENB) shares rose more than 11% in pre-market trading on Wednesday as the cybersecurity company reported second-quarter results and guidance that easily topped estimates, leaving investment firm Wedbush Securities impressed.
Analyst Dan Ives, who reiterated his outperform rating on Tenable (TENB) shares after the results, said the results were "robust" and helped the company to rebound from the first-quarter.
"Overall, this was a major inflection point quarter for the Tenable story with momentum heading into [the second-half of 2023] and 2024," Ives wrote in an investor note.
Other cybersecurity stocks, like Fortinet (FTNT), Palo Alto Networks (PANW) and CyberArk (CYBR) were little changed in pre-market trading.
Additionally, Ives, who also raised his price target to $55 from $45, praised the company's execution, as the company saw "accelerated momentum across its entire portfolio despite a difficult macro."
Ives also pointed out that Tenable's (TENB) cloud products, including Tenable One, saw more than 20% of new bookings in the quarter as customers consolidate their vendors.
For the second-quarter, Tenable (TENB) earned an adjusted 22 cents per share as revenue rose 18.7% year-over-year to $195M. Analysts were expecting adjusted earnings of 12 cents per share and $189.5M in revenue.
Looking ahead, Tenable (TENB) expects third-quarter sales to be between $197M and $199M, topping the consensus estimate of $194.47M. It also expects adjusted earnings to be between 18 and 19 cents per share, above the 16-cent-per-share estimate.
Columbia, Maryland-based Tenable (TENB) expects full-year current billings to be between $879M and $887M, with revenue between $783M and $791M, above the consensus forecast for $781.1M in revenue. 
Full-year adjusted earnings are forecast to be between 65 and 69 cents per share, while analysts had expected 59 cents per share in adjusted earnings.
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