SecureWorks Corp. (NASDAQ:SCWX – Get Rating)’s share price fell 4.6% during trading on Wednesday after Morgan Stanley lowered their price target on the stock from $13.00 to $12.00. Morgan Stanley currently has an equal weight rating on the stock. SecureWorks traded as low as $9.40 and last traded at $9.40. 736 shares changed hands during trading, a decline of 99% from the average session volume of 75,793 shares. The stock had previously closed at $9.85.
Separately, Barclays dropped their price objective on shares of SecureWorks from $13.00 to $11.00 in a report on Friday, September 2nd. Two analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.00.
Insider Activity at SecureWorks
In related news, major shareholder Neil Gagnon acquired 33,080 shares of the stock in a transaction on Thursday, June 16th. The shares were acquired at an average price of $9.43 per share, for a total transaction of $311,944.40. Following the transaction, the insider now owns 500,226 shares in the company, valued at approximately $4,717,131.18. The purchase was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders purchased 105,788 shares of company stock worth $1,108,865. 85.30% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. purchased a new stake in shares of SecureWorks during the 2nd quarter worth about $348,000. Corton Capital Inc. boosted its position in SecureWorks by 35.2% during the second quarter. Corton Capital Inc. now owns 21,790 shares of the technology company’s stock worth $237,000 after purchasing an additional 5,677 shares in the last quarter. Delphia USA Inc. boosted its position in SecureWorks by 113.7% during the second quarter. Delphia USA Inc. now owns 23,809 shares of the technology company’s stock worth $259,000 after purchasing an additional 12,670 shares in the last quarter. State Street Corp grew its holdings in SecureWorks by 1.5% in the second quarter. State Street Corp now owns 186,973 shares of the technology company’s stock valued at $2,031,000 after purchasing an additional 2,805 shares during the period. Finally, Millennium Management LLC increased its position in shares of SecureWorks by 31.3% in the second quarter. Millennium Management LLC now owns 172,148 shares of the technology company’s stock valued at $1,870,000 after buying an additional 41,035 shares in the last quarter. Hedge funds and other institutional investors own 10.73% of the company’s stock.
SecureWorks Stock Performance
The firm has a market capitalization of $800.23 million, a price-to-earnings ratio of -12.16 and a beta of 0.86. The company has a 50 day moving average price of $10.46 and a two-hundred day moving average price of $11.65.
SecureWorks (NASDAQ:SCWX – Get Rating) last issued its quarterly earnings results on Thursday, September 1st. The technology company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.03. The company had revenue of $116.20 million during the quarter, compared to analyst estimates of $116.10 million. SecureWorks had a negative net margin of 13.62% and a negative return on equity of 6.81%. The firm’s revenue was down 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.06) EPS. On average, equities analysts expect that SecureWorks Corp. will post -1.02 earnings per share for the current fiscal year.
SecureWorks Company Profile
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.