SecureWorks (SCWX) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of SecureWorks (NASDAQ:SCWX) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. Zacks Investment Research currently has $9.50 target price on the technology company’s stock.
According to Zacks, “SecureWorks Corp. offers intelligence-driven information security solutions focused on protecting from cyber-attacks. The Company’s solutions enable organizations to fortify their cyber defenses to prevent security breaches; detect malicious activity in real time; prioritize and respond rapidly to security breaches and predict emerging threats. Its integrated suite of solutions include managed security, threat intelligence, security and risk consulting as well as incident response. SecureWorks Corp. is based in Atlanta, Georgia. “
SCWX has been the topic of a number of other research reports. Barclays lowered shares of SecureWorks from an equal weight rating to an underweight rating and set a $11.00 price target on the stock. in a report on Friday, October 13th. Royal Bank of Canada reiterated a buy rating on shares of SecureWorks in a report on Friday, December 8th. Citigroup reiterated a neutral rating and set a $11.00 price target (up previously from $10.00) on shares of SecureWorks in a report on Thursday, September 7th. J P Morgan Chase & Co lowered shares of SecureWorks from an overweight rating to a neutral rating and set a $12.00 price target on the stock. in a report on Wednesday, December 6th. Finally, KeyCorp reiterated a buy rating and set a $15.00 price target on shares of SecureWorks in a report on Friday, October 6th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. SecureWorks currently has a consensus rating of Hold and a consensus price target of $12.95.
SecureWorks (NASDAQ:SCWX) last issued its earnings results on Wednesday, December 6th. The technology company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.03. SecureWorks had a negative net margin of 9.60% and a negative return on equity of 3.95%. The firm had revenue of $117.53 million for the quarter, compared to analyst estimates of $115.67 million. During the same quarter last year, the business posted ($0.02) earnings per share. The company’s quarterly revenue was up 9.7% on a year-over-year basis. equities analysts expect that SecureWorks will post -0.43 earnings per share for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in SCWX. FMR LLC acquired a new position in SecureWorks in the second quarter valued at $6,863,000. Gagnon Securities LLC acquired a new position in SecureWorks in the third quarter valued at $5,109,000. Vanguard Group Inc. lifted its holdings in SecureWorks by 10.9% in the second quarter. Vanguard Group Inc. now owns 869,475 shares of the technology company’s stock valued at $8,078,000 after buying an additional 85,627 shares during the period. King Luther Capital Management Corp lifted its holdings in SecureWorks by 354.3% in the third quarter. King Luther Capital Management Corp now owns 99,940 shares of the technology company’s stock valued at $1,234,000 after buying an additional 77,940 shares during the period. Finally, Bank of America Corp DE lifted its holdings in SecureWorks by 128.7% in the first quarter. Bank of America Corp DE now owns 103,914 shares of the technology company’s stock valued at $987,000 after buying an additional 58,478 shares during the period. Institutional investors and hedge funds own 7.96% of the company’s stock.
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SecureWorks Company Profile
Secureworks Corp. is a holding company. The Company provides intelligence-driven information security solutions. The Company is focused on protecting the Company’s clients from cyber-attacks. The Company’s solutions enable companies to fortify their cyber defenses to prevent security breaches, detect malicious activity in real time, prioritize and respond to security incidents, and predict emerging threats.
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