Tenable Holdings

TENB · NASDAQ

$38.98+$0.05 (+0.13%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $38.93

TENB analyst rating

HoldConsensus of 20 analysts over the last 12 months. 45% rate it a buy.

Strong buy0
Buy9
Hold10
Underperform1
Sell0

12-month price target · 22 analysts

Average $35.83 (−8.1% downside)

Low: $23.69
Now: $38.98
High: $52.50

Upgrades and downgrades

The latest rating actions, newest first

TENB analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Truist Securities	Oct 20, 2026	Maintains	Hold	$30.00 → $35.00	95%
Wells Fargo	Oct 15, 2026	Maintains	Equal-Weight	$35.00 → $38.00	88%
Wedbush	Sep 11, 2026	Initiates	Underperform	$29.00	63%
UBS	Jul 30, 2026	Maintains	Neutral	$37.00 → $34.00	60%
Susquehanna	Jul 30, 2026	Maintains	Positive	$26.00 → $36.00	57%
Stifel	Jul 30, 2026	Maintains	Hold	$26.00 → $31.00	72%
Truist Securities	Jul 30, 2026	Maintains	Hold	$40.00 → $30.00	95%
Canaccord Genuity	Jul 30, 2026	Maintains	Buy	$30.00 → $36.00	60%
Wells Fargo	Jul 30, 2026	Maintains	Equal-Weight	$43.00 → $35.00	88%
Barclays	Jul 30, 2026	Maintains	Equal-Weight	$41.00 → $38.00	66%

The case for and against

Updated Oct 14, 2026

Bull case

Tenable Holdings is benefiting from stronger Tenable One adoption, which reached 50% of new business in 2Q26 and drove larger deal sizes, better renewal execution, and the first sequential DBNR improvement in several years to 106%. Revenue of $268.5M rose 8.6% year over year, while non-GAAP operating income of $66.2M and free cash flow of $45.3M showed improving operating leverage and a profitable platform model as subscription and professional services momentum offset declining perpetual licenses. The company’s positive outlook is further supported by AI-related demand, broader exposure management demand, and the fact that roughly two-thirds of the enterprise base remains unconverted, leaving substantial runway for cross-sell and expansion.

Bear case

Tenable Holdings is pressured by weakening visibility into fundamentals, as management will no longer guide to Current Calculated Billings and key indicators like Calculated Current Billings growth, Dollar-Based Net Expansion, and Enterprise Platform Customer Count could soften, all of which would likely hurt sentiment and the valuation multiple. Its non-GAAP gross margin of 81.4% came in below consensus at 82.1%, while the business also relies heavily on channel partners, which accounted for 94% of CY24 revenue and concentrated 34% with Ingram Micro, adding execution and counterparty risk. Long sales cycles, pricing pressure, third-party infrastructure dependence, and the cost burden of supporting both on-premises and cloud-based architectures leave it vulnerable if economic contraction or AI-native competition erodes demand for its exposure management platform.

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