SecureWorks (NASDAQ:SCWX) Issues FY 2023 Earnings Guidance

SecureWorks (NASDAQ:SCWX – Get Rating) updated its FY 2023 earnings guidance on Thursday. The company provided EPS guidance of -$0.70–$0.61 for the period, compared to the consensus EPS estimate of -$0.66. The company issued revenue guidance of $475.00 million-$490.00 million, compared to the consensus revenue estimate of $482.08 million. SecureWorks also updated its Q2 2023 guidance to -$0.17–$0.15 EPS.

A number of research firms recently issued reports on SCWX. JPMorgan Chase & Co. decreased their price objective on SecureWorks from $19.50 to $16.00 and set an underweight rating for the company in a report on Friday, March 18th. Morgan Stanley decreased their price objective on SecureWorks from $14.00 to $13.00 and set an equal weight rating for the company in a report on Friday, June 3rd. StockNews.com initiated coverage on SecureWorks in a report on Thursday, March 31st. They set a hold rating for the company. Finally, The Goldman Sachs Group decreased their price target on SecureWorks from $14.00 to $12.00 and set a sell rating for the company in a research note on Monday, March 21st. Three research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $15.80.

SCWX stock opened at $11.31 on Thursday. SecureWorks has a twelve month low of $9.26 and a twelve month high of $26.89. The company has a market cap of $959.77 million, a price-to-earnings ratio of -17.14 and a beta of 1.00. The business has a 50 day moving average price of $11.07 and a two-hundred day moving average price of $13.33.

SecureWorks (NASDAQ:SCWX – Get Rating) last released its quarterly earnings data on Thursday, June 2nd. The technology company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $121.00 million during the quarter, compared to analysts’ expectations of $120.90 million. During the same period last year, the firm posted ($0.01) earnings per share. The business’s revenue was down 13.3% on a year-over-year basis. On average, equities analysts forecast that SecureWorks will post -1.02 EPS for the current fiscal year.

In other news, major shareholder Neil Gagnon purchased 33,080 shares of the company’s stock in a transaction that occurred on Thursday, June 16th. The stock was acquired at an average cost of $9.43 per share, with a total value of $311,944.40. Following the acquisition, the insider now owns 500,226 shares in the company, valued at approximately $4,717,131.18. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 85.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in SCWX. JPMorgan Chase & Co. grew its position in SecureWorks by 22.9% during the 1st quarter. JPMorgan Chase & Co. now owns 154,422 shares of the technology company’s stock worth $2,045,000 after acquiring an additional 28,737 shares during the last quarter. Dimensional Fund Advisors LP grew its position in SecureWorks by 44.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 113,319 shares of the technology company’s stock worth $1,501,000 after acquiring an additional 35,048 shares during the last quarter. Gamco Investors INC. ET AL grew its position in SecureWorks by 30.0% during the 1st quarter. Gamco Investors INC. ET AL now owns 21,650 shares of the technology company’s stock worth $287,000 after acquiring an additional 5,000 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in shares of SecureWorks in the 1st quarter valued at about $265,000. Finally, Renaissance Technologies LLC grew its position in shares of SecureWorks by 282.8% in the 1st quarter. Renaissance Technologies LLC now owns 122,640 shares of the technology company’s stock valued at $1,625,000 after buying an additional 90,600 shares during the last quarter. 11.87% of the stock is owned by hedge funds and other institutional investors.

About SecureWorks (Get Rating)

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.

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