SecureWorks (NASDAQ:SCWX) Releases FY 2023 Earnings Guidance

SecureWorks (NASDAQ:SCWXGet Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided earnings per share guidance of -$0.70–$0.64 for the period, compared to the consensus earnings per share estimate of -$0.67. The company issued revenue guidance of $458.00 million-$465.00 million, compared to the consensus revenue estimate of $480.32 million. SecureWorks also updated its Q3 2023 guidance to -$0.22–$0.20 EPS.

SecureWorks Price Performance

Shares of NASDAQ SCWX opened at $8.33 on Friday. SecureWorks has a twelve month low of $8.20 and a twelve month high of $26.89. The business’s 50 day moving average price is $10.02 and its two-hundred day moving average price is $11.06.

SecureWorks (NASDAQ:SCWXGet Rating) last posted its quarterly earnings results on Thursday, September 1st. The technology company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.03. SecureWorks had a negative return on equity of 6.81% and a negative net margin of 13.62%. The business had revenue of $116.20 million for the quarter, compared to analysts’ expectations of $116.10 million. During the same quarter in the prior year, the business earned ($0.06) EPS. The firm’s revenue for the quarter was down 13.4% on a year-over-year basis. As a group, equities research analysts expect that SecureWorks will post -1.05 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on SCWX shares. Barclays decreased their price target on shares of SecureWorks from $13.00 to $11.00 in a research note on Friday, September 2nd. Morgan Stanley lowered their target price on SecureWorks from $13.00 to $12.00 and set an equal weight rating on the stock in a research note on Tuesday, September 6th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat.com, SecureWorks currently has an average rating of Hold and a consensus price target of $14.00.

Insider Activity

In related news, major shareholder Neil Gagnon acquired 6,185 shares of the stock in a transaction on Wednesday, June 29th. The shares were purchased at an average price of $10.87 per share, for a total transaction of $67,230.95. Following the purchase, the insider now directly owns 365,379 shares in the company, valued at $3,971,669.73. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders acquired 50,170 shares of company stock worth $557,342. Corporate insiders own 85.30% of the company’s stock.

Hedge Funds Weigh In On SecureWorks

Hedge funds and other institutional investors have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd bought a new position in SecureWorks in the first quarter valued at approximately $145,000. Delphia USA Inc. bought a new position in shares of SecureWorks in the 1st quarter valued at $148,000. Jane Street Group LLC acquired a new position in shares of SecureWorks during the 1st quarter worth $221,000. Rhumbline Advisers lifted its position in shares of SecureWorks by 11.8% during the 2nd quarter. Rhumbline Advisers now owns 16,869 shares of the technology company’s stock worth $183,000 after buying an additional 1,780 shares during the last quarter. Finally, GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in SecureWorks in the first quarter valued at about $265,000. 10.73% of the stock is currently owned by institutional investors and hedge funds.

SecureWorks Company Profile

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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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