SecureWorks Corp. (NASDAQ:SCWX – Get Rating) shares traded up 7.9% during trading on Tuesday after an insider bought additional shares in the company. The company traded as high as $7.11 and last traded at $7.11. 22,664 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 54,542 shares. The stock had previously closed at $6.59.
Specifically, major shareholder Neil Gagnon purchased 10,572 shares of the business’s stock in a transaction dated Friday, June 9th. The stock was bought at an average cost of $6.87 per share, for a total transaction of $72,629.64. Following the completion of the acquisition, the insider now directly owns 718,915 shares in the company, valued at $4,938,946.05. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders purchased 114,489 shares of company stock worth $955,598. 83.10% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the company. Bank of America lowered their price target on SecureWorks from $8.00 to $6.50 in a research report on Friday, June 9th. Barclays lowered their price target on SecureWorks from $9.00 to $8.00 and set an “underweight” rating on the stock in a research report on Friday, March 24th. Finally, StockNews.com cut SecureWorks from a “hold” rating to a “sell” rating in a report on Friday, June 9th.
SecureWorks Stock Up 7.1 %
SecureWorks (NASDAQ:SCWX – Get Rating) last released its earnings results on Thursday, March 23rd. The technology company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.10. SecureWorks had a negative return on equity of 14.99% and a negative net margin of 28.35%. The firm had revenue of $115.34 million for the quarter, compared to analyst estimates of $108.03 million. Sell-side analysts anticipate that SecureWorks Corp. will post -0.69 EPS for the current year.
Hedge Funds Weigh In On SecureWorks
Several hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP grew its holdings in shares of SecureWorks by 56.2% during the fourth quarter. GSA Capital Partners LLP now owns 96,081 shares of the technology company’s stock worth $614,000 after buying an additional 34,550 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of SecureWorks by 48.3% during the fourth quarter. Russell Investments Group Ltd. now owns 8,390 shares of the technology company’s stock worth $54,000 after buying an additional 2,731 shares in the last quarter. Citigroup Inc. grew its holdings in shares of SecureWorks by 13.0% during the fourth quarter. Citigroup Inc. now owns 57,224 shares of the technology company’s stock worth $366,000 after buying an additional 6,585 shares in the last quarter. Gagnon Advisors LLC grew its holdings in shares of SecureWorks by 20.0% during the first quarter. Gagnon Advisors LLC now owns 708,994 shares of the technology company’s stock worth $6,076,000 after buying an additional 118,264 shares in the last quarter. Finally, ETF Managers Group LLC grew its holdings in shares of SecureWorks by 3.1% during the fourth quarter. ETF Managers Group LLC now owns 51,700 shares of the technology company’s stock worth $330,000 after buying an additional 1,578 shares in the last quarter. Institutional investors and hedge funds own 10.41% of the company’s stock.
SecureWorks Company Profile
SecureWorks Corp. is a cyber security company engaged in the provision of information security solutions. The firm’s products include extended detection and response, managed detection and response, and vulnerability management. Its services include managed security, incident response, threat intelligence, security consulting, and adversarial security testing.
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