SecureWorks (NASDAQ:SCWX) Shares Up 6.3%

SecureWorks Corp. (NASDAQ:SCWX)’s stock price shot up 6.3% on Friday . The stock traded as high as $6.88 and last traded at $6.88. 21,978 shares were traded during mid-day trading, a decline of 41% from the average session volume of 37,354 shares. The stock had previously closed at $6.47.

Analysts Set New Price Targets

Separately, Needham & Company LLC reissued a “hold” rating on shares of SecureWorks in a research note on Thursday, June 6th.

SecureWorks Stock Performance

The stock has a 50 day moving average price of $6.16 and a 200 day moving average price of $6.46.

SecureWorks (NASDAQ:SCWX) last announced its quarterly earnings results on Thursday, June 6th. The technology company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. SecureWorks had a negative return on equity of 6.01% and a negative net margin of 25.52%. The firm had revenue of $85.65 million for the quarter, compared to analyst estimates of $83.95 million. Sell-side analysts anticipate that SecureWorks Corp. will post -0.24 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Neil Gagnon acquired 13,798 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were bought at an average cost of $5.99 per share, with a total value of $82,650.02. Following the completion of the purchase, the insider now directly owns 610,947 shares in the company, valued at $3,659,572.53. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 81.50% of the stock is owned by insiders.

Hedge Funds Weigh In On SecureWorks

A number of hedge funds and other institutional investors have recently made changes to their positions in SCWX. Scalar Gauge Management LLC acquired a new position in shares of SecureWorks in the fourth quarter worth approximately $1,816,000. Kovack Advisors Inc. increased its holdings in SecureWorks by 55.4% in the first quarter. Kovack Advisors Inc. now owns 207,400 shares of the technology company’s stock worth $1,394,000 after purchasing an additional 73,900 shares in the last quarter. First Eagle Investment Management LLC increased its holdings in SecureWorks by 4.2% in the fourth quarter. First Eagle Investment Management LLC now owns 878,177 shares of the technology company’s stock worth $6,481,000 after purchasing an additional 35,044 shares in the last quarter. Quadrature Capital Ltd increased its holdings in SecureWorks by 56.6% in the third quarter. Quadrature Capital Ltd now owns 25,377 shares of the technology company’s stock worth $158,000 after purchasing an additional 9,175 shares in the last quarter. Finally, Palogic Value Management L.P. increased its holdings in SecureWorks by 2.7% in the fourth quarter. Palogic Value Management L.P. now owns 243,000 shares of the technology company’s stock worth $1,793,000 after purchasing an additional 6,497 shares in the last quarter. 14.38% of the stock is owned by institutional investors and hedge funds.

SecureWorks Company Profile

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 penetration testing services.