SecureWorks (NASDAQ:SCWX) Shares Gap Up Following Analyst Upgrade

SecureWorks Corp. (NASDAQ:SCWX)’s share price gapped up prior to trading on Friday after Barclays raised their price target on the stock from $6.00 to $7.00. The stock had previously closed at $7.79, but opened at $8.29. Barclays currently has an underweight rating on the stock. SecureWorks shares last traded at $8.18, with a volume of 19,130 shares changing hands.

Separately, Needham & Company LLC reaffirmed a “hold” rating on shares of SecureWorks in a research note on Friday. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat, SecureWorks currently has a consensus rating of “Hold” and a consensus price target of $7.08.

Hedge Funds Weigh In On SecureWorks

A number of large investors have recently modified their holdings of SCWX. First Eagle Investment Management LLC raised its stake in shares of SecureWorks by 4.2% during the 4th quarter. First Eagle Investment Management LLC now owns 878,177 shares of the technology company’s stock worth $6,481,000 after buying an additional 35,044 shares in the last quarter. Scalar Gauge Management LLC purchased a new position in shares of SecureWorks during the 4th quarter worth approximately $1,816,000. Palogic Value Management L.P. raised its stake in shares of SecureWorks by 2.7% during the 4th quarter. Palogic Value Management L.P. now owns 243,000 shares of the technology company’s stock worth $1,793,000 after buying an additional 6,497 shares in the last quarter. Kovack Advisors Inc. raised its stake in shares of SecureWorks by 55.4% during the 1st quarter. Kovack Advisors Inc. now owns 207,400 shares of the technology company’s stock worth $1,394,000 after buying an additional 73,900 shares in the last quarter. Finally, Horrell Capital Management Inc. raised its stake in shares of SecureWorks by 0.3% during the 1st quarter. Horrell Capital Management Inc. now owns 582,878 shares of the technology company’s stock worth $3,917,000 after buying an additional 2,000 shares in the last quarter. 14.38% of the stock is owned by hedge funds and other institutional investors.

SecureWorks Trading Up 6.3 %

The firm has a market capitalization of $731.95 million, a PE ratio of -7.81 and a beta of 0.99. The business has a 50 day moving average price of $7.41 and a 200-day moving average price of $6.65.

SecureWorks (NASDAQ:SCWX) last released its quarterly earnings results on Thursday, June 6th. The technology company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. The business had revenue of $85.65 million for the quarter, compared to analysts’ expectations of $83.95 million. SecureWorks had a negative return on equity of 6.01% and a negative net margin of 25.52%. On average, equities research analysts forecast that SecureWorks Corp. will post -0.24 earnings per share for the current year.

About SecureWorks

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.