Short Interest in Secureworks Corp (NASDAQ:SCWX) Decreases By 9.0%

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Secureworks Corp (NASDAQ:SCWX) was the target of a significant decrease in short interest during the month of November. As of November 29th, there was short interest totalling 1,420,000 shares, a decrease of 9.0% from the November 14th total of 1,560,000 shares. Based on an average daily trading volume, of 177,700 shares, the short-interest ratio is currently 8.0 days. Currently, 18.8% of the shares of the company are short sold.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. ETF Managers Group LLC increased its stake in shares of Secureworks by 51.2% in the second quarter. ETF Managers Group LLC now owns 988,476 shares of the technology company’s stock worth $13,196,000 after purchasing an additional 334,525 shares in the last quarter. Vanguard Group Inc. grew its stake in Secureworks by 0.7% during the second quarter. Vanguard Group Inc. now owns 651,979 shares of the technology company’s stock valued at $8,665,000 after acquiring an additional 4,384 shares in the last quarter. BlackRock Inc. grew its stake in Secureworks by 5.8% during the second quarter. BlackRock Inc. now owns 628,892 shares of the technology company’s stock valued at $8,359,000 after acquiring an additional 34,404 shares in the last quarter. Wells Fargo & Company MN grew its stake in Secureworks by 15.1% during the second quarter. Wells Fargo & Company MN now owns 199,566 shares of the technology company’s stock valued at $2,652,000 after acquiring an additional 26,251 shares in the last quarter. Finally, First Trust Advisors LP purchased a new position in Secureworks during the first quarter valued at $3,519,000. 8.79% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have commented on SCWX. ValuEngine raised shares of Secureworks from a “hold” rating to a “buy” rating in a report on Thursday, December 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of Secureworks in a report on Monday, December 9th. Goldman Sachs Group began coverage on shares of Secureworks in a report on Tuesday, November 12th. They set a “sell” rating and a $12.00 target price for the company. BidaskClub cut shares of Secureworks from a “sell” rating to a “strong sell” rating in a report on Thursday, November 14th. Finally, Zacks Investment Research raised shares of Secureworks from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a report on Thursday. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $13.50.

Shares of NASDAQ SCWX traded up $1.19 during midday trading on Friday, reaching $13.97. The stock had a trading volume of 514,379 shares, compared to its average volume of 181,727. The stock has a 50-day moving average of $12.21 and a 200-day moving average of $12.63. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -87.31 and a beta of 1.05. Secureworks has a 12-month low of $10.37 and a 12-month high of $24.91.

Secureworks (NASDAQ:SCWX) last announced its quarterly earnings data on Thursday, December 5th. The technology company reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.04. The firm had revenue of $141.33 million during the quarter, compared to analysts’ expectations of $136.12 million. Secureworks had a negative net margin of 7.06% and a negative return on equity of 2.39%. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.06 earnings per share. As a group, analysts forecast that Secureworks will post -0.26 EPS for the current fiscal year.

About Secureworks

SecureWorks Corp., a cybersecurity company, provides an integrated suite of intelligence-driven information security solutions focused on protecting organizations worldwide. The company's solutions include managed security, threat intelligence, security and risk consulting, and incident response.

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