SecureWorks (NASDAQ:SCWX) Releases Q3 2023 Earnings Guidance

SecureWorks (NASDAQ:SCWXGet Rating) updated its third quarter 2023 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of -$0.22–$0.20 for the period, compared to the consensus estimate of -$0.18. The company issued revenue guidance of $111.00 million-$113.00 million, compared to the consensus revenue estimate of $119.08 million. SecureWorks also updated its FY 2023 guidance to -$0.70–$0.64 EPS.

Analysts Set New Price Targets

Several brokerages recently issued reports on SCWX. Morgan Stanley dropped their price objective on shares of SecureWorks from $13.00 to $12.00 and set an equal weight rating for the company in a research note on Tuesday, September 6th. Barclays dropped their price objective on shares of SecureWorks from $13.00 to $11.00 in a research note on Friday, September 2nd. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company. Based on data from, the stock has an average rating of Hold and a consensus target price of $14.00.

SecureWorks Trading Up 0.1 %

Shares of NASDAQ SCWX opened at $8.33 on Friday. The firm has a 50-day moving average price of $10.02 and a 200 day moving average price of $11.06. SecureWorks has a 52 week low of $8.20 and a 52 week high of $26.89.

SecureWorks (NASDAQ:SCWXGet Rating) last released its earnings results on Thursday, September 1st. The technology company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.03. SecureWorks had a negative net margin of 13.62% and a negative return on equity of 6.81%. The firm had revenue of $116.20 million during the quarter, compared to the consensus estimate of $116.10 million. During the same period in the previous year, the firm earned ($0.06) earnings per share. SecureWorks’s revenue was down 13.4% compared to the same quarter last year. Analysts anticipate that SecureWorks will post -1.05 EPS for the current fiscal year.

Insider Activity at SecureWorks

In other SecureWorks news, major shareholder Neil Gagnon bought 6,185 shares of the company’s stock in a transaction on Wednesday, June 29th. The shares were bought at an average cost of $10.87 per share, with a total value of $67,230.95. Following the completion of the acquisition, the insider now owns 365,379 shares of the company’s stock, valued at $3,971,669.73. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased 50,170 shares of company stock valued at $557,342 over the last ninety days. Corporate insiders own 85.30% of the company’s stock.

Hedge Funds Weigh In On SecureWorks

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

About SecureWorks

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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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