Zacks Investment Research Upgrades Secureworks (SCWX) to Hold

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Secureworks (NASDAQ:SCWX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Saturday, Zacks.com reports.

According to Zacks, “SecureWorks Corp. offers intelligence-driven information security solutions focused on protecting from cyber-attacks. The Company’s solutions enable organizations to fortify their cyber defenses to prevent security breaches; detect malicious activity in real time; prioritize and respond rapidly to security breaches and predict emerging threats. Its integrated suite of solutions include managed security, threat intelligence, security and risk consulting as well as incident response. SecureWorks Corp. is based in Atlanta, Georgia. “

Several other equities analysts have also issued reports on SCWX. BidaskClub lowered Secureworks from a “buy” rating to a “hold” rating in a research report on Wednesday, January 16th. Bank of America reiterated an “underperform” rating and issued a $12.50 price objective (up previously from $10.50) on shares of Secureworks in a report on Tuesday, February 5th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $15.44.

SCWX opened at $18.44 on Friday. Secureworks has a 1 year low of $10.12 and a 1 year high of $24.91. The company has a market cap of $1.50 billion, a P/E ratio of -115.25 and a beta of 1.05.

Secureworks (NASDAQ:SCWX) last posted its quarterly earnings results on Wednesday, March 27th. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.06. Secureworks had a negative return on equity of 1.85% and a negative net margin of 7.54%. The business had revenue of $130.70 million for the quarter, compared to analyst estimates of $132.62 million. During the same period last year, the company earned ($0.09) EPS. Secureworks’s revenue for the quarter was up 8.3% compared to the same quarter last year. On average, analysts predict that Secureworks will post -0.29 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC lifted its holdings in Secureworks by 59.7% in the 4th quarter. Acadian Asset Management LLC now owns 5,771 shares of the technology company’s stock worth $97,000 after buying an additional 2,157 shares during the period. Sun Life Financial INC lifted its holdings in Secureworks by 136.2% in the 4th quarter. Sun Life Financial INC now owns 7,774 shares of the technology company’s stock worth $131,000 after buying an additional 4,483 shares during the period. New York State Common Retirement Fund lifted its holdings in Secureworks by 138.6% in the 4th quarter. New York State Common Retirement Fund now owns 10,500 shares of the technology company’s stock worth $177,000 after buying an additional 6,100 shares during the period. Citadel Advisors LLC purchased a new stake in Secureworks in the 3rd quarter worth approximately $178,000. Finally, D. E. Shaw & Co. Inc. purchased a new stake in Secureworks in the 4th quarter worth approximately $203,000. Institutional investors and hedge funds own 10.83% of the company’s stock.

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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