Secureworks (SCWX) Downgraded by Royal Bank of Canada to “Sector Perform”

Royal Bank of Canada downgraded shares of Secureworks (NASDAQ:SCWX) from an outperform rating to a sector perform rating in a research note published on Friday morning, Marketbeat.com reports. The firm currently has $18.00 price target on the technology company’s stock. The analysts noted that the move was a valuation call.

SCWX has been the subject of a number of other research reports. BidaskClub upgraded shares of Secureworks from a hold rating to a buy rating in a research note on Thursday, September 27th. UBS Group lowered shares of Secureworks from a neutral rating to a sell rating and set a $11.00 target price on the stock. in a report on Friday, August 24th. Morgan Stanley upped their target price on shares of Secureworks from $14.00 to $15.00 and gave the stock a buy rating in a report on Thursday, September 6th. Stifel Nicolaus upped their target price on shares of Secureworks from $10.50 to $11.50 and gave the stock a hold rating in a report on Thursday, September 6th. Finally, Zacks Investment Research lowered shares of Secureworks from a buy rating to a hold rating in a report on Wednesday, November 7th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $13.33.

Shares of SCWX stock traded down $1.46 during mid-day trading on Friday, reaching $15.64. The company’s stock had a trading volume of 398,159 shares, compared to its average volume of 187,705. Secureworks has a 1-year low of $7.83 and a 1-year high of $18.97.

Secureworks (NASDAQ:SCWX) last announced its quarterly earnings data on Thursday, December 6th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.11. Secureworks had a negative net margin of 3.43% and a negative return on equity of 3.31%. The company had revenue of $133.06 million during the quarter, compared to analysts’ expectations of $130.52 million. During the same quarter in the prior year, the company posted ($0.06) EPS. The business’s revenue was up 13.6% on a year-over-year basis. As a group, equities research analysts forecast that Secureworks will post -0.34 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Secureworks by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 765,568 shares of the technology company’s stock worth $11,216,000 after purchasing an additional 15,442 shares during the last quarter. Royce & Associates LP grew its holdings in shares of Secureworks by 49.0% in the 3rd quarter. Royce & Associates LP now owns 694,948 shares of the technology company’s stock worth $10,181,000 after purchasing an additional 228,475 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Secureworks by 66,527.0% in the 3rd quarter. Legal & General Group Plc now owns 685,592 shares of the technology company’s stock worth $10,044,000 after purchasing an additional 684,563 shares during the last quarter. Gagnon Securities LLC grew its holdings in shares of Secureworks by 8.2% in the 3rd quarter. Gagnon Securities LLC now owns 568,056 shares of the technology company’s stock worth $8,322,000 after purchasing an additional 43,093 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in shares of Secureworks by 27.8% in the 2nd quarter. BlackRock Inc. now owns 425,529 shares of the technology company’s stock worth $5,299,000 after purchasing an additional 92,683 shares during the last quarter. 9.56% of the stock is currently owned by institutional investors and hedge funds.

About Secureworks

SecureWorks Corp., through its subsidiaries, provides intelligence-driven information security solutions focused on protecting organizations from cyber-attacks. The company's solutions include managed security, threat intelligence, security and risk consulting, and incident response. Its solutions enable organizations to fortify their cyber defenses to prevent security breaches, detect malicious activity in real time, prioritize and respond to security incidents, and predict emerging threats.

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