Secureworks (SCWX) Downgraded by Zacks Investment Research to “Hold”

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Secureworks (NASDAQ:SCWX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

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. “

SCWX has been the subject of several other reports. BidaskClub upgraded shares of Secureworks from a “hold” rating to a “buy” rating in a research report on Thursday, September 27th. Stifel Nicolaus boosted their target price on shares of Secureworks from $10.50 to $11.50 and gave the company a “hold” rating in a research report on Thursday, September 6th. UBS Group lowered shares of Secureworks from a “neutral” rating to a “sell” rating and set a $11.00 target price for the company. in a research report on Friday, August 24th. Finally, Morgan Stanley boosted their target price on shares of Secureworks from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Thursday, September 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $12.00.

SCWX stock opened at $18.07 on Wednesday. Secureworks has a 52 week low of $7.83 and a 52 week high of $18.97. The firm has a market cap of $1.33 billion, a P/E ratio of -40.16 and a beta of 0.31.

Secureworks (NASDAQ:SCWX) last released its earnings results on Wednesday, September 5th. The technology company reported ($0.06) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.03. Secureworks had a negative net margin of 5.13% and a negative return on equity of 4.67%. The company had revenue of $128.80 million for the quarter, compared to analyst estimates of $127.62 million. During the same quarter last year, the firm earned ($0.07) EPS. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, 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 SCWX. Schwab Charles Investment Management Inc. bought a new position in shares of Secureworks in the first quarter worth approximately $158,000. Northern Trust Corp boosted its position in shares of Secureworks by 5.2% in the first quarter. Northern Trust Corp now owns 97,427 shares of the technology company’s stock worth $787,000 after purchasing an additional 4,794 shares during the period. Engineers Gate Manager LP bought a new position in shares of Secureworks in the second quarter worth approximately $186,000. Rhumbline Advisers bought a new position in shares of Secureworks in the second quarter worth approximately $142,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Secureworks by 34.4% in the second quarter. Bank of New York Mellon Corp now owns 44,119 shares of the technology company’s stock worth $550,000 after purchasing an additional 11,281 shares during the period. Institutional investors and hedge funds own 8.76% of the company’s stock.

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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