Group 1: Stock Performance and Analyst Ratings - Tenable Holdings, Inc. (NASDAQ:TENB) is identified as one of the 10 cheap stocks with significant upside potential, with a current target price from Truist Securities lowered from $42 to $27, indicating a 20% upside [1] - UBS analyst Roger Boyd maintains a Buy rating with a price target of $43, suggesting an almost 100% upside from current levels, aligning with the highest Wall Street analyst upside of 100.45% among 25 analysts [1] - Needham has also lowered its price target from $38 to $28 while keeping a Buy rating, citing a transition in billing structure that may affect financial metrics [2] Group 2: Financial Metrics and Billing Structure - The transition from multi-year contracts to annual upfront billing is expected to create a divergence between current Remaining Performance Obligations (cRPO) growth and calculated current billings (CCB) growth, starting in Q1 2025 [2] - This change in billing structure is likely to introduce short-term volatility in the company's financial metrics, which may persist without clearer medium-term financial targets or additional disclosures regarding the Tenable One platform [3] Group 3: Company Overview - Tenable Holdings, Inc. provides cyber exposure management solutions across various regions, including the Middle East, Japan, Europe, the Americas, Africa, and the Asia Pacific [4] - The company's platforms include Tenable Cloud Security, Tenable Vulnerability Management, Tenable Identity Exposure, Tenable Web App Scanning, and Tenable Lumin Exposure View [4]

Core Insights - Tenable Holdings, Inc. has been recognized as one of only two vendors awarded the 2025 Customers' Choice in the Gartner Peer Insights™ 'Voice of the Customer': Cloud-Native Application Protection Platforms (CNAPPs) based on end-user reviews, achieving a 4.8 out of 5 overall rating and an 88% willingness to recommend from 71 reviews as of October 2025 [1][2] Company Overview - Tenable is a leader in Exposure Management, emphasizing cloud security as a critical component, and offers the Tenable One platform which unifies visibility, insight, and action across various domains including cloud, AI, IT, identity, and operational technology [2][9] - The company serves approximately 44,000 customers globally, focusing on closing cybersecurity gaps that can impact business value, reputation, and trust [9] Customer Feedback - Customer reviews highlight Tenable's CNAPP and Cloud Security solutions for providing deep visibility across cloud environments and seamless integration into existing workflows, significantly improving vulnerability and compliance management [8] - Users appreciate the intuitive interface and straightforward setup of Tenable's solutions, noting that the platform enhances remediation efforts through focused insights [8] Industry Recognition - The Gartner Peer Insights Customers' Choice distinction is awarded to vendors that meet or exceed market averages in Overall Experience and User Interest and Adoption, indicating strong customer satisfaction and advocacy [3][6]

Core Insights - Tenable has entered into a OneGov agreement with the U.S. General Services Administration (GSA) to provide its FedRAMP-authorized Cloud Security solution to federal agencies, including the Department of Defense, at a discounted rate until March 31, 2027 [1][2] - The partnership aims to support the federal government's cloud-first policy by facilitating secure cloud adoption and enhancing the resilience of mission-critical systems [2][3] - Tenable's cloud security solution is designed to help federal agencies protect sensitive data and modernize their cloud infrastructure, addressing the unique needs of the public sector [3][4] Company Overview - Tenable is recognized as an exposure management company that focuses on identifying and closing cybersecurity gaps that can undermine business value and trust [6] - The company serves approximately 44,000 customers globally, providing a unified security visibility and action platform that spans various environments, including IT infrastructure and cloud [6] GSA Overview - The GSA is responsible for centralized procurement and shared services for the federal government, managing a real estate portfolio of over 360 million rentable square feet and overseeing more than $110 billion in federal contracts [5] - The GSA's mission is to deliver optimal customer experience and value in real estate, acquisition, and technology services to the government and the American public [5]

Core Insights - The rapid growth of hybrid, multi-cloud, and AI systems has outpaced cloud security strategies, leading to increased complexity and risk [1][2] - A significant majority of organizations (82%) now operate hybrid environments, with 63% using multiple cloud providers, resulting in an average of 2.7 environments managed per organization [2] - The complexity introduced by AI workloads has made identity governance a major vulnerability, contributing to cloud breaches due to inconsistent governance and excessive permissions [2][3] Industry Trends - Cost pressures, regulatory requirements, and performance needs are driving organizations to adopt hybrid and multi-cloud strategies, with some reverting cloud workloads back on-premises for better control [3] - Adoption of security solutions like unified security monitoring (58%), Cloud Security Posture Management (57%), and Extended Detection and Response (54%) is noted, but broader visibility across environments remains limited [3][4] - Many security tools operate in silos, hindering unified risk control and consistent policy enforcement, which are essential for securing diverse IT landscapes [4] Company Insights - Tenable's report, developed in collaboration with the Cloud Security Alliance, surveyed over 1,000 IT and security professionals to assess how organizations are adapting their risk management strategies [5] - Tenable Cloud Security aims to unify visibility and risk management across IT, hybrid, and multi-cloud environments, addressing identity, misconfigurations, and access governance [7] - The company emphasizes the need for organizations to adopt adaptive, future-ready defenses to keep pace with the rapid evolution of cloud computing [7]

Financial Performance - Q1 2025 revenue reached $239.1 million[12] - Q1 2025 unlevered free cash flow was $86.8 million[12] - Q1 2025 non-GAAP gross margin was 82%[12] - Q1 2025 recurring revenue was 96%[12] - The company forecasts revenue between $970 million and $980 million for the full year 2025[52] - The company forecasts unlevered free cash flow between $265 million and $275 million for the full year 2025[52] Market Position and Growth - The company is a category leader in Exposure Management[11] - The company has approximately 44,000 customers[12] - The company is ranked 1 in market share in Vulnerability Management[12, 23] - The total addressable market for cyber exposure is estimated at $33 billion with an 18% CAGR[29]

Core Insights - The 2025 Cloud Security Risk Report by Tenable highlights the urgent need for unified cloud exposure management due to widespread risks from insecure cloud configurations [1][2] Cloud Security Risks - 9% of publicly accessible cloud storage contains sensitive data, with 97% classified as restricted or confidential, increasing the risk of exploitation [1][2] - Exposed sensitive data, misconfigurations, and poorly stored secrets such as passwords and API keys significantly heighten cloud environment risks [2][5] Organizational Vulnerabilities - Over half of organizations (54%) store at least one secret directly in AWS Elastic Container Service (ECS) task definitions, creating direct attack paths [7] - Similar vulnerabilities are found in Google Cloud Platform (GCP) Cloud Run (52%) and Microsoft Azure Logic Apps workflows (31%) [7] - 3.5% of all AWS Elastic Compute Cloud (EC2) instances contain secrets in user data, posing major risks given EC2's widespread use [7] Toxic Cloud Combinations - The percentage of organizations with a "toxic cloud trilogy" (publicly exposed, critically vulnerable, and highly privileged workloads) has decreased from 38% to 29%, but this remains a significant risk [7] Identity Management Challenges - While 83% of AWS organizations follow best practices in using Identity Providers (IdPs) for cloud identity management, risks persist due to overly-permissive defaults and excessive entitlements [7]