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]

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]