Technology
Analysts Value SecureWorks Higher in Coverage Debut After Quiet Period Expiration
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SecureWorks Corp. (NASDAQ: SCWX) has now seen its post-IPO quiet period come to an end. The move on Monday ahead of the expiration was up by 10.9% to $13.81, perhaps taking some of the bang out of the waves of analyst calls on Tuesday.
24/7 Wall St. tracked the full coverage here. Most analysts are positive, with Buy, Outperform or Overweight ratings. Most of the targets in those calls with Buy-equivalent ratings range from $16 to $18.
Keep in mind that traditionally Buy or Outperform ratings in S&P 500 and Dow Jones Industrial Average stocks come with upside targets of 8% to 15% on average when most of the larger firms initiate coverage.
SecureWorks is a provider of intelligence-driven information security solutions exclusively focused on protecting clients from cyberattacks. Note that this company was tied to Dell. It has a broad portfolio of information security solutions to organizations of varying size and complexity.
These are the analyst initiations seen so far on Tuesday:
- Buy with a $17 price objective at Merrill Lynch
- Overweight with a $16 target at Barclays
- Neutral at Citigroup
- Neutral with a $14.50 target at Credit Suisse
- Buy with a $17.50 target at Goldman Sachs
- Overweight with an $18 target at JPMorgan
- Overweight with an $18 target at Morgan Stanley
- Overweight with an $18 target at Pac-Crest
- Outperform with a $16 target at RBC Capital Markets
- Buy with an $18 target at Stifel
- Buy with a $17 price target at SunTrust Robinson Humphrey
- Outperform at William Blair
When SecureWorks entered the market, it was with 8 million shares at a price of $145 per share. That was under the expected range of $15.50 to $17.50.
Again, the gain on Monday may have taken away some of the upside here. SecureWorks traded down 1.1% at $13.65 on Tuesday, on less than 760,000 shares approaching the noon hour. Its post-IPO range has been $11.96 to $14.60.
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