SecureWorks (NASDAQ:SCWX) Sees Unusually-High Trading Volume – Here’s Why

SecureWorks Corp. (NASDAQ:SCWX) saw unusually-strong trading volume on Monday . Approximately 185,879 shares were traded during mid-day trading, an increase of 342% from the previous session’s volume of 42,030 shares.The stock last traded at $8.39 and had previously closed at $8.47.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SCWX. Needham & Company LLC reaffirmed a “hold” rating on shares of SecureWorks in a research report on Tuesday. Barclays increased their price objective on SecureWorks from $6.00 to $7.00 and gave the company an “underweight” rating in a research report on Friday, September 6th.

SecureWorks Price Performance

The company has a market cap of $746.17 million, a PE ratio of -9.88 and a beta of 0.99. The business has a 50-day moving average of $7.89 and a 200 day moving average of $7.01.

SecureWorks (NASDAQ:SCWX) last released its quarterly earnings results on Thursday, September 5th. The technology company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.05). The business had revenue of $82.18 million for the quarter, compared to analysts’ expectations of $80.98 million. SecureWorks had a negative net margin of 21.23% and a negative return on equity of 4.94%. On average, equities analysts predict that SecureWorks Corp. will post -0.25 EPS for the current fiscal year.

Institutional Investors Weigh In On SecureWorks

Hedge funds have recently modified their holdings of the business. Brooktree Capital Management lifted its position in SecureWorks by 1.1% during the first quarter. Brooktree Capital Management now owns 163,910 shares of the technology company’s stock valued at $1,101,000 after purchasing an additional 1,775 shares in the last quarter. Marshall Wace LLP grew its stake in shares of SecureWorks by 11.6% during the 2nd quarter. Marshall Wace LLP now owns 49,997 shares of the technology company’s stock valued at $350,000 after acquiring an additional 5,205 shares during the period. First Eagle Investment Management LLC increased its holdings in SecureWorks by 1.5% in the 1st quarter. First Eagle Investment Management LLC now owns 891,728 shares of the technology company’s stock worth $5,992,000 after acquiring an additional 13,551 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in SecureWorks by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 351,763 shares of the technology company’s stock worth $2,462,000 after acquiring an additional 16,327 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new stake in SecureWorks during the 2nd quarter worth approximately $121,000. Institutional investors own 14.38% of the company’s stock.

About SecureWorks

SecureWorks Corp., through its subsidiaries, provides technology-driven information security solutions for protecting its customers in the United States and internationally. The company's solutions include software-as-a-service solutions; managed security services; and professional services, including incident response and penetration testing services.