Do You Think Tenable Holdings (TENB) Declined on Valuation Concerns?

Chartwell Investment Partners, an affiliate of Carillon Tower Advisers, an investment management company, released its “Carillon Chartwell Small Cap Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. The fund slightly underperformed relative to its benchmark Russell 2000 Growth Index. The letter noted that although there is a positive momentum in the US market, still there are many challenges that slow growth. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Carillon Tower Advisers highlighted stocks like Tenable Holdings, Inc. (NASDAQ:TENB) in its Q3 2022 investor letter. Headquartered in Columbia, Maryland, Tenable Holdings, Inc. (NASDAQ:TENB) is a cyber exposure solutions provider. On December 12, 2022, Tenable Holdings, Inc. (NASDAQ:TENB) stock closed at $39.61 per share. One-month return of Tenable Holdings, Inc. (NASDAQ:TENB) was -1.79% and its shares lost 16.66% of their value over the last 52 weeks. Tenable Holdings, Inc. (NASDAQ:TENB) has a market capitalization of $4.457 billion.

Carillon Tower Advisers made the following comment about Tenable Holdings, Inc. (NASDAQ:TENB) in its Q3 2022 investor letter:

“Tenable Holdings, Inc. (NASDAQ:TENB) pulled back during Q3, as they suffered through similar issues seen at Rapid7. The sales cycle is elongating for all enteprrise software sales, and Tenable is not immune to those pressures. The stock weakness this year is tied to valuation compression, rather then negative sales, earnings or EBITDA trends.”

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Tenable Holdings, Inc. (NASDAQ:TENB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Tenable Holdings, Inc. (NASDAQ:TENB) at the end of the third quarter, which was 36 in the previous quarter.

We discussed Tenable Holdings, Inc. (NASDAQ:TENB) in another article and shared the list of best cybersecurity stocks to buy heading into 2023. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.