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

SecureWorks Corp. (NASDAQ:SCWX) saw strong trading volume on Monday . 185,879 shares changed hands during 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.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Barclays lifted their price objective on SecureWorks from $6.00 to $7.00 and gave the stock an “underweight” rating in a report on Friday, September 6th. Needham & Company LLC reiterated a “hold” rating on shares of SecureWorks in a research report on Friday, September 6th.

SecureWorks Trading Down 1.3 %

The company has a market cap of $739.05 million, a price-to-earnings ratio of -7.99 and a beta of 0.99. The firm has a 50-day moving average price of $7.84 and a 200 day moving average price of $6.98.

SecureWorks (NASDAQ:SCWX) last issued its 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 firm had revenue of $82.18 million during the quarter, compared to analyst estimates of $80.98 million. SecureWorks had a negative return on equity of 4.94% and a negative net margin of 21.23%. Research analysts anticipate that SecureWorks Corp. will post -0.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC acquired a new position in SecureWorks during the 2nd quarter valued at approximately $121,000. Jaffetilchin Investment Partners LLC acquired a new position in SecureWorks during the 2nd quarter valued at approximately $127,000. Oppenheimer Asset Management Inc. boosted its position in SecureWorks by 107.0% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 38,180 shares of the technology company’s stock valued at $267,000 after purchasing an additional 19,735 shares during the period. Marshall Wace LLP boosted its position in 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 purchasing an additional 5,205 shares during the period. Finally, King Luther Capital Management Corp acquired a new position in SecureWorks during the 2nd quarter valued at approximately $411,000. Institutional investors and hedge funds 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.