Short Interest in SecureWorks Corp. (NASDAQ:SCWX) Drops By 15.5%

SecureWorks Corp. (NASDAQ:SCWX) was the target of a significant drop in short interest in December. As of December 15th, there was short interest totalling 75,800 shares, a drop of 15.5% from the November 30th total of 89,700 shares. Based on an average daily trading volume, of 271,500 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.7% of the shares of the company are sold short.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SCWX. Squarepoint Ops LLC bought a new stake in SecureWorks in the 2nd quarter valued at $121,000. Jaffetilchin Investment Partners LLC bought a new position in SecureWorks in the 2nd quarter valued at about $127,000. FMR LLC lifted its position in SecureWorks by 22.3% during the third quarter. FMR LLC now owns 21,734 shares of the technology company’s stock worth $192,000 after acquiring an additional 3,964 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in shares of SecureWorks by 107.0% during the second quarter. Oppenheimer Asset Management Inc. now owns 38,180 shares of the technology company’s stock worth $267,000 after acquiring an additional 19,735 shares during the period. Finally, State Street Corp grew its position in shares of SecureWorks by 5.5% in the third quarter. State Street Corp now owns 44,227 shares of the technology company’s stock valued at $391,000 after purchasing an additional 2,300 shares during the last quarter. Institutional investors and hedge funds own 14.38% of the company’s stock.

Wall Street Analyst Weigh In

SCWX has been the subject of several recent research reports. StockNews.com began coverage on SecureWorks in a report on Thursday, December 26th. They issued a “hold” rating for the company. Barclays lifted their price target on shares of SecureWorks from $6.00 to $7.00 and gave the stock an “underweight” rating in a research note on Friday, September 6th. Finally, Needham & Company LLC restated a “hold” rating on shares of SecureWorks in a research note on Tuesday, October 22nd.

SecureWorks Price Performance

Shares of SCWX stock traded up $0.02 on Tuesday, reaching $8.47. 66,807 shares of the stock were exchanged, compared to its average volume of 102,201. The stock has a market cap of $752.37 million, a PE ratio of -8.56 and a beta of 1.00. SecureWorks has a one year low of $5.61 and a one year high of $9.76. The stock has a 50 day moving average price of $8.41 and a 200 day moving average price of $7.81.

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.