Sumedh S. Thakar, CEO and President of Qualys, Inc. (NASDAQ:QLYS), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On November 14, Thakar sold a total of 7,000 shares of Qualys common stock, generating approximately $1.05 million. The sale prices ranged from $149.3478 to $151.38 per share.
Additionally, Thakar exercised stock options to acquire 7,000 shares at $25.56 each, totaling $178,920. Following these transactions, Thakar holds 225,453 shares of Qualys. The sales were conducted under a pre-established Rule 10b5-1 trading plan adopted earlier this year.
In other recent news, cybersecurity company Qualys reported an 8% increase in revenue for Q3 2024, reaching a total of $153.9 million. The company credits its growth to the launch of innovative products such as the cloud-based Enterprise Threat Management (ETM) solution and the TruLens app. Channel revenue, which now represents 47% of total revenues, saw an increase of 17%.
Internationally, Qualys experienced a growth rate of 14%, surpassing domestic growth. The company maintained a steady gross retention rate of approximately 90%. For the full year 2024, Qualys has projected a revenue growth rate of 9% and plans to continue investing in sales and marketing.
The company's growth in the federal sector was highlighted, driven by new hires and successful marketing initiatives. Qualys also noted the strategic advantage of integrating various cybersecurity tools into a unified workflow, providing actionable risk assessments to boards. Future growth is expected to be driven by strategic partnerships and product innovations.
InvestingPro Insights
As Qualys CEO Sumedh S. Thakar executes his trading plan, investors might find additional context in the company's financial metrics and market performance. According to InvestingPro data, Qualys boasts a market capitalization of $5.25 billion, reflecting its significant presence in the cybersecurity sector.
The company's financial health appears robust, with InvestingPro Tips highlighting that Qualys holds more cash than debt on its balance sheet. This strong financial position could provide flexibility for future growth initiatives or potential acquisitions in the rapidly evolving cybersecurity landscape.
Qualys' impressive gross profit margin of 81.52% for the last twelve months ending Q3 2024 underscores the company's efficiency in delivering its cloud-based security and compliance solutions. This aligns with an InvestingPro Tip noting the company's "impressive gross profit margins," which could be a key factor in sustaining profitability and funding innovation.
Despite recent insider selling, Qualys has shown strong stock performance in the short term. InvestingPro data reveals a 16.76% price return over the past month and a 17.65% return over the last three months. This positive momentum comes despite a year-to-date decline of 26.71%, suggesting a potential turnaround in investor sentiment.
For those seeking a deeper dive into Qualys' financial health and market position, InvestingPro offers 12 additional tips and a wealth of real-time metrics to inform investment decisions.
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