FOSTER CITY, Calif.—Bruce K. Posey, the Chief Legal Officer at Qualys, Inc. (NASDAQ:QLYS), a $5.7 billion cybersecurity company with impressive 81.5% gross margins and "GREAT" financial health according to InvestingPro, has sold a significant portion of his holdings in the company. According to a recent filing, Posey divested a total of 9,555 shares of Qualys common stock on December 2, 2024. The shares were sold at prices ranging from $152.08 to $156.42, amounting to a total transaction value of approximately $1.32 million.
Following these transactions, Posey retains ownership of 64,032 shares in the cybersecurity firm. The sales were conducted under a pre-arranged 10b5-1 trading plan, which was adopted on August 21, 2024. This plan allows company insiders to sell a predetermined number of shares at a set time, ensuring compliance with insider trading regulations. The stock, which InvestingPro analysis suggests is slightly undervalued, has shown strong momentum with a 16% gain over the past six months despite trading at 34x earnings. For comprehensive insider trading patterns and 13 additional ProTips, subscribers can access the full Pro Research Report.
In other recent news, cybersecurity firm Qualys reported a year-over-year revenue growth of 8% in Q3 2024, reaching $153.9 million. The company launched its cloud-based Enterprise Threat Management solution and the TruLens app, contributing to its strategic growth. Channel revenue increased to 47% of total revenues, while international growth surpassed domestic at 14%.
Qualys also reported a steady gross retention rate of approximately 90%. The company provided full-year revenue guidance suggesting a 9% growth rate, indicating continued investments in sales and marketing. Analysts note that strategic partnerships and product innovations are expected to drive future growth.
Despite a potential slowdown in new business bookings for Q4, Qualys remains optimistic about the long-term demand for cybersecurity solutions. The company's commitment to cybersecurity innovation was evident as they highlighted the general availability of their ETM solution and the TruLens app for proactive risk identification. These are among the recent developments in the company's growth trajectory.
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