Here’s what the security-as-a-service company told investors in an update released last night.
The post Tesserent (ASX:TNT) share price struggles amid investor update appeared first on The Motley Fool Australia. –
The Tesserent Ltd (ASX: TNT) share price is battling through a tough day amid the broader market sell-off.
The company released an update after the market closed last night which outlined its plans for the future. However, the presentation hasn’t been enough to protect the Tesserent share price today.
At the time of writing, the Tesserent share price is flat at 23 cents. However, it’s been wobbling in and out of the red all day, recording an intraday low of 22 cents.
Let’s take a closer look at the security-as-a-service company’s investor update.
Tesserent’s investor update
Tesserent told investors its plans for the future include deepening its footprint in government, infrastructure, and financial services.
Currently, Tesserent provides internet security for 47 federal and state departments and agencies. It also looks after 8 of Australia’s largest banks, 16 financial services firms, and 14 foreign banks. Their client list includes 43 companies in the S&P/ASX 100 Index (ASX: XTO).
Tesserent also notes that it believes the Australian cyber security market will expand to be worth $7.3 billion by 2024. The increase will be driven by greater cyber security risks, greater enterprise spending on cyber security, and changes to legislation.
Over the financial year 2022, Tesserent plans to increase the number of services it provides to each customer. It will also integrate acquisitions that will increase synergies and revenue growth, and expand its proprietary intellectual property.
It also wants to reduce its skills shortage gap and build its leadership position in education through the Tesserent Academy.
Tesserent share price snapshot
Despite the company’s forward-thinking, the Tesserent share price has been tanking on the ASX lately.
It is currently 34% lower than it was at the start of 2021. This time last year, it was exactly as it is today at 23 cents.
Should you invest $1,000 in Tesserent right now?
Before you consider Tesserent, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Tesserent wasn’t one of them.
The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of August 16th 2021
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.