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The news trends behind Tufin’s (TUFN) stock surge in the Extended hour’s session

PAR Stock

PAR Stock

‎Tufin (NYSE: TUFN) helps easily manage some of the largest, most complex networks in the world, consisting of thousands of firewalls and network devices. The Company stock surged 23.54% to $19.00 in the after-hours.

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Company Info 


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Many enterprises select Tufin Orchestration Suite for its ability to handle ever-changing business needs while maintaining a robust security posture. Using the Suite, the attack surface is reduced, and greater visibility is provided into the secure and reliable networking of applications. Since its inception, more than 2,000 customers have depended on Tufin’s network security automation, saving them time, money, and improvement in security posture and business agility.

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Latest Developments

Yesterday, Tufin (NYSE: TUFN) revealed the appointment of Raymond Brancato, CEO and co-founder RuviKitov, as Chief Revenue Officer. In his current job, Mr. Brancato will draw on the success of Tufin’s distribution activities across all goods worldwide.

After serving as SVP of Global Sales for five and a half years, Kevin Maloney will assist with the transition through the end of March. During Kevin’s time, revenues tripled to more than $100 million.

Also, the company provided a select financial update for the fourth quarter of 2020. For the quarter ended December 31, 2020, preliminary total revenue for the quarter is expected to range between $30.5 million and $31.1 million, surpassing the anticipated high-end of the guidance provided on November 12, 2020, which estimated total fourth-quarter revenue between $28.0 million and $29.0 million.

Having developed and implemented revenue growth strategies across global organizations and successfully implemented go-to-market transformations in software companies, Mr. Brancato brings 27 years of sales management expertise to Tufin. In his previous role with AnyVision, a fast-growing private AI company with a subscription-based revenue model, he was Chief Revenue Officer. Before joining AnyVision, he held senior sales leadership positions for over 10 years at CA Technologies, leading sales growth across multiple channels and improving cross-functional teams. With a Bachelor of Science degree in Finance and Management Science from the University of South Carolina, his experience includes perpetual on-premise, SaaS, and subscription licensing models.

The business expects to announce its final financial statements before starting the market on February 12, 2021, for the fourth quarter and full-year 2020. A video webcast addressing the company’s results and its business and product strategies will be presented at 8:00 a.m. Eastern Time on February 12, 2021.

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Conclusion

Both the Upbeat Outlook announcement and the appointment of a veteran in the field seem to have had a positive effect on investors’ sentiment as they pushed the stock price higher late last night.

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