Needham analyst Alex Henderson maintained a Buy rating on SentinelOne (S – Research Report) today and set a price target of $31.00.
Alex Henderson has given his Buy rating due to a combination of factors including the anticipated strong financial performance of SentinelOne, evidenced by a robust upcoming earnings report and guidance. This optimism is supported by a stable macroeconomic environment and consistent spending in the security sector. Additionally, the trend towards platform consolidation bodes well for the company, alongside impressive growth in both its endpoint security products and adjacent offerings.
Furthermore, Henderson finds SentinelOne’s valuation appealing, with shares trading at a relatively low enterprise value to sales (EV/S) ratio and at a discount when adjusted for growth compared to its peers in the security industry. The expectation that SentinelOne will exceed performance forecasts is reinforced by improving operational efficiencies and growing momentum with channel partners, particularly Managed Security Service Providers (MSSPs). These elements collectively underpin Henderson’s confidence in SentinelOne’s stock, meriting a Buy rating.
In another report released on March 8, J.P. Morgan also maintained a Buy rating on the stock with a $31.00 price target.
See Insiders’ Hot Stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
SentinelOne (S) Company Description:
SentinelOne Inc is an autonomous cybersecurity platform. The company’s cybersecurity solutions encompass AI-powered prevention, detection, response, and hunting across endpoints, containers, cloud workloads, and IoT devices in a single autonomous XDR platform.
Read More on S:
- Options Volatility and Implied Earnings Moves This Week, March 11 – March 15, 2024
- S Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- SentinelOne placed on ‘Positive Catalyst Watch’ at JPMorgan
- Unusually active option classes on open March 6th
- SentinelOne call volume above normal and directionally bullish
