SentinelOne, the Technology sector company, was revisited by a Wall Street analyst today. Analyst Peter Weed from Bernstein maintained a Buy rating on the stock and has a $26.00 price target.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Peter Weed has given his Buy rating due to a combination of factors that highlight SentinelOne’s robust performance and potential for growth. The company reported its largest ARR beat in over a year, which indicates a strong demand for its platform, despite overall GAAP revenue being largely in line with expectations. This performance was supported by a significant contribution from emerging products, which accounted for about half of the quarterly bookings, showcasing the broad-based traction across the Singularity Platform.
Additionally, SentinelOne’s strategic initiatives, such as the introduction of flex pricing and the acquisition of Prompt Security, are expected to enhance its market position. Flex pricing has already shown promise with a strong pipeline of requests, while Prompt Security is anticipated to address critical security needs related to GenAI usage. These factors, along with a stable ARR model and adjusted valuation metrics, underpin the raised price target and the maintained Outperform rating, reflecting confidence in SentinelOne’s future prospects.
According to TipRanks, Weed is a 4-star analyst with an average return of 10.2% and a 63.64% success rate. Weed covers the Technology sector, focusing on stocks such as Palo Alto Networks, CrowdStrike Holdings, and Atlassian.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $28.00 price target.