SentinelOne, Inc. (NYSE:S) operates as a cybersecurity provider in the United States. Its Singularity Platform delivers artificial intelligence-powered autonomous threat prevention, detection, and response capabilities across an organization’s endpoints, and cloud workloads, enabling seamless and automatic protection against a spectrum of cyber threats. The company was formerly known as Sentinel Labs, Inc. and changed its name to SentinelOne, Inc. in March 2021. SentinelOne, Inc. was incorporated in 2013 and is headquartered in Mountain View, California.
Many Wall Street analysts are bullish about SentinelOne. Listed below are two Wall Street analysts’ report about this company.
- A rapidly changing threat environment requires an adaptable, data-driven approach to security, which SentinelOne provides with its AI-powered ‘XDR’ platform,” Morgan Stanley analyst Hamza Fodderwala said in a note to clients. XDR stands for “extended detection and response.” Legacy cybersecurity tools have not kept pace with the fast-changing threat landscape, he said. SentinelOne’s platform better adapts to evolving threats by evaluating threat data in real time using machine learning and artificial intelligence, Fodderwala said.
- Wells Fargo Securities analyst Andrew Nowinski started coverage of SentinelOne stock with an overweight rating and price target of 55. “We believe SentinelOne can drive revenue growth for the foreseeable future simply by continuing to take share from the legacy endpoint security providers (McAfee, Symantec/Broadcom, Trend Micro), which have not kept pace with the innovation of SentinelOne,” Nowinski said in a note to clients.
SentinelOne’s revenue doubled to $93.1 million in fiscal 2021, which ended in January, and surged 108% year over year to $37.4 million in the first quarter of fiscal 2022. It ended 2020 with a dollar-based net retention rate of 117% in fiscal 2021, which means it generated 17% more revenue year over year from its existing customers. That figure climbed to 124% in the first quarter of 2022.
SentinelOne served 4,700 customers at the end of that quarter, including 37 of the Fortune 500 companies, up from more than 2,700 customers a year ago. Within that total, its number of customers that generated more than $100,000 in ARR (annualized recurring revenue) rose 127% to 277.
Therefore, investors should follow Daniel Loeb, his hedge fund Third Point keeps buying more shares of the cybersecurity firm, and purchase this stock for high-growth return for this decade.
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SentinelOne has momentum now.