UPDATE: Barclays Downgrades SentinelOne Inc (S) to Equalweight

March 29, 2022 3:40 AM EDT
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Price: $23.48 +0.64%

Rating Summary:
    11 Buy, 4 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 1 | Down: 1 | New: 0
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(Updated - March 29, 2022 5:42 AM EDT)

Barclays analyst Kannan Venkateshwar downgraded SentinelOne Inc (NYSE: S) from Overweight to Equalweight with a price target of $37.00.

The analyst comments "We are downgrading SentinelOne (S) to Equal Weight from Overweight for three reasons: (1) fundamentally, we believe the corporate endpoint market remains big (~$10B growing ~12% CAGR), and given the share shift from legacy incumbents, we think the market can support multiple disruptors of size, as we saw in network security; (2) that said, we think it is worth comparing the trajectory between S and CRWD when it was at similar scale, and to remember that S faces more competition at this scale than CRWD did, which we see from CRWD’s continuing net new ARR share; (3) a key part of this call is positioning to own names with profitability to anchor valuation, and while S is making progress on narrowing losses, it is still 2+ years out based on our estimates. Our estimates and price target are unchanged at $37."

For an analyst ratings summary and ratings history on SentinelOne Inc click here. For more ratings news on SentinelOne Inc click here.

Shares of SentinelOne Inc closed at $40.46 yesterday.

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