UPDATE: SentinelOne Inc (S) PT Lowered to $38 at Wolfe Research

(Updated - March 16, 2022 6:18 AM EDT)

Wolfe Research analyst Joshua Tilton lowered the price target on SentinelOne Inc (NYSE: S) to $38.00 (from $52.00) while maintaining a Outperform rating.

The analyst comments "SentinelOne reported 4Q results that were ahead of consensus across key metrics. Revenue and ARR however came in below our upside model and beat magnitudes declined from the previous quarter. Coupled with guidance for FY23E that was slightly ahead on top line but slightly below on Op. Income sent shares down 6% AH. Despite the mixed results the guidance sets a floor for SentinelOne to remain one of, if not the fastest, growing software names in CY22 while still generating 28pts of margin improvement (which likely would have been better ex-data set migrations). Management also announced the acquisition of Attivo, which is expected to be accretive to GM, a positive for S according to initial checks, and further positions the portfolio to increase business through the IR/MSSP channel (now 20% of the business). We remain bullish on the long term opportunity and reiterate our Outperform rating but lower our PT to $38."

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