Wedbush, a leading equities research firm, has raised its price target for cybersecurity provider SentinelOne (NYSE:S) following positive analyst reports. The firm increased the target price from $20.00 to $30.00, indicating a potential upside of 21.19% from the stock’s previous close. Wedbush also maintained an “outperform” rating on the stock.
Other analysts have also weighed in on SentinelOne’s performance. Canaccord Genuity Group upgraded the stock from a “hold” to a “buy” rating, with a target price of $23.00. Scotiabank, on the other hand, lowered its price objective from $25.00 to $18.00 and assigned a “sector perform” rating. Baird R W upgraded SentinelOne to a “strong-buy” rating, while Morgan Stanley raised its target price to $27.00 and gave the stock an “overweight” rating.
SentinelOne recently announced its quarterly earnings data, reporting a loss of ($0.23) per share for the quarter, missing the consensus estimate of ($0.05) by ($0.18). The company’s revenue for the quarter was $186.36 million, surpassing analysts’ expectations of $181.11 million. Despite the loss, SentinelOne’s revenue increased by 39.7% compared to the same quarter last year.
Insider activity has also been observed, with Ric Smith, the company’s insider, selling 24,467 shares at an average price of $17.30, totaling $423,279.10. Chief Financial Officer David J. Bernhardt also sold 11,061 shares at the same average price, amounting to $191,355.30. In the past 90 days, insiders have sold a total of 610,851 shares, representing 5.60% of the company’s stock.
Several hedge funds have made changes to their positions in SentinelOne, including International Assets Investment Management LLC, Sigma Planning Corp, Russell Investments Group Ltd., Van ECK Associates Corp, and Victory Capital Management Inc.
SentinelOne operates as a cybersecurity provider, offering artificial intelligence-powered autonomous threat prevention, detection, and response capabilities. Its Singularity Platform provides seamless and autonomous protection against a range of cyber threats across an organization’s endpoints, cloud workloads, and identity credentials.