S - 1 Rallying Cybersecurity Stock That Could Be a Value Trap for 2024
2023-12-10 10:27:00 ET
Shares of small cybersecurity company SentinelOne (NYSE: S) have rallied nearly 50% in the past month, including a 16% jump on Wednesday, the day after it reported third-quarter earnings. Congrats to shareholders that bet on a rebound this year.
The business is a technological leader in providing endpoint security -- helping enterprises protect employee devices like PCs and smartphones -- and it's putting up stellar growth amid difficult economic conditions this year. However, headed into 2024, financial issues remain that could cause investors fits. Is this stock a "value trap"?
First, some good news that helped support SentinelOne's recent rebound. For the third quarter of fiscal 2024 (the three-month period ended Oct. 31), revenue increased 42% from the year prior to $164 million, surpassing management's guidance provided a few months ago.
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1 Rallying Cybersecurity Stock That Could Be a Value Trap for 2024