S - SentinelOne: Scale Uncertainty Persists

2024-03-28 21:10:24 ET

Summary

• SentinelOne's stock had a strong end to 2023 on the back of increased investor risk appetite.
• While SentinelOne's valuation still looks appealing, growth is decelerating, and the expansion of its platform lacks momentum.
• The acquisition of PingSafe could strengthen SentinelOne's cloud business and help in this regard.
• SentinelOne is likely to continue trading at a discount to peers while doubts about its viability as an independent company persist.

SentinelOne's ( S ) stock had a strong end to 2023 on the back of robust growth in a depressed demand environment and increased investor risk appetite. Expanded cloud security capabilities and a platform that appeals to MSSPs should also support growth going forward. SentinelOne's valuation leaves room for error, but there are still genuine risks to the company and stock....

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