Wells Fargo Raises Price Target for SentinelOne Inc Ahead of Earnings Report
On Monday, Wells Fargo adjusted its outlook on cybersecurity firm SentinelOne Inc (NYSE: S) by increasing its price target to $28.00, up from the previous $22.00. The analyst at Wells Fargo maintained the stock’s Equal Weight rating, indicating a neutral stance on the company’s shares.
The revision comes as SentinelOne is set to release its fourth-quarter results for fiscal year 2024 on Wednesday, March 13, at 5:00 PM ET.
“We are expecting the company to report solid results and are modestly raising our revenue and ARR estimates on the heels of strong reseller checks,” said Wells Fargo.
The firm has slightly raised its revenue and Annual Recurring Revenue (ARR) estimates for SentinelOne. The analyst expects that the company’s management will likely forecast revenue slightly above the market consensus, projecting it to be around $820 million. However, caution was expressed regarding the operating margin (OM) expectations for fiscal year 2025, with the prediction that management will likely set the OM guidance below the consensus, in the range of negative 7 to 8 percent.
Investors are closely watching SentinelOne’s performance metrics as the earnings report date approaches. With a market capitalization of $8.2 billion, the company has a significant presence in the cybersecurity sector. The impressive revenue growth over the last twelve months, as of Q3 2024, aligns with Wells Fargo’s anticipation of strong performance.
Analysts have revised their earnings upwards for the upcoming period, indicating potential growth opportunities for investors. The stock has experienced a substantial price uptick over the last six months, with a 55.35% return, reflecting positive market sentiment.
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As the market awaits SentinelOne’s earnings report, evaluating the company’s financial health and future prospects based on these metrics and insights will be crucial for investors.
