Cybersecurity firm SentinelOne Inc was set to shed over a third of its market value on Friday after a tough economy and stiff competition slammed its quarterly earnings and forecast.Shares of the company sank 37 per cent before the bell on Friday and were set to open at their lowest level in about six mon
Cybersecurity firm SentinelOne Inc was set to shed over a third of its market value on Friday after a tough economy and stiff competition slammed its quarterly earnings and forecast.
More than half of the 30 analysts covering the stock lowered their target prices, citing the longer deal cycles and waning demand from enterprise customers, who are holding back on new orders due to high inflation and rising interest rates. Factors other than a weak economy seem to be impacting SentinelOne, said BTIG analysts, downgrading the stock to"neutral".
SentinelOne on Thursday posted quarterly revenue growth of about 70 per cent, its weakest since going public, and predicted a slower rise of 38 per cent in the second quarter. Both figures missed estimates.
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