SentinelOne stock initiated with Buy rating at Rosenblatt, price target set at $24

Investing.com - Rosenblatt Securities initiated coverage on SentinelOne Inc (NYSE:S) with a Buy rating and a $24.00 price target on Friday. The cybersecurity company, currently valued at $5.87 billion, has demonstrated strong revenue growth of 28% year-over-year.

The research firm stated that SentinelOne is "significantly undervalued" and trading at approximately 40% discount to its peer group given its position as a leader in AI-driven cybersecurity. This assessment aligns with InvestingPro analysis, which indicates the stock is currently trading below its Fair Value.

Rosenblatt highlighted the company’s successful platform transition, noting that non-endpoint solutions now represent 50% of new bookings for SentinelOne.

The firm also pointed to SentinelOne’s improving free cash flow profile, which it believes provides a clear path to value creation for the cybersecurity company.

Rosenblatt indicated the stock presents a "compelling opportunity for long-term oriented investors" who can look beyond what it described as "near-term macro-related headwinds."

In other recent news, SentinelOne has announced several significant developments. The company has partnered with Abstract Security to integrate their security data pipeline with SentinelOne’s Singularity Platform, enhancing threat detection and response capabilities. This collaboration is aimed at improving real-time analytics and reducing alert fatigue for security teams. Additionally, SentinelOne’s AI security solutions, including Singularity Cloud Security and AI SIEM, are now available in the AWS Marketplace. This inclusion allows AWS customers to streamline procurement processes and deploy SentinelOne’s security platform more efficiently.

SentinelOne has also become a launch partner for the new AWS Security Hub, which provides a centralized view of security statuses by correlating signals from various sources. The integration with AWS Security Hub aims to improve AI-powered detection and response capabilities. Furthermore, SentinelOne has joined the AWS Independent (LON:IOG) Software (ETR:SOWGn) Vendor Workload Migration Program, offering support for secure cloud migrations. This participation is intended to help AWS customers accelerate migrations while reducing costs and risks. In other corporate news, Infosys (NSE:INFY) Limited has announced its 44th Annual General Meeting and released its Integrated Annual Report for the fiscal year 2024-25, providing insights into its financial performance and strategic initiatives.

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