For a while, there was some concern that cybersecurity stocks like SentinelOne (NYSE:S) would take a bit of a hit in the current market environment. Several of them bucked this trend, and SentinelOne is one of them. It’s up nearly 6% in Monday afternoon’s trading thanks to some new support from analysts due to a rise in interest in endpoint security.
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The positive word this time around came from Gray Powell, an analyst with BTIG, who noted that SentinelOne was one of the biggest providers around when it came to endpoint security. Further, endpoint security has had something of a renaissance in recent days, with more and more businesses looking to provide security to those endpoints, like laptops and mobile devices. And, with endpoint security interest on the rise, that will put SentinelOne in an excellent position going forward. Powell points out that “sales execution” has been rapidly improving, and that should better allow it to beat estimates.
New Aces Up Its Sleeve
While SentinelOne has an excellent position in endpoint security, it’s also working to improve its position in several major new fields, including artificial intelligence and cloud security systems. In fact, SentinelOne managed to make a big pile of hay while the sun shined over Microsoft (NASDAQ:MSFT) and its recent cyberattack. Alex Stamos, chief trust officer with SentinelOne, suggested that the attack might have been the start of something larger. Stamos called it, potentially, a “…pretty significant campaign…” and anyone who might have heard of that one might have ended up a SentinelOne customer in short order.
Is SentinelOne a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on S stock based on 13 Buys and 14 Holds assigned in the past three months, as indicated by the graphic below. After a 77.26% rally in its share price over the past year, the average S price target of $27.07 per share implies 3.48% upside potential.
