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Why SentinelOne Shares Are Trading Lower Today?

Why SentinelOne Shares Are Trading Lower Today?
Analysts continue to see compelling upside on SentinelOne (NYSE:S) despite lowering price targets following the Q3 beat and a solid outlook.




Piper Sandler analyst Rob Owens lowered the price target to $55 from $65, implying 16.6% upside, and kept a Neutral.




The analyst says compression of high-multiple stocks and a lock-up of 200 million shares expiring in two days will likely put pressure on the shares.




B of A Securities analyst Tal Liani maintained a Buy and lowered the price target from $77 to $67, implying a 42% upside.




Deutsche Bank analyst Patrick Colville lowered the price target to $63 from $77, implying a 33.6% upside, and kept a Buy.




The analyst says the quarter indicates SentinelOne is "capturing investment in the buoyant endpoint market."




Wells Fargo analyst Andrew Nowinski lowered the price target to $60 from $80, implying a 27% upside, and kept an Overweight.




The analyst notes SentinelOne reported "very strong" Q3 results, with ARR growth accelerating to 131% year-over-year.




Nowinski notes that the stock was down about 10%, likely attributable to the deceleration in new customer adds.




While he believes the growth in large customers is impressive, the analyst would not expect it to impact the new customer acquisition engine.




The stock is also likely under pressure due to the impending lock-up expiration on December 9, in which 200 million shares will be freely tradable, Nowinski adds.




Price Action: S shares traded lower by 7.62% at $47.15 on the last check Wednesday.
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