SentinelOne downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo analyst Andrew Nowinski downgraded SentinelOne (S) to Equal Weight from Overweight with a price target of $18, down from $22, post the Q1 report. The company’s net new annual recurring revenuve missed expectations due to deal slippage, the analyst tells investors in a research note. The firm believes SentinelOne has missed the opportunity to drive strong growth in net new ARR. While demand in the month of May improved, management still guided for a 16% year-over-year decline in net new ARR, despite closing some of the deals that slipped, Wells points out.