SentinelOne price target lowered to $18 from $23 at Wells Fargo

Wells Fargo analyst Andrew Nowinski lowered the firm’s price target on SentinelOne to $18 from $23 and keeps an Overweight rating on the shares. The analyst notes SentinelOne reported Q3 revenue that exceeded the high-end of guidance by $4.3M, which is in line with the average beat over the prior four quarters. However, Total ARR missed expectations, as net new ARR only increased 26% year-over-year. Management also provided preliminary guidance for 2024, calling for ARR growth of 50%, which was modestly below expectations, Nowinski adds.