SentinelOne price target lowered to $22 from $40 at DA Davidson

DA Davidson analyst Rudy Kessinger lowered the firm’s price target on SentinelOne to $22 from $40 but keeps a Buy rating on the shares. The company’s Q3 revenue beat was "solid" and its operating margin improvement was "strong", but its net new ARR growth was lower than expected due to macro factors and elongated sales cycles, the analyst tells investors in a research note. Kessinger adds however that he still finds SentinelOne shares as "attractive" at about 5-times enterprise value to expected 2023 revenue multiple.