SentinelOne Inc S is reportedly exploring options for a sale.
The company had become a takeover target after its shares lost 80% of their value in the last two years, reported Reuters.
As per the report, SentinelOne has hired investment bank Qatalyst Partners to seek advice on the discussion with potential buyers (including private equity firms).
The report added that the initial expressions of interest did not meet SentinelOne's valuation expectations, and the company may end the talks without a deal.
In June, SentinelOne reported Q1 FY24 revenue of $133.4 million, missed estimates of $136.63 million and EPS loss of $0.15, beating estimates for a loss of $0.17.
The company ended the quarter with $1.1 billion in cash, equivalents and investments.
SentinelOne cut its FY24 guidance for annual revenue growth and said it would lay off about 5% of its employees.
Also Read: SentinelOne Shares Set For Recovery, Analyst Predicts Long-Term Share Gains
Price Action: S shares closed higher by 16.16% at $16.82 on Monday.
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