SentinelOne Inc S shares are trading lower Tuesday. The stock appears to be pulling back after rising more than 16% on Monday. Here's a look at what's driving the action.
What Happened: SentinelOne has reportedly been exploring strategic options that include a potential sale, per Reuters.
According to people familiar with the matter, the cybersecurity company hired investment bank Qatalyst Partners to advise it on discussions with potential acquirers, which includes private equity firms.
Several cybersecurity names also got a boost on Monday after Palo Alto Networks Inc PANW issued strong earnings guidance after the close on Friday. Several analysts raised price targets on the cybersecurity stock on Monday. Palo Alto closed the day up nearly 15%.
Needham analyst Alex Henderson also reiterated SentinelOne with a Buy rating on Tuesday and a price target of $19.
SentinelOne is set to report second-quarter earnings after the close on Aug. 31. The company is expected to report a loss of 14 cents per share and revenue of $140.98 million, according to estimates from Benzinga Pro.
See Also: Canadian Solar Cuts FY23 Revenue Guidance Post Mixed Q2 Performance
S Price Action: SentinelOne shares were down 1.61% at $16.56 at the time of publication, according to Benzinga Pro.
Photo: methodshop from Pixabay.
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