SentinelOne (S) could outperform market expectations for its fiscal Q1 revenue amid improving sales execution and product traction, Oppenheimer said in a Thursday note.
The company is set to release its fiscal Q1 results on May 28 and consensus revenue estimate stands at $277.3 million, according to the note. Oppenheimer said its quarterly checks indicated better-than-expected performance and continued momentum across the company's PurpleAI and Singularity SIEM products.
Partner checks were also positive, pointing to improving win rates mid-market while competitive dynamics at the upper end remain unchanged, the brokerage added.
Oppenheimer also noted that SentinelOne's $250 million to $300 million stake in Anthropic could unlock incremental value should the artificial intelligence company proceed with an IPO this year.
Oppenheimer raised its price target on SentinelOne to $21 from $18, while maintaining its outperform rating.
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