SentinelOne CEO Tomer Weingarten at the New York Stock Exchange.
Source: NYSE
SentinelOne, a cybersecurity company that went public in 2021 and has yet to see its stock price exceed highs from that year, is not currently open to acquisition offers, according to an interview with CNBC on Thursday. SentinelOne’s co-founder and CEO, Tomer Weingarten, confirmed that the company is not for sale, addressing previous rumors about a potential sale.
A recent report by Reuters, citing undisclosed sources, claimed that SentinelOne was exploring the possibility of a sale. Additionally, Bloomberg reported that security startup Wiz was considering an acquisition of SentinelOne, referencing statements made by a Wiz spokesperson.
Despite these speculations, SentinelOne experienced a surge of more than 10% in extended trading on Thursday after announcing strong fiscal second-quarter results. The company’s revenue grew by 46% compared to the previous year, and it projected $156 million in revenue for the fiscal third quarter, surpassing Refinitiv’s consensus of $154.2 million.
In response to the rumors, Weingarten emphasized that SentinelOne is a high-growth, high-performance company solely focused on its own path. The company has achieved remarkable margin improvement alongside incredible growth, and its priority is to drive innovation and protect its customers. Weingarten believes that remaining a publicly traded independent company is the best way to fulfill these objectives.
It is worth noting that in June, SentinelOne announced a reduction of its workforce by cutting 100 employees, which amounts to approximately 5% of its total workforce.
SentinelOne operates in the cybersecurity market, offering various products, including endpoint security software. The company faces competition from industry players like CrowdStrike and VMware, as well as pressure from Microsoft. Weingarten highlighted that SentinelOne continues to gain market share with each passing quarter, positioning incumbents as the weakest in the market.
Although SentinelOne remains partnered with Wiz, it did terminate a reseller agreement with the startup, as confirmed by Weingarten.
Year-to-date, SentinelOne’s stock has risen approximately 14%, falling behind the First Trust Nasdaq Cybersecurity ETF, which has seen a 22% increase during the same period. CrowdStrike, one of the holdings in the ETF, has experienced a 55% increase in stock value this year.
Watch the video below to learn more about Oracle, Biogen, and SentinelOne.
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