{"id":17514,"date":"2023-06-03T00:42:48","date_gmt":"2023-06-03T04:42:48","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/sentinelone-stock-plummets-35-on-record-volume-for-worst-one-day-drop-ever\/"},"modified":"2023-06-03T00:42:49","modified_gmt":"2023-06-03T04:42:49","slug":"sentinelone-stock-plummets-35-on-record-volume-for-worst-one-day-drop-ever","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17514","title":{"rendered":"SentinelOne stock plummets 35% on record volume for worst one-day drop ever"},"content":{"rendered":"
\n

SentinelOne Inc.\u2019s stock suffered its worst day since its initial public offering as the cybersecurity company struggles to find new business amid a tough business spending environment, prompting one analyst to downgrade the stock.<\/p>\n

Not only did SentinelOne shares
\n S,
\n -35.14%<\/bg-quote>
\n on Friday experience their worst one-day percentage drop ever, but also they nearly closed at their lowest price ever, falling to as much as 38% to an intraday low of $12.86, or below previous record closing low of $13.08 set on Dec. 27, 2022. <\/p>\n

\n

Friday\u2019s closing price represents an 82% drop from their all-time high close of $76.30 set on Nov. 12, 2021, and 62% below their higher-than-expected IPO pricing of $35.<\/p>\n

Shares traded at their highest daily volume ever with more than 61 million shares exchanged, compared with their previous high of 27.7 million shares on March 18, and a 52-week average daily volume of 4.5 million shares.<\/p>\n

Late Thursday, SentinelOne lowered its outlook for the year, announced layoffs, and trimmed its annualized recurring revenue, or ARR, by 5%.<\/p>\n

<\/p>\n
<\/p>\n
<\/div>\n<\/figure><\/div>\n

From June 2021:<\/strong> SentinelOne stock bolts out of gate on first day, closes 20% above IPO price<\/p>\n

Guggenheim analyst Raymond McDonough, who has a buy rating and a $16 price target, down from $24, said SentinelOne reported \u201ca surprisingly weak quarter as necessary revisions to historical ARR figures clearly impeded management\u2019s ability (and ours) to forecast revenue and ARR with any sort of accuracy.\u201d<\/p>\n

Nvidia CEO feels \u2018perfectly safe\u2019 sourcing from Taiwan\u2019s TSMC amid China tensions<\/p>\n

\u201cOutside of critical ARR revisions, weakness in the quarter is hard to reconcile with management\u2019s commentary around gross retention being stable, upsell and new business being in line with expectations, and competitive win rates remaining unchanged,\u201d McDonough said in a note. \u201cTo us, it looks like new business fell off a cliff.\u201d<\/p>\n

On Friday, D.A. Davidson analyst Rudy Kessinger downgraded SentinelOne to neutral from buy, and cut his price target to $13.50 from $22, because of \u201cnew business \/ ARR growth rapidly declining.\u201d<\/p>\n

Read: <\/strong>Zscaler results, outlook top Street view, but shares dip amid tough cloud-software environment<\/p>\n

Of the 29 analysts who cover SentinelOne, 14 have buy ratings, 14 have hold ratings, and one has a sell rating. Of those, 18 slashed price targets resulting in an average target price of $17.48, down from a previous $20.72, according to FactSet data.<\/p>\n

Read: <\/strong>CrowdStrike stock drops more than 10% after less-than-perfect earnings outlook<\/p>\n

Cybersecurity companies like Zscaler Inc.
\n ZS,
\n +5.40%<\/bg-quote>,<\/span>
\n CrowdStrike Holdings Inc.
\n CRWD,
\n -3.95%<\/bg-quote>,<\/span>
\n and identity-management company Okta Inc.
\n OKTA,
\n -1.15%<\/bg-quote>
\n all reported results this past week against a struggling software market where recessionary fears have slowed business spending.<\/p>\n

Also read: <\/strong>Palo Alto Networks, software industry to undergo AI \u2018transformation\u2019 over next 12 months, CEO says<\/p>\n

Friday\u2019s selloff wiped out the stock\u2019s gains for the year. At Friday\u2019s close SentinelOne shares were down 7.9% for the year, compared with an 11.5% gain by the S&P 500 index\u00a0
\n SPX,
\n +1.45%<\/bg-quote>,<\/span>
\n a 26.5% increase by the tech-heavy Nasdaq Composite Index
\n COMP,
\n +1.07%<\/bg-quote>,<\/span>
\n and an 11.9% gain by the ETFMG Prime Cyber Security ETF\u00a0
\n HACK,
\n +0.41%<\/bg-quote>.<\/span>\n <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SentinelOne Inc.\u2019s stock suffered its worst day since its initial public offering as the cybersecurity company struggles to find new business amid a tough business spending environment, prompting one analyst to downgrade the stock. Not only did SentinelOne shares S, -35.14% on Friday experience their worst one-day percentage drop ever, but also they nearly closed […]<\/p>\n","protected":false},"author":1,"featured_media":17515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-17514","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nSentinelOne stock plummets 35% on record volume for worst one-day drop ever | iFintechWorld<\/title>\n<meta name=\"description\" content=\"SentinelOne Inc.\u2019s stock suffered its worst day since its initial public offering as the cybersecurity company struggles to find new business amid a tough\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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