Stocks of a cyber security company SentinelOne Inc S rising on Wednesday after the company reported better than expected financial results.

• Sales Q4: $126.1 million surpassed estimates of $124.66 million
• Earnings per share Q4: Loss of 13 cents beat estimates for a loss of 16 cents

Quarterly revenue grew 92% year over year and annualized recurring revenue grew 88%, according to SentinelOne.

The cloud-based cybersecurity company’s total customer base grew by about 50%, surpassing 10,000 at the end of January.

SentinelOne ended the quarter with $1.2 billion in cash and equivalents.

“Our fourth quarter results exceeded expectations on all key metrics, demonstrating the strength of our competitive position and the profitability of our units. As reflected in our FY2024 outlook, we expect compelling revenue growth with steady margin improvement,” he said David BernhardtCFO of SentinelOne.

Outlook: SentinelOne sees First quarter revenue of approximately $137 million versus estimates of $136.85 million. The company expects full-year 2024 sales of between $631 million and $640 million versus an estimated $648.66 million.

Analyst Changes:

• Needham analyst Alex Henderson reiterated SentinelOne with a buy and a price target of $19.
• JMP Securities analyst Trevor Walsh kept SentinelOne with a Market Outperformance and cut the price target to $26 from $36.
• Wells Fargo analyst Andrew Nowinski kept SentinelOne at an equal weight and cut the price target to $16 from $18.
• Guggenheim analyst Raymond McDonough reiterated a buy on SentinelOne with a price target of $18.

Related link: These analysts are cutting price targets for SentinelOne after weak revenue forecasts

S Price Promotion: SentinelOne shares are up 9.81% at $15.89 at press time Gasoline Pro.

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