Tomer Weingarten, CEO, SentinelOne on the NYSE
Supply: NYSE
SentinelOne, a cybersecurity firm that went public in 2021 and has but to see its inventory worth exceed highs from that yr, shouldn’t be on the market, Tomer Weingarten, its cofounder and CEO, advised CNBC in an interview on Thursday.
The feedback comply with a Reuters report earlier this month, citing unnamed sources, that stated the corporate was a doable sale. Bloomberg reported that safety startup Wiz was contemplating an acquisition of SentinelOne, pointing to feedback from a Wiz spokesperson.
SentinelOne shares rose greater than 10% in prolonged buying and selling on Thursday after the corporate reported stronger-than-expected fiscal second-quarter outcomes. Income grew 46% yr over yr, down from 70% within the fiscal first quarter. The corporate known as for $156 million in fiscal third-quarter income, above the Refinitiv consensus of $154.2 million.
“Clearly, there’s an unbelievable quantity of rumors and hypothesis out there,” Weingarten stated. “I feel what you may simply see from our numbers is that we’re a high-growth firm, a high-performance firm. We’re solely targeted on our particular person path. We have now demonstrated unbelievable margin enchancment alongside unbelievable development, so all in all proper now, for us it is simply doing the very best that we are able to to drive our innovation, defend our clients.”
One of the simplest ways to do this is to stay a publicly traded impartial firm, Weingarten stated.
In June SentinelOne introduced that it was chopping 100 staff, about 5% of its workforce.
The corporate sells a number of merchandise, together with endpoint safety software program, placing it in competitors with CrowdStrike and VMware. It additionally faces stress from Microsoft.
“We’re taking share with each quarter that passes,” Weingarten stated. “Incumbents are clearly the weakest in that whole image.”
SentinelOne nonetheless has a partnership with Wiz however it did finish a reseller settlement with the startup, Weingarten stated.
Excluding the after-hours transfer, SentinelOne shares have risen about 14% to this point this yr, trailing the First Belief Nasdaq Cybersecurity ETF, which is up about 22% over the identical interval. CrowdStrike, one of many exchange-traded fund’s holdings, is up about 55% this yr.
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