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SentinelOne reports Q4 beat, shares gain despite softer revenue outlook
© SentinelOne PR SentinelOne reports Q4 beat, shares down 3% on 2024 revenue guidance miss
By Davit Kirakosyan and Senad Karaahmetovic
SentinelOne (NYSE:S) reported better-than-expected Q4 results, with EPS of ($0.13), compared to the consensus estimate of ($0.16).
Revenue grew 92% year-over-year to $126.1 million, beating the consensus estimate of $124.69M. Annualized recurring revenue (ARR) grew 88% to $548.7M as of January 31, 2023.
“Our fourth quarter results exceeded expectations across all key metrics, indicating strength of our competitive position and unit economics. Evident in our fiscal year 2024 outlook, we expect to deliver compelling top line growth with consistent margin improvement," said Dave Bernhardt, CFO of SentinelOne.
Shares initially fell 3% in after-hours trading before paring losses to trade nearly 5% higher in Wednesday's pre-market session.
The company expects Q1/24 revenue of $137M, compared to the consensus estimate of $136.85M. Non-GAAP gross margin is seen at 73.5%.
For the full year, the company expects revenue in the range of $631-640M, missing the consensus estimate of $648.66M. Non-GAAP gross margin is expected in the range of 73.5-74.5%.
JMP analysts said the company delivered strong results and believe the offered guidance is conservative. They lowered the price target by $10 to $26 per share to reflect multiple compression across the peer group.
Analysts praised SentinelOne’s "top-line growth, which is well above that of the peer group mean, product expansion into high-growth markets, and unique architecture emphasizing a cloud-based, AI-driven approach in a core cybersecurity market."
Morgan Stanley analysts reiterated an Equal-weight rating on S stock as it trades in a territory where it is too cheap to sell and too early to buy.
"While we believe this new guidance is slightly more appropriate for a still uncertain macro environment, we think another (albeit modest) reset in the forward estimates still casts uncertainty on the forward outlook. Therefore, it will need a couple quarters of solid execution for the stock to escape the penalty box," they said.
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