SentinelOne ( S Quick Quote S - Free Report) and Mandiant recently unveiled an expanded strategic alliance to equip organizations of all sizes with cutting-edge threat intelligence capabilities. The extended partnership will witness SentinelOne incorporate Mandiant's threat intelligence into the Singularity Platform. This will strengthen SentinelOne's existing threat intelligence suite and empower organizations to gain deeper insights into their threat environment. This will enable them to monitor emerging threats in almost real-time, proactively mitigate risks, and swiftly detect hostile actors within their network. Expanding Portfolio & Partner Base Aids Growth
SentinelOne continues to strengthen its cybersecurity and data capabilities powered by artificial intelligence. The growing adoption of its Singularity Marketplace has been noteworthy in recent times.
Embracing the Singularity RemoteOps policy is pivotal in its evolution, fortifying Incident Response and refining Evidence Acquisition for improved capabilities. This novel solution empowers security teams to pinpoint pertinent insights and extract actionable intelligence effectively.
Singularity RemoteOps Forensics is integrated with the SentinelOne Singularity platform and is offered as an add-on to SentinelOne’s Endpoint and Cloud Workload Security solutions.
It recently announced the availability of the Singularity Platform on Google Cloud Marketplace, which is expected to attract more customers. In second-quarter fiscal 2024, SentinelOne added more than 700 new customers and the total customer base now exceeds 11,000. Singularity Cloud remained SentinelOne’s fastest-growing solution in the fiscal second quarter, followed by solid contributions from Singularity Data Lake, Vigilance MDR and Ranger. SentinelOne is riding on an expanding partner base that includes the likes of ServiceNow and Amazon cloud arm, Amazon Web Services, which leverages the Singularity XDR platform to provide end-to-end threat detection and automated response. Revenues in second-quarter fiscal 2024 rallied 46% year over year to $149.4 million due to an expanding customer base. SentinelOne expects third-quarter fiscal 2024 revenues to be $156 million, reflecting growth of 35% year over year. The Zacks Consensus Estimate is currently pegged at $156.16 million, suggesting 35.42% year-over-year growth. Zacks Rank & Stocks to Consider
Currently, SentinelOne has a Zacks Rank #3 (Hold).
The company’s shares have returned 13.6% year to date, underperforming the Zacks Computer and Technology sector’s growth of 36.9%. Dell Technologies ( DELL Quick Quote DELL - Free Report) , NVIDIA ( NVDA Quick Quote NVDA - Free Report) and Splunk ( SPLK Quick Quote SPLK - Free Report) are a couple of better-ranked stocks that investors can consider in the broader sector, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. DELL, NVDA and SPLK shares have returned 71.9%, 200.8% and 38.6%, respectively, on a year-to-date basis. Long-term earnings growth rates for Dell Technologies, NVIDIA and SPLUNK are pegged at 12%,13.5% and 24.71%, respectively.