Canaccord Genuity upgraded S to "buy"
Shares of cybersecurity firm SentinelOne Inc (NYSE:S) are brushing off a bull note from Canaccord Genuity, last seen down 0.1% at $17.20. The analyst upgraded S to "buy" from "hold," saying the stock's recent sell-off was "overdone" and marking it as a long-term winner.
Canaccord Genuity did, however, cut its price target on the stock to $23 from $28. What's more, Needham and Wedbush yesterday slashed their price objectives to $25 and $20, respectively. More price-target cuts could be on the way too, considering SentinelOne stock's 12-month average target price of $24.96 is a 40.7% premium to last night's close.
SentinelOne stock opened the session higher, trading as high as $17.66. However, it's still trading in the area of a post-earnings bear gap from last week. Year to date, S is down 35.8%.
When weighing in on the equity, options look like a good way to go. The stock's Schaeffer's Volatility Index (SVI) of 43% ranks in the low 5th percentile of its annual range, meaning options traders are pricing in low volatility expectations at the moment.