Trade SentinelOne, Inc. - S CFD

SentinelOne, Inc. Company profile

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SentinelOne (S) is an American cybersecurity company headquartered in Mountain View, California. It uses machine learning for monitoring personal computers, IoT (internet of things) devices and cloud workloads. SentinelOne’s platform utilises a heuristic model, such as learning through experience, and provides complete protection for users, proactively managing and responding to threats such as malware and viruses in real-time.

The company went public in July 2021, listing its shares on the New York Stock Exchange (NYSE) under the ticker symbol S. 

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Co-founded in 2013 by Tomer Weingraten, Almog Cohen and Ehud Shamir, SentinelOne’s vision is to provide the next-generation of cybersecurity software, using artificial intelligence to autonomously prevent, detect and respond to cybersecurity attacks on computer networks. As of 30 April 2021, SentinelOne had more than 4,700 customers across over 80 countries, including names such as Aston Martin (AML), Estee Lauder (EL), Electronic Arts (EA) and JetBlue (JBLU). In 2020, SentinelOne was recognised as one of the fastest-growing companies in North America for a second consecutive year. 

The company was created from a vision to change the shape of cybersecurity. While most of us are familiar with the concept of antivirus software, much of this software is no longer fit for purpose, with criminals continuing to evolve and update the techniques used to conduct cyber attacks. 

Traditional antivirus software works in a very simple way – by compiling an extensive database of known viruses. The software is then able to detect and remove those files with characteristics that it recognises. But as cybercrime has continued to innovate, hackers are able to use so-called “masking techniques” to make malicious software appear harmless, allowing it to bypass the protection offered by antivirus software.

Instead of looking for recognisable characteristics of a file or piece of software, the SentinelOne’s software analyses the underlying processes that are running on a computer device or network. This means that the software is still able to identify and neutralise the threat by examining its behaviours rather than its appearance. In other words, as explained in the SentinelOne blog, “it may be easy for a bank robber to disguise themselves as a security guard or janitor. It’s much harder to explain away the fact that they’re shoveling money into a bag”.

On 3 June 2021, the company filed an S-1 form with the US Securities and Exchange Commission (SEC) to go public on the NYSE. On 29 June, SentinelOne priced its initial public offering (IPO) at $35 a share, above its initial target range of $31-$32. SentinelOne sold 35 million shares, raising $1.2bn and making it the highest-valued cybersecurity IPO in history, with a company valuation of $8.9bn.

On 30 June, the stock debuted on the market, opening at $46 a share. After falling to an intraday low of $41.11, the SentinelOne share price closed the first trading day at $42.50.

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