11:59 AM EST, 01/15/2025 (MT Newswires) -- SentinelOne ( S ) has potential to "significantly accelerate" its net new annual recurring revenue growth as it realigns its sales efforts and capitalizes on its platform breadth, Oppenheimer said in a Wednesday note.

Oppenheimer analysts said they believe "investors underestimate the potential of SentinelOne's ( S ) recent adjustments/platform value and are yet to credit the company for its recent performance."

According to Oppenheimer, the cybersecurity company's improved leadership and revamped sales strategies are starting to show results such as new customer additions and a record deal pipeline. SentinelOne ( S ) also has cross-sell/upsell and share gain opportunities in fast-growing non-endpoint markets, the investment firm said.

Oppenheimer estimates $2.2 billion in annual recurring revenue for the company in fiscal 2029, reflecting about a 24% compound annual growth rate from 2024 to 2028.

The investment firm initiated coverage on SentinelOne ( S ) with an outperform rating and a $32 price target.

Price: 21.81, Change: +0.08, Percent Change: +0.37