SentinelOne steadies after $1.25 bln convertible bond sale
BUZZ-SentinelOne steadies after $1.25 bln convertible bond sale ** Cybersecurity platform SentinelOne's S.N shares up 0.2% at $24.05 premarket after securing raise
** Co early Weds announced pricing private offering of $1.25 bln 0% convertible bonds (CBs) due Oct 1, 2031
** Conversion price of $31.21 represents 30% premium to stock's last close
** S shares finished down 6.4% on Tues after co launched offering for general purposes, including stock buybacks, working capital, capex, potential acquisitions
** Co expects to use ~$131.6 mln of net proceeds to pay cost of capped call transactions and $150 mln to repurchase its shares from investors in the CBs
** Through Tues, stock up ~60% YTD
** Avg rating of 36 analysts is "buy"; median PT of $25 up from $19 three months ago, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
Recent news on SentinelOne
See all newsBrief: As Ai Accelerates Cyberattacks, N-Able And Sentinelone Expand Their Strategic Partnership To Advance Resilience
Brief: Sentinelone And Lenovo Expand Partnership To Bring Ai Security & Governance To The Thinkshield Security Portfolio
Brief: Sentinelone Names Levelblue Global Delivery Partner For Wayfinder Services
US STOCKS ON THE MOVE-Netflix, Coinbase Global, Accenture
US STOCKS ON THE MOVE-Bending Spoons, Skydance, Albertsons