5 Best New Stocks To Buy According to Hedge Funds

2.    SentinelOne, Inc. (NYSE:S)

Number of Hedge Fund Holders: 67

Price as of October 20, 2021: $62.56

SentinelOne, Inc. (NYSE:S) is a cybersecurity company based out of Mountain View, California. The demand for cybersecurity has increased significantly as people have started working from home and using cloud technology to access data and are open to threats from everywhere.

SentinelOne Inc. (NYSE:S) was mentioned in Third Point Management’s Q2 2021 investor letter. Here’s what the investment management firm said:

“Our largest winner in Q2 was SentinelOne, which completed its initial public offering on June 30th. Today, it has a market cap of roughly ~$14 billion, over 4x its last private round valuation in November 2020. We first invested in SentinelOne in 2015, leading its Series B round at a post-money valuation of $98 million, and Robert Schwartz joined the board. After participating at each subsequent round, as well as in the IPO and after-market, we now own over 10% of the company and Rob remains a board member. SentinelOne’s next generation, AI-powered autonomous security product for the endpoint market continues to take share from legacy incumbents such as Symantec and McAfee. Its technology compares favorably to its most relevant next-gen endpoint protection competitor, Crowdstrike, in an environment where cybersecurity has become an essential enterprise need, highlighted by frequent, well-publicized attacks.”