5 Best Technology Stocks to Buy According to Billionaire Dan Loeb

1. SentinelOne, Inc. (NYSE:S)

Third Point LLC’s Stake Value: $1,396,008,000

Percentage of Third Point LLC’s 13F Portfolio: 7.62%

SentinelOne, Inc. (NYSE:S) is a provider of cybersecurity services through its proprietary Singularity platform that detects and prevents attacks against cyber threats by employing artificial intelligence. The stock price of the Mountain View, California-based company has risen as much as 70% from its IPO in late June 2021 and is currently up 30%. SentinelOne, Inc. (NYSE:S) is the second-biggest holding in Third Point LLC’s portfolio, and the hedge fund increased its holdings in the company by 6% during Q3 2021.

In a research note issued on September 9, Yun Kim at Loop Capital raised the target price from $60 to $82 and maintained a Buy rating on SentinelOne, Inc. (NYSE:S) stock.

Third Point Management shared its stance on SentinelOne, Inc. (NYSE:S) in its Q3 2021 investor letter:

“Our top winners on a percentage basis in Q3 were our two largest positions; (which includes) SentinelOne, up 26%, as public market investors rewarded both companies’ disruptive business models and high-growth trajectories. We expect SentinelOne to grow rapidly and continue to gain market share over the next decade as flexible work patterns, cloud adoption, and IoT create more security vulnerabilities. This market is still dominated by legacy vendors whose solutions pale when compared to SentinelOne’s autonomous, machine-learning based security, which is taking share and helping the company grow annual recurring revenue by more than 100% year-over-year.”

You can also take a peek at Brian Higgins’ King Street Capital Portfolio: Top 10 Stock Picks and Top Tech Stock Picks of Amir Mokari’s Emerson Point Capital.

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