SentinelOne Stock Is Sliding: What's Going On?

SentinelOne Inc S shares are trading lower Wednesday after the company announced that it has agreed to acquire PingSafe. 

What Happened: SentinelOne said it agreed to acquire PingSafe for a combination of cash and stock. The acquisition of PingSafe's cloud native application protection platform is expected to help SentinelOne provide a fully integrated platform with better coverage, hygiene and automation across a company's cloud footprint.

SentinelOne noted that following the transaction, companies will not have to rely on point solutions or standalone cloud security platforms. Instead, companies will be able to access a unified security platform with advanced, real-time, AI-powered security operations.

"With the addition of PingSafe, we intend to redefine cloud security by fusing best-of-breed cloud workload protection, AI and analytics capabilities with a modern and comprehensive CNAPP," said Ric Smith, chief product and technology officer of SentinelOne. 

The acquisition is expected to close in the first quarter of SentinelOne's fiscal 2025. 

See Also: Apple's iPhones Were Backdoored For Four Years Using The 'Most Sophisticated Attack Chain' Ever, Say Security Researchers

S Price Action: SentinelOne shares were down 3.36% at $25 at the time of writing, according to Benzinga Pro.

Photo: Jonathan Hammond from Pixabay.