So FactSet sentiment data is not point in time. P123 has remedied that by introducing a lag—at one time at least.
I am not sure whether this is an answer to your question or not but this if from a FactSet white paper telling us about the problems with their data and trying to sell you a PIT version. Since it is FactSet’s white paper, any criticisms about their own data can probably be taken at face value I would think: FactSet White Paper
Of note, because of the time difference what data will and will not be included will differ between the US and Europe. It is in the link and is relatively complex. I will not try to distill it here. But FactSet makes a big deal about time-zones when trying to sell the PIT version.
For sure there are probably other reasons and this one may or may not be significant. But I would want to have this sorted out if I were using European data.
Call me OCD but I would want to know and would ask for some help if FactSet’s white paper did not make it clear to me.
Note also that Walter has already requested a P123 white paper on this topic in this post, which only documents that others may be as uncertain as I am about where or how this presents a problem (if in fact it does present a problem still): Ranking calculation only done once a week - #4 by WalterW
Jim