Keenan Capital LLC Sells 1,419,292 Shares of SailPoint, Inc. $SAIL

Keenan Capital LLC cut its position in shares of SailPoint, Inc. (NASDAQ:SAIL - Free Report) by 33.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,862,119 shares of the company's stock after selling 1,419,292 shares during the quarter. SailPoint accounts for about 8.3% of Keenan Capital LLC's investment portfolio, making the stock its 6th largest holding. Keenan Capital LLC owned about 0.50% of SailPoint worth $41,901,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Gables Capital Management Inc. acquired a new stake in shares of SailPoint during the second quarter worth $29,000. Palladiem LLC bought a new stake in shares of SailPoint during the 4th quarter valued at about $42,000. Kestra Advisory Services LLC bought a new stake in shares of SailPoint during the 4th quarter valued at about $42,000. State of Wyoming acquired a new stake in SailPoint during the second quarter worth about $45,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in SailPoint during the second quarter worth about $50,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Wolfe Research restated an "outperform" rating and issued a $18.00 target price on shares of SailPoint in a research note on Wednesday, June 10th. Truist Financial increased their price target on SailPoint from $18.00 to $23.00 and gave the stock a "buy" rating in a research report on Wednesday, August 19th. Jefferies Financial Group reissued a "buy" rating and issued a $23.00 price target on shares of SailPoint in a report on Friday. Weiss Ratings upgraded SailPoint from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, August 13th. Finally, Roth Capital began coverage on SailPoint in a research note on Wednesday, May 20th. They set a "buy" rating and a $19.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $20.55.

Insider Transactions at SailPoint

In related news, President Matt Mills sold 43,485 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $16.29, for a total value of $708,370.65. Following the completion of the transaction, the president owned 2,407,849 shares in the company, valued at $39,223,860.21. This represents a 1.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Brian Carolan sold 46,002 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $15.42, for a total transaction of $709,350.84. Following the completion of the transaction, the chief financial officer owned 1,707,742 shares of the company's stock, valued at $26,333,381.64. This trade represents a 2.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 491,559 shares of company stock worth $7,809,391 over the last ninety days. Insiders own 1.70% of the company's stock.

SailPoint Trading Down 5.5%

Shares of NASDAQ SAIL opened at $17.79 on Wednesday. The stock has a 50 day simple moving average of $17.17 and a 200-day simple moving average of $14.95. The company has a market cap of $10.09 billion, a PE ratio of -65.89, a P/E/G ratio of 1.97 and a beta of 2.17. SailPoint, Inc. has a 12-month low of $10.30 and a 12-month high of $24.00.

SailPoint (NASDAQ:SAIL - Get Free Report) last issued its quarterly earnings data on Tuesday, June 9th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.04 by $0.01. The business had revenue of $280.14 million during the quarter. SailPoint had a positive return on equity of 2.31% and a negative net margin of 14.04%.The business's quarterly revenue was up 21.5% compared to the same quarter last year. During the same period last year, the company earned $0.01 earnings per share. Sell-side analysts forecast that SailPoint, Inc. will post 0.32 earnings per share for the current fiscal year.

SailPoint Profile

SailPoint Technologies Holdings, Inc NASDAQ: SAIL is a leading provider of enterprise identity governance solutions that enable organizations to manage and secure user access across on-premises, cloud and hybrid IT environments. Its software automates identity lifecycle management, access certifications, policy enforcement and privileged account governance, helping enterprises reduce security risks, maintain regulatory compliance and streamline IT operations. The company's flagship offerings include IdentityIQ, a comprehensive on-premises platform, and IdentityNow, a cloud-native identity governance-as-a-service solution.

Founded in 2005 by industry veterans Mark McClain and Kevin Cunningham, SailPoint is headquartered in Austin, Texas.

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