Lord Abbett & CO. LLC Takes $20.81 Million Position in SailPoint, Inc. (NASDAQ:SAIL)

Key Points

• Lord Abbett & CO. LLC has acquired a new stake in SailPoint, Inc., purchasing approximately $20.81 million worth of shares, which represents about 0.20% of the company's total shares outstanding.
• Several other investors, including Assetmark Inc. and PNC Financial Services Group Inc., have also established new positions in SailPoint during the first quarter, indicating renewed institutional interest in the company.
• Analysts have mixed ratings on SailPoint's stock, with BMO Capital Markets raising its target price, while others have assigned sell or strong sell ratings, highlighting the volatility in investor sentiment and price targets.

Lord Abbett & CO. LLC purchased a new stake in SailPoint, Inc. (NASDAQ:SAIL - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 1,110,000 shares of the company's stock, valued at approximately $20,813,000. Lord Abbett & CO. LLC owned approximately 0.20% of SailPoint as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Assetmark Inc. purchased a new position in shares of SailPoint in the 1st quarter valued at about $32,000. Picton Mahoney Asset Management purchased a new position in shares of SailPoint in the 1st quarter valued at about $87,000. PNC Financial Services Group Inc. purchased a new position in shares of SailPoint in the 1st quarter valued at about $150,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of SailPoint in the 1st quarter valued at about $212,000. Finally, US Bancorp DE purchased a new position in SailPoint during the 1st quarter valued at about $213,000.

Analysts Set New Price Targets

SAIL has been the subject of several recent research reports. Cantor Fitzgerald initiated coverage on shares of SailPoint in a report on Monday, June 30th. They set an "overweight" rating and a $29.00 target price for the company. Arete initiated coverage on shares of SailPoint in a report on Monday, July 7th. They set a "sell" rating and a $16.00 target price for the company. Stephens upgraded shares of SailPoint to a "strong-buy" rating in a report on Tuesday. BMO Capital Markets raised their target price on shares of SailPoint from $26.00 to $27.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Finally, Arete Research upgraded shares of SailPoint to a "strong sell" rating and set a $16.00 target price for the company in a report on Monday, July 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $25.50.

SailPoint Stock Performance

SAIL opened at $20.47 on Friday. The business has a 50 day moving average of $21.34. SailPoint, Inc. has a 1 year low of $15.05 and a 1 year high of $26.35.

SailPoint (NASDAQ:SAIL - Get Free Report) last released its earnings results on Wednesday, June 11th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.02. The company had revenue of $230.47 million during the quarter, compared to analyst estimates of $225.18 million. SailPoint's revenue was up 22.8% compared to the same quarter last year.

SailPoint Company Profile

SailPoint, Inc delivers solutions to enable comprehensive identity security for the enterprise. Its solutions enable organizations to establish, control, and automate policies that help them define and maintain a robust security posture and achieve regulatory compliance. The company was founded by Mark David McClain in 2005 and is headquartered in Austin, TX.

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