Norges Bank Makes New $234.68 Million Investment in SailPoint, Inc. $SAIL

Key Points

• Norges Bank disclosed a new stake in SailPoint, buying 11.6 million shares worth about $234.7 million and ending up with roughly 2.07% of the company.
• SailPoint’s latest quarterly results showed EPS of $0.08, matching expectations, while revenue rose 22.9% year over year to $294.65 million.
• Analyst sentiment remains broadly positive, with an average Moderate Buy rating and a consensus price target of $21.29, though several firms recently trimmed their targets. Meanwhile, insiders including the CFO and CEO sold shares in April under pre-arranged trading plans.

Norges Bank purchased a new position in shares of SailPoint, Inc. (NASDAQ:SAIL - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 11,600,666 shares of the company's stock, valued at approximately $234,681,000. Norges Bank owned approximately 2.07% of SailPoint as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SAIL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in SailPoint during the 2nd quarter worth approximately $64,453,000. UBS Group AG raised its position in SailPoint by 116.3% in the 3rd quarter. UBS Group AG now owns 4,128,038 shares of the company's stock valued at $91,147,000 after purchasing an additional 2,219,593 shares during the last quarter. NZS Capital LLC raised its position in SailPoint by 186.6% in the 3rd quarter. NZS Capital LLC now owns 1,747,161 shares of the company's stock valued at $38,577,000 after purchasing an additional 1,137,643 shares during the last quarter. Ameriprise Financial Inc. raised its position in SailPoint by 175.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,594,605 shares of the company's stock valued at $35,209,000 after purchasing an additional 1,016,724 shares during the last quarter. Finally, GW&K Investment Management LLC raised its position in SailPoint by 34.3% in the 3rd quarter. GW&K Investment Management LLC now owns 3,395,602 shares of the company's stock valued at $74,975,000 after purchasing an additional 866,889 shares during the last quarter.

SailPoint Stock Performance

Shares of SailPoint stock opened at $19.84 on Wednesday. The company has a market cap of $11.25 billion, a P/E ratio of -35.43 and a beta of 2.02. SailPoint, Inc. has a one year low of $10.30 and a one year high of $24.95. The firm has a fifty day moving average of $12.98 and a two-hundred day moving average of $16.01.

SailPoint (NASDAQ:SAIL - Get Free Report) last announced its quarterly earnings data on Wednesday, March 18th. The company reported $0.08 EPS for the quarter, hitting analysts' consensus estimates of $0.08. The company had revenue of $294.65 million during the quarter. SailPoint had a negative net margin of 25.20% and a positive return on equity of 1.95%. The firm's quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($4.29) EPS. As a group, equities analysts predict that SailPoint, Inc. will post 0.32 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently commented on SAIL shares. Robert W. Baird reduced their price target on shares of SailPoint from $26.00 to $22.00 and set an "outperform" rating for the company in a research report on Thursday, March 19th. Royal Bank Of Canada set a $17.00 price target on shares of SailPoint in a research report on Friday, May 15th. Truist Financial reduced their price target on shares of SailPoint from $23.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, March 19th. JPMorgan Chase & Co. reduced their price target on shares of SailPoint from $26.00 to $22.00 and set an "overweight" rating for the company in a research report on Thursday, March 19th. Finally, TD Cowen reduced their price target on shares of SailPoint from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Tuesday, February 24th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $21.29.

Insider Activity at SailPoint

In other SailPoint news, CFO Brian Carolan sold 47,444 shares of the company's stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $11.46, for a total transaction of $543,708.24. Following the completion of the transaction, the chief financial officer owned 1,786,212 shares in the company, valued at approximately $20,469,989.52. This represents a 2.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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, CEO Mark D. Mcclain sold 92,874 shares of the company's stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $11.46, for a total transaction of $1,064,336.04. Following the transaction, the chief executive officer owned 8,305,324 shares of the company's stock, valued at approximately $95,179,013.04. The trade was a 1.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 534,449 shares of company stock worth $6,569,848 in the last 90 days. Corporate insiders own 1.70% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.