Seven Grand Managers LLC Makes New Investment in SailPoint, Inc. $SAIL

Key Points

• Seven Grand Managers LLC acquired 500,000 shares of SailPoint, Inc., valued at approximately $9.375 million, representing 2.2% of their investment portfolio.
• SailPoint reported a 22.8% increase in revenue year-over-year, totaling $230.47 million for the quarter, with earnings per share beating expectations.
• Wall Street analysts have a Moderate Buy rating on SailPoint, with price targets ranging from $16.00 to $27.00.

Seven Grand Managers LLC acquired a new stake in SailPoint, Inc. (NASDAQ:SAIL - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 500,000 shares of the company's stock, valued at approximately $9,375,000. SailPoint accounts for about 2.2% of Seven Grand Managers LLC's holdings, making the stock its 15th biggest position. Seven Grand Managers LLC owned 0.09% of SailPoint as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Assetmark Inc. purchased a new position in shares of SailPoint in the first quarter valued at approximately $32,000. Picton Mahoney Asset Management purchased a new position in shares of SailPoint in the first quarter valued at approximately $87,000. PNC Financial Services Group Inc. purchased a new position in shares of SailPoint in the first quarter valued at approximately $150,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of SailPoint in the first quarter valued at approximately $212,000. Finally, US Bancorp DE purchased a new position in shares of SailPoint in the first quarter valued at approximately $213,000.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SAIL shares. Wells Fargo & Company raised their target price on SailPoint from $16.00 to $20.00 and gave the company an "equal weight" rating in a research report on Thursday, June 12th. Barclays increased their price target on SailPoint from $23.00 to $25.00 and gave the company an "overweight" rating in a report on Thursday, June 12th. Stephens raised SailPoint to a "strong-buy" rating in a report on Tuesday, August 12th. BMO Capital Markets increased their price target on SailPoint from $26.00 to $27.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Finally, Arete assumed coverage on SailPoint in a report on Monday, July 7th. They issued a "sell" rating and a $16.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $25.50.

SailPoint Trading Up 3.2%

NASDAQ:SAIL traded up $0.64 during midday trading on Friday, reaching $20.47. The company had a trading volume of 2,505,429 shares, compared to its average volume of 2,750,720. The business's fifty day simple moving average is $21.34. SailPoint, Inc. has a 12-month low of $15.05 and a 12-month 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, beating analysts' consensus estimates of ($0.01) by $0.02. The company had revenue of $230.47 million during the quarter, compared to analysts' expectations of $225.18 million. The company's revenue was up 22.8% compared to the same quarter last year.

About SailPoint

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.