Tudor Investment Corp ET AL Reduces Holdings in SailPoint, Inc. $SAIL

Key Points

• Tudor Investment Corp trimmed its SailPoint stake by 92.4% in Q3, selling 181,441 shares and now holds 14,903 shares worth about $329,000.
• Significant insider selling occurred on April 9 (General Counsel sold 18,813 shares and an EVP sold 20,082 shares at $11.46), and insiders have sold 526,962 shares (~$6.42M) over the past 90 days under Rule 10b5-1 plans to cover tax obligations.
• SailPoint reported 22.9% YoY revenue growth and met EPS estimates, but has a negative net margin (-25.2%); the stock trades near its 52-week low (~$10.30 at a recent $11.69 open) while analysts have cut targets but maintain a consensus of "Moderate Buy" with an average price target of $21.35.

Tudor Investment Corp ET AL trimmed its stake in SailPoint, Inc. (NASDAQ:SAIL - Free Report) by 92.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,903 shares of the company's stock after selling 181,441 shares during the period. Tudor Investment Corp ET AL's holdings in SailPoint were worth $329,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Aster Capital Management DIFC Ltd purchased a new stake in shares of SailPoint in the 3rd quarter worth about $31,000. State of Wyoming purchased a new stake in shares of SailPoint in the 2nd quarter worth about $45,000. BNP Paribas Financial Markets purchased a new stake in shares of SailPoint in the 2nd quarter worth about $79,000. California State Teachers Retirement System purchased a new stake in shares of SailPoint in the 2nd quarter worth about $87,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of SailPoint in the 3rd quarter worth about $133,000.

SailPoint Stock Down 0.6%

Shares of NASDAQ SAIL opened at $11.69 on Friday. The firm's 50-day moving average price is $13.73 and its 200-day moving average price is $17.84. The company has a market cap of $6.59 billion, a PE ratio of -20.87 and a beta of 2.38. SailPoint, Inc. has a 52-week low of $10.30 and a 52-week high of $24.95.

SailPoint (NASDAQ:SAIL - Get Free Report) last announced its quarterly earnings results on Wednesday, March 18th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.08. The firm had revenue of $294.65 million for the quarter. SailPoint had a negative net margin of 25.20% and a positive return on equity of 1.95%. The business's revenue was up 22.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($4.29) EPS.

Wall Street Analysts Forecast Growth

SAIL has been the subject of several research analyst reports. Royal Bank Of Canada dropped their target price on shares of SailPoint from $23.00 to $19.00 and set an "outperform" rating for the company in a research report on Thursday, March 19th. Truist Financial dropped their target price 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. TD Cowen dropped their target price 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. Scotiabank decreased their price target on shares of SailPoint from $24.00 to $16.00 and set a "sector outperform" rating for the company in a research note on Thursday, March 19th. Finally, Barclays decreased their price target on shares of SailPoint from $23.00 to $20.00 and set an "overweight" rating for the company in a research note on Monday, March 16th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, SailPoint currently has an average rating of "Moderate Buy" and an average price target of $21.35.

Insider Activity

In other news, General Counsel Christopher Schmitt sold 18,813 shares of the firm's stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $11.46, for a total transaction of $215,596.98. Following the sale, the general counsel owned 1,355,551 shares of the company's stock, valued at $15,534,614.46. This trade represents a 1.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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, EVP Chandrasekar Gnanasambandam sold 20,082 shares of the firm's stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $11.46, for a total transaction of $230,139.72. Following the sale, the executive vice president directly owned 968,926 shares in the company, valued at approximately $11,103,891.96. The trade was a 2.03% decrease in their position. 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. Over the last 90 days, insiders have sold 526,962 shares of company stock worth $6,420,108. 2.00% of the stock is owned by corporate insiders.

SailPoint Company 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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