Vestcor Inc Makes New Investment in SailPoint, Inc. (NASDAQ:SAIL)

Key Points

• Vestcor Inc has acquired a new stake in SailPoint, purchasing 50,000 shares worth approximately $938,000 during the first quarter.
• SailPoint's stock is currently down 7.7%, with shares trading at $20.62, compared to a 1-year low of $15.05 and a high of $26.35.
• The company reported quarterly earnings of $0.01 per share, exceeding analysts' expectations and showing a year-over-year revenue growth of 22.8%.

Vestcor Inc purchased a new stake in shares of SailPoint, Inc. (NASDAQ:SAIL - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 50,000 shares of the company's stock, valued at approximately $938,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Assetmark Inc. purchased a new position in SailPoint during the 1st quarter valued at about $32,000. Picton Mahoney Asset Management purchased a new stake in SailPoint during the first quarter worth about $87,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of SailPoint in the 1st quarter valued at about $1,683,000. GW&K Investment Management LLC purchased a new stake in SailPoint in the first quarter valued at approximately $2,173,000. Finally, Allianz Asset Management GmbH purchased a new position in shares of SailPoint during the first quarter worth about $3,496,000.

SailPoint Price Performance

Shares of SAIL traded up $0.58 on Wednesday, hitting $20.08. The company's stock had a trading volume of 742,343 shares, compared to its average volume of 2,054,824. SailPoint, Inc. has a fifty-two week low of $15.05 and a fifty-two week high of $26.35. The business has a 50 day moving average price of $21.06.

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

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Cantor Fitzgerald assumed coverage on shares of SailPoint in a report on Monday, June 30th. They issued an "overweight" rating and a $29.00 target price on the stock. JPMorgan Chase & Co. raised their price target on SailPoint from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Thursday, June 12th. Arete Research upgraded shares of SailPoint to a "strong sell" rating and set a $16.00 price target on the stock in a research report on Monday, July 7th. Royal Bank Of Canada reissued an "outperform" rating and set a $29.00 price target (up from $27.00) on shares of SailPoint in a research report on Thursday, June 12th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating on shares of SailPoint in a research report on Wednesday, June 11th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, SailPoint currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.47.

SailPoint 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.