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

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

SailPoint Price Performance

Shares of NASDAQ SAIL traded down $1.72 during midday trading on Friday, reaching $20.62. 3,467,976 shares of the stock were exchanged, compared to its average volume of 2,121,512. The firm has a 50-day moving average price of $20.96. SailPoint, Inc. has a twelve month low of $15.05 and a twelve month high of $26.35.

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

Analyst Ratings Changes

A number of brokerages have recently weighed in on SAIL. BMO Capital Markets boosted their price target on SailPoint from $26.00 to $27.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. The Goldman Sachs Group reissued a "neutral" rating on shares of SailPoint in a research report on Wednesday, June 11th. Arete Research raised shares of SailPoint to a "strong sell" rating and set a $16.00 price target for the company in a report on Monday, July 7th. Mizuho lifted their price objective on shares of SailPoint from $24.00 to $26.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 11th. Finally, Arete started coverage on shares of SailPoint in a report on Monday, July 7th. They set a "sell" rating and a $16.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $25.47.

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.