SailPoint (NASDAQ:SAIL) Stock Jumps 6.5% - Here's What Happened

Key Points

• SailPoint shares jumped 6.5% to $21.36, although trading volume was 84% below the average session volume.
• Analyst sentiment remains favorable: 21 analysts rate the stock Buy, with a consensus “Moderate Buy” rating and a $22.20 price target. Cantor Fitzgerald raised its target to $27 from $25.
• The company exceeded quarterly EPS expectations, reporting $0.09 versus the $0.08 consensus, while revenue rose 17% year over year to $308.81 million. New institutional investors including Wasatch Advisors and BlackRock also established sizable positions.

Shares of SailPoint, Inc. (NASDAQ:SAIL - Get Free Report) shot up 6.5% on Friday. The stock traded as high as $21.27 and last traded at $21.36. 634,656 shares changed hands during trading, a decline of 84% from the average session volume of 3,851,239 shares. The stock had previously closed at $20.06.

Wall Street Analyst Weigh In

A number of research firms recently commented on SAIL. Cantor Fitzgerald upped their price target on shares of SailPoint from $25.00 to $27.00 and gave the company an "overweight" rating in a report on Friday, October 9th. Roth Capital reissued a "buy" rating and set a $21.00 price target (up from $19.00) on shares of SailPoint in a research report on Thursday, September 10th. DA Davidson reissued a "neutral" rating and issued a $17.00 price target on shares of SailPoint in a report on Thursday, September 10th. Royal Bank Of Canada boosted their price objective on shares of SailPoint from $19.00 to $22.00 and gave the company an "outperform" rating in a research report on Friday, August 14th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of SailPoint in a research note on Wednesday, October 7th. Twenty-one research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, SailPoint presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.20.

SailPoint Stock Performance

The firm has a market cap of $12.43 billion, a P/E ratio of -64.23, a P/E/G ratio of 2.08 and a beta of 2.15. The business's 50-day simple moving average is $19.55 and its 200 day simple moving average is $16.32.

SailPoint (NASDAQ:SAIL - Get Free Report) last issued its earnings results on Wednesday, September 9th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. The firm had revenue of $308.81 million for the quarter. SailPoint had a positive return on equity of 2.44% and a negative net margin of 16.92%. The company's revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.02) earnings per share. SailPoint has set its FY 2027 guidance at 0.300-0.340 EPS and its Q3 2027 guidance at 0.070-0.080 EPS. As a group, equities research analysts expect that SailPoint, Inc. will post 0.33 EPS for the current year.

Insider Transactions at SailPoint

In other news, General Counsel Christopher Schmitt sold 23,367 shares of the business's stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $19.71, for a total value of $460,563.57. Following the completion of the transaction, the general counsel owned 1,268,311 shares of the company's stock, valued at $24,998,409.81. The trade was a 1.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available 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, CFO Brian Carolan sold 52,822 shares of the stock in a transaction on Wednesday, October 7th. The stock was sold at an average price of $19.71, for a total transaction of $1,041,121.62. Following the sale, the chief financial officer directly owned 1,626,381 shares in the company, valued at $32,055,969.51. This trade represents a 3.15% decrease in their ownership of the stock. 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. Insiders sold a total of 510,804 shares of company stock worth $10,215,738 over the last ninety days. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SailPoint

Several hedge funds and other institutional investors have recently modified their holdings of SAIL. Wasatch Advisors LP purchased a new stake in shares of SailPoint in the 2nd quarter valued at approximately $66,173,000. BlackRock Inc. acquired a new stake in SailPoint during the second quarter worth $65,050,000. Stephens Investment Management Group LLC increased its stake in SailPoint by 51.0% during the first quarter. Stephens Investment Management Group LLC now owns 2,895,700 shares of the company's stock worth $38,339,000 after acquiring an additional 978,376 shares during the last quarter. Bank of America Corp DE raised its position in SailPoint by 40.1% in the first quarter. Bank of America Corp DE now owns 1,764,870 shares of the company's stock valued at $23,367,000 after purchasing an additional 504,726 shares during the period. Finally, Freestone Grove Partners LP purchased a new stake in SailPoint in the second quarter valued at $21,266,000.

SailPoint Company Profile

SailPoint Technologies, Inc NASDAQ: SAIL provides identity security software that helps organizations manage and protect digital identities and access to applications, data, and other technology resources. Its platform is designed to support identity governance, access management, compliance, and security operations across complex information-technology environments.

The company's offerings include SailPoint Identity Security Cloud, a cloud-based platform for managing workforce and machine identities, as well as identity governance and administration capabilities delivered through its broader SailPoint platform.

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.