SailPoint (NASDAQ:SAIL) Upgraded at Arete Research

SailPoint (NASDAQ:SAIL - Get Free Report) was upgraded by investment analysts at Arete Research to a "strong sell" rating in a report issued on Monday, MarketBeat Ratings reports. The brokerage presently has a $16.00 price objective on the stock. Arete Research's price objective suggests a potential downside of 23.52% from the stock's current price.

SAIL has been the subject of several other reports. Bank of America started coverage on shares of SailPoint in a report on Monday, March 10th. They issued a "buy" rating and a $27.50 target price for the company. Evercore ISI began coverage on SailPoint in a research note on Monday, March 10th. They set an "outperform" rating and a $29.00 target price on the stock. TD Cowen started coverage on SailPoint in a research note on Monday, March 10th. They issued a "buy" rating and a $30.00 price target for the company. Arete assumed coverage on SailPoint in a research report on Monday. They set a "sell" rating and a $16.00 price objective on the stock. Finally, The Goldman Sachs Group reissued 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 issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $25.47.

SailPoint Price Performance

Shares of SAIL traded down $0.99 during mid-day trading on Monday, hitting $20.92. The stock had a trading volume of 1,583,920 shares, compared to its average volume of 1,986,502. SailPoint has a 52 week low of $15.05 and a 52 week high of $26.35. The stock's fifty day moving average price is $20.19.

SailPoint (NASDAQ:SAIL - Get Free Report) last posted its earnings results on Wednesday, June 11th. The company reported $0.01 earnings per share 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 the consensus estimate of $225.18 million. The firm's revenue was up 22.8% on a year-over-year basis.

Institutional Investors Weigh In On SailPoint

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assetmark Inc. bought a new position in SailPoint during the first quarter valued at $32,000. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of SailPoint during the 1st quarter worth about $49,000. Quarry LP bought a new position in SailPoint during the 1st quarter valued at about $70,000. Picton Mahoney Asset Management purchased a new stake in SailPoint in the 1st quarter worth about $87,000. Finally, PNC Financial Services Group Inc. bought a new stake in SailPoint in the first quarter worth about $150,000.

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.