SailPoint (NASDAQ:SAIL) Price Target Raised to $17.00

Key Points

• Wells Fargo raised SailPoint’s price target from $16 to $17 and kept an overweight rating, implying about 14.6% upside from the current price.
• Analyst sentiment remains broadly positive, with SailPoint carrying a Moderate Buy consensus and an average target price of $21.19 across Wall Street coverage.
• The stock was down 1.0% to $14.83 on Thursday, even after the latest analyst boost, while the company most recently reported quarterly revenue growth of 22.9% year over year.

SailPoint (NASDAQ:SAIL - Get Free Report) had its target price raised by equities research analysts at Wells Fargo & Company from $16.00 to $17.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's target price suggests a potential upside of 14.62% from the company's current price.

A number of other equities analysts have also recently commented on the stock. Royal Bank Of Canada set a $17.00 price objective on shares of SailPoint in a research note on Friday, May 15th. Cantor Fitzgerald reissued an "overweight" rating and issued a $23.00 price objective on shares of SailPoint in a research note on Monday, March 23rd. FBN Securities assumed coverage on shares of SailPoint in a research note on Tuesday, February 24th. They issued an "outperform" rating and a $18.00 price objective for the company. Roth Mkm assumed coverage on shares of SailPoint in a research note on Wednesday. They issued a "buy" rating and a $19.00 price objective for the company. Finally, Robert W. Baird dropped their price objective on shares of SailPoint from $26.00 to $22.00 and set an "outperform" rating for the company in a research note on Thursday, March 19th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, SailPoint presently has a consensus rating of "Moderate Buy" and an average target price of $21.19.

SailPoint Stock Down 1.0%

NASDAQ SAIL traded down $0.15 on Thursday, reaching $14.83. The company had a trading volume of 691,049 shares, compared to its average volume of 3,072,392. The stock has a market capitalization of $8.41 billion, a PE ratio of -26.45 and a beta of 1.09. The firm's 50 day moving average price is $12.66 and its 200 day moving average price is $16.22. SailPoint has a 12 month low of $10.30 and a 12 month high of $24.95.

SailPoint (NASDAQ:SAIL - Get Free Report) last issued its quarterly earnings data on Wednesday, March 18th. The company reported $0.08 EPS for the quarter, hitting analysts' consensus estimates of $0.08. SailPoint had a negative net margin of 25.20% and a positive return on equity of 1.95%. The business had revenue of $294.65 million during the quarter. During the same period in the previous year, the business earned ($4.29) earnings per share. The business's quarterly revenue was up 22.9% on a year-over-year basis. On average, research analysts expect that SailPoint will post 0.32 EPS for the current year.

Insider Activity at SailPoint

In related news, General Counsel Christopher Schmitt sold 18,813 shares of the company'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 transaction, the general counsel directly owned 1,355,551 shares in the company, valued at approximately $15,534,614.46. This represents a 1.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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, CEO Mark D. Mcclain sold 92,874 shares of the company'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 $1,064,336.04. Following the transaction, the chief executive officer owned 8,305,324 shares in the company, valued at $95,179,013.04. The trade was a 1.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 526,962 shares of company stock worth $6,420,108 in the last three months. 1.70% of the stock is owned by insiders.

Institutional Investors Weigh In On SailPoint

Large investors have recently added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd purchased a new stake in SailPoint in the 3rd quarter valued at about $31,000. Palladiem LLC bought a new stake in shares of SailPoint in the 4th quarter valued at about $42,000. Kestra Advisory Services LLC bought a new position in shares of SailPoint during the 4th quarter worth approximately $42,000. State of Wyoming bought a new position in shares of SailPoint during the 2nd quarter worth approximately $45,000. Finally, CWM LLC raised its stake in shares of SailPoint by 315.6% during the 4th quarter. CWM LLC now owns 2,656 shares of the company's stock worth $54,000 after acquiring an additional 2,017 shares in the last quarter.

About SailPoint

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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