SailPoint (NASDAQ:SAIL) Shares Down 9.6% - Should You Sell?

Key Points

• SailPoint's shares declined by 9.6%, dropping to $20.20, with trading volume down 74% from the average.
• Analysts have mixed ratings on SailPoint, with a consensus rating of "Moderate Buy" and an average price target of $25.47.
• The company's latest quarterly earnings showed a profit of $0.01 per share, exceeding estimates and reflecting a 22.8% year-over-year revenue growth.

SailPoint, Inc. (NASDAQ:SAIL - Get Free Report)'s share price traded down 9.6% during trading on Friday . The company traded as low as $20.20 and last traded at $20.20. 527,834 shares were traded during mid-day trading, a decline of 74% from the average session volume of 2,034,380 shares. The stock had previously closed at $22.34.

Analyst Ratings Changes

SAIL has been the topic of several recent analyst reports. The Goldman Sachs Group reissued a "neutral" rating on shares of SailPoint in a research note on Wednesday, June 11th. Cantor Fitzgerald started coverage on SailPoint in a report on Monday, June 30th. They set an "overweight" rating and a $29.00 price target for the company. Wells Fargo & Company upped their price objective on SailPoint from $16.00 to $20.00 and gave the company an "equal weight" rating in a research note on Thursday, June 12th. Royal Bank Of Canada restated an "outperform" rating and issued a $29.00 price objective (up previously from $27.00) on shares of SailPoint in a research note on Thursday, June 12th. Finally, JPMorgan Chase & Co. increased their price target on SailPoint from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Thursday, June 12th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, SailPoint has a consensus rating of "Moderate Buy" and a consensus target price of $25.47.

SailPoint Price Performance

The stock has a 50 day moving average of $21.03.

SailPoint (NASDAQ:SAIL - Get Free Report) last issued its quarterly earnings data on Wednesday, June 11th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.02. The company had revenue of $230.47 million during the quarter, compared to analyst estimates of $225.18 million. SailPoint's revenue was up 22.8% on a year-over-year basis.

Institutional Trading of SailPoint

Several hedge funds have recently modified their holdings of SAIL. Assetmark Inc. purchased a new position in shares of SailPoint during the first quarter worth about $32,000. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of SailPoint in the 1st quarter worth approximately $49,000. Amalgamated Bank purchased a new stake in SailPoint in the 2nd quarter valued at approximately $71,000. Quarry LP purchased a new stake in SailPoint in the 1st quarter valued at approximately $70,000. Finally, Picton Mahoney Asset Management purchased a new stake in SailPoint in the 1st quarter valued at approximately $87,000.

SailPoint Company 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.