SailPoint (NASDAQ:SAIL) Shares Down 9.6% - Here's Why

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) shares traded down 9.6% during trading on Friday . The stock traded as low as $20.20 and last traded at $20.20. 527,834 shares were traded during 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

Several research analysts have recently commented on the stock. Cantor Fitzgerald assumed coverage on shares of SailPoint in a research note on Monday, June 30th. They set an "overweight" rating and a $29.00 price target on the stock. The Goldman Sachs Group restated a "neutral" rating on shares of SailPoint in a research note on Wednesday, June 11th. Arete Research upgraded shares of SailPoint to a "strong sell" rating and set a $16.00 price target on the stock in a research note on Monday, July 7th. Arete assumed coverage on shares of SailPoint in a research note on Monday, July 7th. They set a "sell" rating and a $16.00 price target on the stock. Finally, Wells Fargo & Company increased their price target on shares of SailPoint from $16.00 to $20.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $25.47.

SailPoint Stock Down 5.0%

The firm has a 50-day moving average of $20.78.

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

Hedge Funds Weigh In On SailPoint

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

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