SailPoint (NASDAQ:SAIL) Shares Gap Up - Still a Buy?

Key Points

• SailPoint (NASDAQ:SAIL) shares gapped up significantly, opening at $20.88 after a previous close of $18.95, indicating increased investor interest with a trading volume of 1,618,357 shares.
• Wall Street analysts have varied ratings for SailPoint, with two analysts rating it as a sell and one issuing a strong buy, while the consensus rating remains a "Moderate Buy" with an average price target of $25.50.
• SailPoint recently reported a quarterly earnings surprise, achieving $0.01 earnings per share against a consensus estimate of ($0.01), and revenue grew by 22.8% year-over-year to reach $230.47 million.

SailPoint, Inc. (NASDAQ:SAIL - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $18.95, but opened at $20.88. SailPoint shares last traded at $20.23, with a volume of 1,618,357 shares changing hands.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Royal Bank Of Canada restated an "outperform" rating and issued a $29.00 price objective (up from $27.00) on shares of SailPoint in a report on Thursday, June 12th. Stephens upgraded shares of SailPoint to a "strong-buy" rating in a report on Tuesday, August 12th. Mizuho increased their price target on shares of SailPoint from $24.00 to $26.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 11th. JPMorgan Chase & Co. upgraded shares of SailPoint from a "neutral" rating to an "overweight" rating and set a $26.00 price objective on the stock in a report on Wednesday, August 13th. Finally, BMO Capital Markets lifted their price objective on SailPoint from $26.00 to $27.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $25.50.

SailPoint Stock Down 0.7%

The firm has a 50 day simple moving average of $21.34.

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

Institutional Investors Weigh In On SailPoint

Several institutional investors and hedge funds have recently modified their holdings of SAIL. Assetmark Inc. purchased a new position in shares of SailPoint in the first quarter valued at $32,000. Loomis Sayles & Co. L P purchased a new position in SailPoint during the 2nd quarter valued at $42,000. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of SailPoint in the first quarter worth about $49,000. Quarry LP purchased a new position in shares of SailPoint during the first quarter worth approximately $70,000. Finally, Amalgamated Bank bought a new stake in SailPoint during the 2nd quarter valued at $71,000.

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.