SailPoint (NASDAQ:SAIL) Trading 7.5% Higher - What's Next?

Key Points

• SailPoint stock rose by **7.5%**, reaching a last trading price of **$22.05** with an increased trading volume of **2,494,242** shares.
• Analysts have given SailPoint a consensus rating of **"Moderate Buy"** with an average target price of **$25.47**, indicating strong future growth expectations.
• The company reported **$230.47 million** in revenue for the latest quarter, exceeding analysts' estimates and showcasing a **22.8% year-over-year** revenue increase.

SailPoint, Inc. (NASDAQ:SAIL - Get Free Report)'s stock price rose 7.5% during trading on Tuesday . The stock traded as high as $22.21 and last traded at $22.05. Approximately 2,494,242 shares traded hands during mid-day trading, an increase of 27% from the average daily volume of 1,957,127 shares. The stock had previously closed at $20.51.

Analysts Set New Price Targets

SAIL has been the topic of several recent research reports. Morgan Stanley lowered their price target on shares of SailPoint from $26.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. JPMorgan Chase & Co. upped their price objective on shares of SailPoint from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Thursday, June 12th. Barclays upped their price objective on shares of SailPoint from $23.00 to $25.00 and gave the stock an "overweight" rating in a research report on Thursday, June 12th. Royal Bank Of Canada restated an "outperform" rating and set a $29.00 price target (up previously from $27.00) on shares of SailPoint in a research report on Thursday, June 12th. Finally, Wells Fargo & Company upped their price target on shares of SailPoint from $16.00 to $20.00 and gave the stock an "equal weight" rating in a research report 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.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $25.47.

SailPoint Trading Down 7.7%

The stock has a 50-day simple moving average of $20.96.

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

Institutional Trading of SailPoint

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Assetmark Inc. acquired a new stake in shares of SailPoint in the first quarter valued at about $32,000. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of SailPoint in the first quarter valued at about $49,000. Quarry LP acquired a new position in SailPoint during the first quarter worth about $70,000. Picton Mahoney Asset Management acquired a new position in SailPoint during the first quarter worth about $87,000. Finally, PNC Financial Services Group Inc. acquired a new position in SailPoint during the first quarter worth about $150,000.

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.