SailPoint (NASDAQ:SAIL) Stock Price Up 9.8% - What's Next?

Key Points

• SailPoint shares jumped 9.8% on Friday, trading as high as $18.04 after closing at $16.55 the prior session, with volume below its daily average.
• Analyst sentiment remains broadly positive despite some target cuts: the stock carries a Moderate Buy consensus and a consensus price target of $21.19.
• The company’s latest quarterly results showed EPS of $0.08 in line with estimates and revenue growth of 22.9% year over year, while insiders have recently sold shares under pre-arranged trading plans.

SailPoint, Inc. (NASDAQ:SAIL - Get Free Report)'s share price rose 9.8% on Friday . The company traded as high as $18.04 and last traded at $18.18. Approximately 1,824,502 shares changed hands during trading, a decline of 41% from the average daily volume of 3,070,382 shares. The stock had previously closed at $16.55.

Analyst Ratings Changes

SAIL has been the subject of a number of research analyst reports. Scotiabank cut their target price on shares of SailPoint from $24.00 to $16.00 and set a "sector outperform" rating for the company in a research report on Thursday, March 19th. Truist Financial cut their target price on shares of SailPoint from $23.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, March 19th. Roth Mkm initiated coverage on shares of SailPoint in a research report on Wednesday, May 20th. They set a "buy" rating and a $19.00 target price for the company. Barclays cut their target price on shares of SailPoint from $23.00 to $20.00 and set an "overweight" rating for the company in a research report on Monday, March 16th. Finally, Mizuho dropped their price objective on shares of SailPoint from $23.00 to $20.00 and set a "neutral" rating on the stock in a report on Tuesday, February 17th. Three analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $21.19.

SailPoint Trading Up 9.8%

The firm's fifty day moving average price is $12.72 and its 200-day moving average price is $16.02. The company has a market cap of $10.31 billion, a P/E ratio of -32.41 and a beta of 1.09.

SailPoint (NASDAQ:SAIL - Get Free Report) last posted its quarterly earnings data on Wednesday, March 18th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. SailPoint had a negative net margin of 25.20% and a positive return on equity of 1.95%. The company had revenue of $294.65 million for the quarter. During the same quarter in the previous year, the firm posted ($4.29) EPS. The business's revenue for the quarter was up 22.9% compared to the same quarter last year. As a group, research analysts forecast that SailPoint, Inc. will post 0.32 earnings per share for the current fiscal year.

Insider Activity at SailPoint

In related news, EVP Chandrasekar Gnanasambandam sold 20,082 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 value of $230,139.72. Following the sale, the executive vice president owned 968,926 shares of the company's stock, valued at $11,103,891.96. The trade was a 2.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available 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, President Matt Mills sold 34,171 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 $391,599.66. Following the completion of the sale, the president directly owned 2,451,334 shares in the company, valued at approximately $28,092,287.64. The trade was a 1.37% decrease in their position. The SEC filing for this sale provides additional information. 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. In the last 90 days, insiders have sold 526,962 shares of company stock worth $6,420,108. Insiders own 1.70% of the company's stock.

Institutional Trading of SailPoint

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in SailPoint by 4.3% during the third quarter. Vanguard Group Inc. now owns 5,317,789 shares of the company's stock worth $117,417,000 after buying an additional 219,375 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in SailPoint by 86.0% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 167,021 shares of the company's stock worth $3,688,000 after buying an additional 77,237 shares during the last quarter. OFI Invest Asset Management grew its stake in SailPoint by 79.6% during the fourth quarter. OFI Invest Asset Management now owns 905,653 shares of the company's stock worth $18,321,000 after buying an additional 401,431 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in SailPoint by 22.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,412,578 shares of the company's stock worth $26,768,000 after buying an additional 255,720 shares during the last quarter. Finally, NZS Capital LLC grew its stake in SailPoint by 186.6% during the third quarter. NZS Capital LLC now owns 1,747,161 shares of the company's stock worth $38,577,000 after buying an additional 1,137,643 shares during the last quarter.

SailPoint Company Profile

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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