SailPoint (NASDAQ:SAIL) Stock Price Down 7.1% - Here's What Happened

SailPoint, Inc. (NASDAQ:SAIL - Get Free Report)'s share price dropped 7.1% on Tuesday . The company traded as low as $21.11 and last traded at $21.23. Approximately 893,959 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 2,038,831 shares. The stock had previously closed at $22.86.

Analyst Ratings Changes

SAIL has been the topic of a number of research reports. Mizuho raised their price target on shares of SailPoint from $24.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, June 11th. Royal Bank Of Canada reissued an "outperform" rating and issued a $29.00 target price (up from $27.00) on shares of SailPoint in a research note on Thursday, June 12th. Barclays upped their price target on SailPoint from $23.00 to $25.00 and gave the company an "overweight" rating in a research report on Thursday, June 12th. Cantor Fitzgerald assumed coverage on SailPoint in a research report on Monday. They issued an "overweight" rating and a $29.00 price target for the company. Finally, BTIG Research assumed coverage on SailPoint in a research report on Monday, March 10th. They issued a "buy" rating and a $27.00 price target for the company. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, SailPoint currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.66.

SailPoint Price Performance

The business's fifty day moving average is $19.62.

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, beating analysts' consensus estimates of ($0.01) by $0.02. The business had revenue of $230.47 million during the quarter, compared to analyst estimates of $225.18 million. The company's revenue was up 22.8% compared to the same quarter last year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Assetmark Inc. acquired a new position in SailPoint during the first quarter worth $32,000. Kayne Anderson Rudnick Investment Management LLC acquired a new position in SailPoint during the first quarter worth $49,000. Quarry LP acquired a new position in SailPoint during the first quarter worth $70,000. Picton Mahoney Asset Management acquired a new position in SailPoint during the first quarter worth $87,000. Finally, PNC Financial Services Group Inc. acquired a new position in SailPoint during the first quarter worth $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.