Sailpoint (NYSE:SAIL) Shares Gap Up on Analyst Upgrade

Sailpoint Inc (NYSE:SAIL - Get Free Report) shares gapped up prior to trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $27.00 to $29.00. The stock had previously closed at $19.65, but opened at $22.57. Royal Bank of Canada currently has an outperform rating on the stock. Sailpoint shares last traded at $23.22, with a volume of 2,935,308 shares traded.

Several other equities analysts have also recently issued reports on the stock. Bank of America initiated coverage on shares of Sailpoint in a research note on Monday, March 10th. They set a "buy" rating and a $27.50 target price on the stock. The Goldman Sachs Group initiated coverage on Sailpoint in a research report on Monday, March 10th. They set a "neutral" rating and a $23.00 price objective on the stock. BTIG Research began coverage on Sailpoint in a report on Monday, March 10th. They set a "buy" rating and a $27.00 price target on the stock. Barclays upped their target price on shares of Sailpoint from $23.00 to $25.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, Truist Financial initiated coverage on Sailpoint in a report on Monday, March 10th. They set a "buy" rating and a $29.00 price objective on the stock. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $26.50.

Institutional Investors Weigh In On Sailpoint

Hedge funds and other institutional investors have recently modified their holdings of the business. Assetmark Inc. purchased a new stake in shares of Sailpoint during the first quarter valued at $32,000. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of Sailpoint during the first quarter worth approximately $49,000. Quarry LP bought a new stake in shares of Sailpoint during the first quarter valued at approximately $70,000. Picton Mahoney Asset Management purchased a new stake in shares of Sailpoint in the first quarter valued at approximately $87,000. Finally, PNC Financial Services Group Inc. bought a new position in Sailpoint in the first quarter worth approximately $150,000.

Sailpoint Stock Down 3.0%

The stock has a fifty day simple moving average of $18.03.

Sailpoint (NYSE:SAIL - Get Free Report) last released its quarterly earnings data on Wednesday, March 26th. The company reported ($4.29) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($4.28). The company had revenue of $240.10 million during the quarter, compared to analysts' expectations of $229.69 million.

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.