Sailpoint Technologies (SAIL) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Sailpoint Technologies (NYSE:SAIL) from a buy rating to a hold rating in a research note released on Saturday.

According to Zacks, “SailPoint Technologies Holdings, Inc. is a provider of enterprise identity governance solutions. The Company’s products and services include Open Identity Platform, Cloud-based Identity Governance, On-premises Identity Governance, Data Access Governance, Identity Analytics, Healthcare Identity Solutions and Federal Identity Solutions. SailPoint Technologies Holdings, Inc. is based in Austin, United States. “

A number of other research firms have also recently weighed in on SAIL. Canaccord Genuity increased their price objective on Sailpoint Technologies from $24.00 to $25.00 and gave the stock a hold rating in a research report on Thursday, August 9th. Needham & Company LLC increased their price objective on Sailpoint Technologies from $29.00 to $30.00 and gave the stock a buy rating in a research report on Thursday, August 9th. Jefferies Financial Group increased their price objective on Sailpoint Technologies to $33.00 and gave the stock a buy rating in a research report on Thursday, June 14th. Oppenheimer increased their price objective on Sailpoint Technologies from $28.00 to $35.00 and gave the stock an outperform rating in a research report on Thursday, August 9th. Finally, KeyCorp increased their price objective on Sailpoint Technologies from $28.00 to $32.00 and gave the stock an overweight rating in a research report on Thursday, August 9th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Sailpoint Technologies currently has an average rating of Buy and an average price target of $30.77.

NYSE:SAIL opened at $28.82 on Friday. The company has a market cap of $2.98 billion and a P/E ratio of 720.50. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.03. Sailpoint Technologies has a 52-week low of $12.82 and a 52-week high of $34.60.

Sailpoint Technologies (NYSE:SAIL) last released its quarterly earnings results on Wednesday, August 8th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.05. The firm had revenue of $54.60 million for the quarter, compared to analysts’ expectations of $50.02 million. The business’s revenue was up 38.9% on a year-over-year basis. On average, research analysts expect that Sailpoint Technologies will post -0.08 EPS for the current fiscal year.

In other Sailpoint Technologies news, major shareholder Thoma Bravo, Llc sold 15,812,500 shares of the stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $27.26, for a total transaction of $431,048,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William G. Bock sold 8,000 shares of the stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $29.44, for a total value of $235,520.00. The disclosure for this sale can be found here. Insiders have sold a total of 16,411,500 shares of company stock valued at $448,679,830 over the last ninety days. 4.70% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of SAIL. Wells Fargo & Company MN lifted its holdings in shares of Sailpoint Technologies by 13.5% in the 1st quarter. Wells Fargo & Company MN now owns 649,382 shares of the company’s stock valued at $13,436,000 after buying an additional 77,343 shares during the period. Schwab Charles Investment Management Inc. acquired a new stake in shares of Sailpoint Technologies in the 1st quarter valued at approximately $2,096,000. American International Group Inc. acquired a new stake in shares of Sailpoint Technologies in the 1st quarter valued at approximately $267,000. Northern Trust Corp acquired a new stake in shares of Sailpoint Technologies in the 1st quarter valued at approximately $4,444,000. Finally, BlackRock Inc. lifted its holdings in shares of Sailpoint Technologies by 247.2% in the 1st quarter. BlackRock Inc. now owns 2,074,362 shares of the company’s stock valued at $42,920,000 after buying an additional 1,476,871 shares during the period. 50.61% of the stock is owned by institutional investors and hedge funds.

About Sailpoint Technologies

SailPoint Technologies Holdings, Inc designs, develops, and markets identity governance software solutions in North America, Europe, and the Asia Pacific. The company offers on-premises software and cloud-based solutions, which empower organizations to govern the digital identities of employees, contractors, business partners, and other users, as well as manage their constantly changing access rights to enterprise applications and data across hybrid IT environments.

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