Sailpoint Technologies (SAIL) Trading Down 7% Following Insider Selling

Sailpoint Technologies Holdings Inc (NYSE:SAIL) shares traded down 7% on Friday after an insider sold shares in the company. The company traded as low as $25.90 and last traded at $26.03. 1,174,051 shares were traded during mid-day trading, an increase of 22% from the average session volume of 962,888 shares. The stock had previously closed at $27.98.

Specifically, CRO Howard R. Greenfield sold 50,000 shares of Sailpoint Technologies stock in a transaction on Friday, September 21st. The shares were sold at an average price of $32.43, for a total transaction of $1,621,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James Cameron Mcmartin sold 14,000 shares of Sailpoint Technologies stock in a transaction on Thursday, October 18th. The stock was sold at an average price of $28.07, for a total transaction of $392,980.00. The disclosure for this sale can be found here. Insiders have sold a total of 16,376,500 shares of company stock valued at $447,729,850 in the last ninety days. Company insiders own 4.70% of the company’s stock.

A number of analysts have commented on the stock. Northland Securities assumed coverage on shares of Sailpoint Technologies in a report on Tuesday, September 11th. They set a “market perform” rating and a $34.00 target price for the company. Zacks Investment Research raised shares of Sailpoint Technologies from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a report on Thursday, October 4th. Citigroup lifted their target price on shares of Sailpoint Technologies from $33.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, August 9th. Oppenheimer lifted their target price on shares of Sailpoint Technologies from $28.00 to $35.00 and gave the stock an “outperform” rating in a report on Thursday, August 9th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $33.00 target price on shares of Sailpoint Technologies in a report on Friday, August 10th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $31.69.

The stock has a market capitalization of $2.52 billion and a price-to-earnings ratio of 684.50. 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 (NYSE:SAIL) last announced its quarterly earnings results on Wednesday, August 8th. The company reported $0.03 earnings per share 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 the consensus estimate of $50.02 million. Sailpoint Technologies’s revenue for the quarter was up 38.9% compared to the same quarter last year. On average, equities analysts anticipate that Sailpoint Technologies Holdings Inc will post -0.08 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cubist Systematic Strategies LLC bought a new stake in Sailpoint Technologies in the 2nd quarter valued at $122,000. Radnor Capital Management LLC bought a new stake in Sailpoint Technologies in the 3rd quarter valued at $242,000. Citigroup Inc. bought a new stake in Sailpoint Technologies in the 1st quarter valued at $158,000. California Public Employees Retirement System bought a new stake in Sailpoint Technologies in the 2nd quarter valued at $233,000. Finally, Sheets Smith Wealth Management bought a new stake in Sailpoint Technologies in the 2nd quarter valued at $237,000. 50.63% of the stock is currently owned by institutional investors.

About Sailpoint Technologies (NYSE:SAIL)

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.

See Also: Diversification

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