Barclays Issues Pessimistic Forecast for SailPoint (NASDAQ:SAIL) Stock Price

SailPoint (NASDAQ:SAIL) had its price target dropped by equities research analysts at Barclays from $23.00 to $20.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 28.84% from the stock’s current price.

Several other research firms have also issued reports on SAIL. FBN Securities initiated coverage on shares of SailPoint in a research report on Tuesday, February 24th. They issued an “outperform” rating and a $18.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of SailPoint in a research note on Wednesday, December 3rd. Scotiabank decreased their target price on SailPoint from $25.00 to $24.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, December 10th. The Goldman Sachs Group lowered their price target on SailPoint from $25.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 28th. Finally, BTIG Research cut their price target on SailPoint from $29.00 to $22.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, SailPoint currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.44.

SailPoint Price Performance

SAIL stock traded up $0.07 on Monday, reaching $15.52. 488,981 shares of the company were exchanged, compared to its average volume of 2,689,048. SailPoint has a 12 month low of $12.81 and a 12 month high of $24.95. The stock’s fifty day moving average price is $16.27 and its 200 day moving average price is $19.32. The firm has a market capitalization of $8.72 billion and a PE ratio of -3.24.

Insiders Place Their Bets

In other SailPoint news, EVP Chandrasekar Gnanasambandam sold 4,245 shares of SailPoint stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $19.57, for a total transaction of $83,074.65. Following the sale, the executive vice president directly owned 517,351 shares of the company’s stock, valued at approximately $10,124,559.07. The trade was a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mitra Rezvan sold 3,782 shares of the company’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $19.57, for a total value of $74,013.74. Following the completion of the sale, the chief accounting officer owned 119,109 shares in the company, valued at approximately $2,330,963.13. This represents a 3.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 354,243 shares of company stock valued at $6,924,823 over the last 90 days.

Institutional Trading of SailPoint

Several institutional investors have recently bought and sold shares of SAIL. Norges Bank acquired a new position in SailPoint during the fourth quarter worth $234,681,000. Vanguard Group Inc. increased its position in shares of SailPoint by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,317,789 shares of the company’s stock worth $117,417,000 after purchasing an additional 219,375 shares in the last quarter. Voya Investment Management LLC lifted its holdings in SailPoint by 10.1% during the 3rd quarter. Voya Investment Management LLC now owns 4,309,070 shares of the company’s stock valued at $95,144,000 after purchasing an additional 395,287 shares during the last quarter. UBS Group AG boosted its position in SailPoint by 116.3% in the third quarter. UBS Group AG now owns 4,128,038 shares of the company’s stock valued at $91,147,000 after buying an additional 2,219,593 shares in the last quarter. Finally, GW&K Investment Management LLC boosted its position in SailPoint by 34.3% in the third quarter. GW&K Investment Management LLC now owns 3,395,602 shares of the company’s stock valued at $74,975,000 after buying an additional 866,889 shares in 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.