SailPoint (NASDAQ:SAIL) Reaches New 12-Month Low – Here’s What Happened

SailPoint, Inc. (NASDAQ:SAIL) reached a new 52-week low on Tuesday . The stock traded as low as $11.83 and last traded at $12.13, with a volume of 417439 shares. The stock had previously closed at $12.54.

Analyst Upgrades and Downgrades

Several analysts have recently commented on SAIL shares. Scotiabank decreased their target price on SailPoint from $24.00 to $16.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 19th. Barclays decreased their price target on shares of SailPoint from $23.00 to $20.00 and set an “overweight” rating on the stock in a research note on Monday, March 16th. Mizuho dropped their price objective on shares of SailPoint from $23.00 to $20.00 and set a “neutral” rating for the company in a research report on Tuesday, February 17th. Robert W. Baird dropped their target price on SailPoint from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, March 19th. Finally, Royal Bank Of Canada decreased their price target on SailPoint from $23.00 to $19.00 and set an “outperform” rating on the stock in a report on Thursday, March 19th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, SailPoint presently has an average rating of “Moderate Buy” and a consensus target price of $21.49.

SailPoint Stock Performance

The firm’s 50-day simple moving average is $15.50 and its 200 day simple moving average is $19.00. The company has a market cap of $6.79 billion and a P/E ratio of -21.49.

SailPoint (NASDAQ:SAIL) last announced its quarterly earnings data on Wednesday, March 18th. The company reported $0.08 EPS for the quarter, hitting analysts’ consensus estimates of $0.08. The business had revenue of $294.65 million during the quarter. SailPoint had a positive return on equity of 1.95% and a negative net margin of 25.20%.The firm’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same period last year, the firm earned ($4.29) earnings per share.

Insider Buying and Selling

In other news, General Counsel Christopher Schmitt sold 11,908 shares of the company’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $19.23, for a total value of $228,990.84. Following the completion of the sale, the general counsel directly owned 1,057,956 shares of the company’s stock, valued at $20,344,493.88. This represents a 1.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Mark D. Mcclain sold 61,106 shares of SailPoint stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $19.23, for a total transaction of $1,175,068.38. Following the transaction, the chief executive officer directly owned 7,139,202 shares in the company, valued at $137,286,854.46. The trade was a 0.85% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in SailPoint in the fourth quarter valued at about $234,681,000. Vanguard Group Inc. grew its position in shares of SailPoint by 4.3% in the 3rd quarter. Vanguard Group Inc. now owns 5,317,789 shares of the company’s stock valued at $117,417,000 after purchasing an additional 219,375 shares during the period. Voya Investment Management LLC increased its stake in SailPoint by 10.1% during the 3rd quarter. Voya Investment Management LLC now owns 4,309,070 shares of the company’s stock worth $95,144,000 after purchasing an additional 395,287 shares in the last quarter. UBS Group AG raised its holdings in SailPoint by 116.3% during the 3rd quarter. UBS Group AG now owns 4,128,038 shares of the company’s stock worth $91,147,000 after buying an additional 2,219,593 shares during the period. Finally, GW&K Investment Management LLC lifted its stake 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.

About SailPoint

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.