SailPoint (NASDAQ:SAIL) Trading Up 5.4% – Here’s Why

SailPoint, Inc. (NASDAQ:SAIL) shares were up 5.4% during trading on Monday . The stock traded as high as $12.39 and last traded at $12.4050. Approximately 427,501 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 2,965,992 shares. The stock had previously closed at $11.77.

Analyst Ratings Changes

Several research firms have issued reports on SAIL. TD Cowen dropped their price target on SailPoint from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Robert W. Baird decreased their price objective on SailPoint from $26.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, March 19th. Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 target price on shares of SailPoint in a research report on Monday, March 23rd. BMO Capital Markets reaffirmed an “outperform” rating on shares of SailPoint in a research note on Thursday, December 11th. Finally, Barclays cut their price objective on shares of SailPoint from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, March 16th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.35.

SailPoint Price Performance

The business has a 50-day moving average of $14.76 and a 200-day moving average of $18.63. The firm has a market cap of $7.50 billion and a price-to-earnings ratio of -23.76.

SailPoint (NASDAQ:SAIL) last issued its quarterly earnings results on Wednesday, March 18th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. The firm 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 business’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same period last year, the company posted ($4.29) earnings per share.

Insider Buying and Selling

In related news, CAO Mitra Rezvan sold 3,782 shares of the business’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $19.57, for a total transaction of $74,013.74. Following the transaction, the chief accounting officer directly owned 119,109 shares in the company, valued at approximately $2,330,963.13. The trade was a 3.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Abby Payne sold 3,582 shares of the company’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $19.57, for a total transaction of $70,099.74. Following the sale, the insider directly owned 678,807 shares in the company, valued at $13,284,252.99. This trade represents a 0.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 354,243 shares of company stock worth $6,924,823 in the last quarter.

Institutional Investors Weigh In On SailPoint

Hedge funds have recently bought and sold shares of the company. Blue Trust Inc. lifted its stake in shares of SailPoint by 4.2% during the 3rd quarter. Blue Trust Inc. now owns 16,886 shares of the company’s stock worth $373,000 after buying an additional 673 shares during the last quarter. Cerity Partners LLC grew its stake in SailPoint by 0.8% in the 4th quarter. Cerity Partners LLC now owns 115,604 shares of the company’s stock valued at $2,339,000 after buying an additional 923 shares during the last quarter. Essex Financial Services Inc. raised its holdings in SailPoint by 7.8% in the 3rd quarter. Essex Financial Services Inc. now owns 13,157 shares of the company’s stock valued at $291,000 after acquiring an additional 947 shares during the period. Main Management ETF Advisors LLC raised its holdings in SailPoint by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 102,573 shares of the company’s stock valued at $2,075,000 after acquiring an additional 1,048 shares during the period. Finally, Aster Capital Management DIFC Ltd acquired a new stake in SailPoint during the third quarter worth approximately $31,000.

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.