SailPoint Technologies (NYSE:SAIL) Cut to “Hold” at Canaccord Genuity Group

SailPoint Technologies (NYSE:SAILGet Rating) was downgraded by stock analysts at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a research report issued on Monday, The Fly reports.

Other equities research analysts also recently issued research reports about the stock. Wolfe Research downgraded shares of SailPoint Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday. Royal Bank of Canada increased their target price on SailPoint Technologies from $55.00 to $59.00 and gave the company an “outperform” rating in a research report on Tuesday, March 1st. Wedbush decreased their price objective on SailPoint Technologies from $70.00 to $60.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 1st. Citigroup lifted their target price on SailPoint Technologies from $35.00 to $40.00 and gave the stock a “sell” rating in a report on Tuesday, March 1st. Finally, Zacks Investment Research upgraded SailPoint Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, March 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $60.87.

NYSE SAIL traded up $14.48 on Monday, reaching $64.07. 1,304,907 shares of the company’s stock traded hands, compared to its average volume of 1,182,202. SailPoint Technologies has a 12 month low of $34.98 and a 12 month high of $64.33. The stock has a 50-day simple moving average of $44.23 and a 200 day simple moving average of $46.09. The stock has a market cap of $6.03 billion, a PE ratio of -97.07 and a beta of 1.84.

SailPoint Technologies (NYSE:SAILGet Rating) last issued its quarterly earnings results on Monday, February 28th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.16. SailPoint Technologies had a negative net margin of 14.04% and a negative return on equity of 9.86%. The company had revenue of $135.60 million during the quarter, compared to analyst estimates of $113.72 million. During the same period last year, the business earned $0.05 EPS. SailPoint Technologies’s quarterly revenue was up 31.2% compared to the same quarter last year. On average, equities analysts predict that SailPoint Technologies will post -0.77 EPS for the current fiscal year.

In other news, CEO Mark D. Mcclain sold 25,000 shares of the stock in a transaction dated Tuesday, January 18th. The stock was sold at an average price of $41.28, for a total value of $1,032,000.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Grady Summers sold 9,000 shares of the company’s stock in a transaction dated Friday, February 18th. The stock was sold at an average price of $39.27, for a total value of $353,430.00. The disclosure for this sale can be found here. Insiders sold 102,745 shares of company stock worth $4,200,862 over the last three months. Corporate insiders own 2.00% of the company’s stock.

Several large investors have recently bought and sold shares of SAIL. Diversified Trust Co lifted its stake in shares of SailPoint Technologies by 8.2% in the 1st quarter. Diversified Trust Co now owns 17,180 shares of the company’s stock valued at $879,000 after purchasing an additional 1,300 shares during the period. Norges Bank acquired a new position in shares of SailPoint Technologies in the 4th quarter valued at $32,106,000. Weiss Multi Strategy Advisers LLC lifted its stake in shares of SailPoint Technologies by 372.0% in the 4th quarter. Weiss Multi Strategy Advisers LLC now owns 70,000 shares of the company’s stock valued at $3,384,000 after purchasing an additional 55,168 shares during the period. Woodline Partners LP lifted its stake in shares of SailPoint Technologies by 60.1% in the 4th quarter. Woodline Partners LP now owns 301,187 shares of the company’s stock valued at $14,559,000 after purchasing an additional 113,077 shares during the period. Finally, Comerica Bank lifted its stake in shares of SailPoint Technologies by 67.6% in the 4th quarter. Comerica Bank now owns 70,492 shares of the company’s stock valued at $2,584,000 after purchasing an additional 28,420 shares during the period.

SailPoint Technologies Company Profile (Get Rating)

SailPoint Technologies Holdings, Inc provides enterprise identity security solutions in the United States, Europe, the Middle East, Africa, and internationally. The company offers software as a service (SaaS) and software platforms, which provide organizations visibility and the intelligence required to empower users and manage their access to systems, applications, and data across hybrid information technology environments, spanning on-premises, cloud and mobile applications, and file storage platforms.

Further Reading

The Fly logo

Analyst Recommendations for SailPoint Technologies (NYSE:SAIL)

Receive News & Ratings for SailPoint Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SailPoint Technologies and related companies with MarketBeat.com's FREE daily email newsletter.