SailPoint Technologies (NYSE:SAIL) Rating Lowered to Hold at Needham & Company LLC

SailPoint Technologies (NYSE:SAIL – Get Rating) was downgraded by analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a report released on Monday, The Fly reports.

Several other analysts have also recently issued reports on SAIL. KeyCorp assumed coverage on SailPoint Technologies in a research note on Monday, April 4th. They issued an “overweight” rating and a $63.00 target price on the stock. Loop Capital dropped their price target on SailPoint Technologies from $55.00 to $45.00 and set a “hold” rating for the company in a research note on Tuesday, March 1st. Piper Sandler reduced their price objective on shares of SailPoint Technologies from $70.00 to $55.00 in a research report on Thursday, January 6th. Royal Bank of Canada increased their price objective on SailPoint Technologies from $55.00 to $59.00 and gave the stock an “outperform” rating in a report on Tuesday, March 1st. Finally, Zacks Investment Research raised shares of SailPoint Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, March 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, SailPoint Technologies has a consensus rating of “Buy” and an average target price of $60.87.

NYSE:SAIL traded up $14.42 during trading hours on Monday, reaching $64.01. The company’s stock had a trading volume of 825,946 shares, compared to its average volume of 1,182,202. The firm has a market capitalization of $6.03 billion, a price-to-earnings ratio of -96.98 and a beta of 1.84. The firm has a 50-day simple moving average of $44.23 and a 200-day simple moving average of $46.09. SailPoint Technologies has a 1 year low of $34.98 and a 1 year high of $64.33.

SailPoint Technologies (NYSE:SAIL – Get Rating) last released its quarterly earnings data on Monday, February 28th. The company reported $0.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.16. SailPoint Technologies had a negative return on equity of 9.86% and a negative net margin of 14.04%. The firm had revenue of $135.60 million for the quarter, compared to the consensus estimate of $113.72 million. During the same quarter in the previous year, the business earned $0.05 earnings per share. The company’s quarterly revenue was up 31.2% on a year-over-year basis. Research analysts expect that SailPoint Technologies will post -0.77 EPS for the current year.

In related 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 transaction of $1,032,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Christopher Schmitt sold 3,336 shares of the company’s stock in a transaction that occurred on Tuesday, January 18th. The stock was sold at an average price of $41.15, for a total value of $137,276.40. The disclosure for this sale can be found here. Insiders sold a total of 102,745 shares of company stock valued at $4,200,862 over the last 90 days. 2.00% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the business. Diversified Trust Co boosted its stake in SailPoint Technologies by 8.2% during the first quarter. Diversified Trust Co now owns 17,180 shares of the company’s stock worth $879,000 after buying an additional 1,300 shares during the period. Norges Bank purchased a new stake in shares of SailPoint Technologies in the fourth quarter worth approximately $32,106,000. Weiss Multi Strategy Advisers LLC lifted its stake in shares of SailPoint Technologies by 372.0% during the 4th quarter. Weiss Multi Strategy Advisers LLC now owns 70,000 shares of the company’s stock worth $3,384,000 after acquiring an additional 55,168 shares during the last quarter. Woodline Partners LP increased its stake in SailPoint Technologies by 60.1% in the 4th quarter. Woodline Partners LP now owns 301,187 shares of the company’s stock worth $14,559,000 after buying an additional 113,077 shares during the period. Finally, Comerica Bank grew its stake in SailPoint Technologies by 67.6% in the 4th quarter. Comerica Bank now owns 70,492 shares of the company’s stock worth $2,584,000 after acquiring an additional 28,420 shares in the last quarter.

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.

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