SailPoint Technologies (NYSE:SAIL) Stock Rating Lowered by Wells Fargo & Company

SailPoint Technologies (NYSE:SAIL – Get Rating) was downgraded by equities researchers at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a note issued to investors on Tuesday, The Fly reports.

Several other research firms have also recently commented on SAIL. Loop Capital lowered their price target on shares of SailPoint Technologies from $55.00 to $45.00 and set a “hold” rating for the company in a report on Tuesday, March 1st. Piper Sandler cut shares of SailPoint Technologies from an “overweight” rating to a “neutral” rating and set a $65.00 price target for the company. in a report on Tuesday. Wolfe Research cut shares of SailPoint Technologies from an “outperform” rating to a “market perform” rating in a report on Monday. Jefferies Financial Group boosted their price target on shares of SailPoint Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, January 6th. Finally, Citigroup boosted their price target on shares of SailPoint Technologies from $35.00 to $40.00 and gave the stock a “sell” rating in a report on Tuesday, March 1st. Thirteen analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $62.83.

Shares of SAIL opened at $64.20 on Tuesday. SailPoint Technologies has a fifty-two week low of $34.98 and a fifty-two week high of $64.39. The firm’s 50 day moving average price is $45.22 and its 200 day moving average price is $46.34. The company has a market cap of $6.05 billion, a P/E ratio of -97.27 and a beta of 1.84.

SailPoint Technologies (NYSE:SAIL – Get Rating) last announced its earnings results on Monday, February 28th. The company reported $0.09 earnings per share for the quarter, topping the 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 firm had revenue of $135.60 million for the quarter, compared to the consensus estimate of $113.72 million. During the same period in the prior year, the firm earned $0.05 EPS. The firm’s revenue for the quarter was up 31.2% on a year-over-year basis. As a group, research analysts predict that SailPoint Technologies will post -0.77 earnings per share for the current year.

In related news, EVP Grady Summers sold 9,000 shares of the company’s stock in a transaction on Friday, February 18th. The shares were sold at an average price of $39.27, for a total value of $353,430.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William G. Bock sold 2,500 shares of the company’s stock in a transaction on Tuesday, February 15th. The shares were sold at an average price of $40.23, for a total transaction of $100,575.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 102,745 shares of company stock valued at $4,200,862. 2.00% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the business. CX Institutional raised its position in SailPoint Technologies by 2.7% during the 3rd quarter. CX Institutional now owns 11,145 shares of the company’s stock worth $478,000 after buying an additional 292 shares during the last quarter. Arizona State Retirement System raised its position in SailPoint Technologies by 1.2% during the 3rd quarter. Arizona State Retirement System now owns 25,149 shares of the company’s stock worth $1,078,000 after buying an additional 296 shares during the last quarter. Louisiana State Employees Retirement System raised its position in SailPoint Technologies by 1.3% during the 4th quarter. Louisiana State Employees Retirement System now owns 24,000 shares of the company’s stock worth $1,160,000 after buying an additional 300 shares during the last quarter. State of Michigan Retirement System increased its holdings in shares of SailPoint Technologies by 1.3% in the 4th quarter. State of Michigan Retirement System now owns 23,600 shares of the company’s stock valued at $1,141,000 after purchasing an additional 300 shares in the last quarter. Finally, Pitcairn Co. increased its holdings in shares of SailPoint Technologies by 3.4% in the 4th quarter. Pitcairn Co. now owns 10,348 shares of the company’s stock valued at $500,000 after purchasing an additional 344 shares in the last quarter.

About SailPoint Technologies (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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