Zacks Investment Research Lowers SailPoint Technologies (NYSE:SAIL) to Sell

SailPoint Technologies (NYSE:SAILGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “SailPoint Technologies Holdings, Inc. is a provider of enterprise identity governance solutions. The Company’s products and services include Open Identity Platform, Cloud-based Identity Governance, On-premises Identity Governance, Data Access Governance, Identity Analytics, Healthcare Identity Solutions and Federal Identity Solutions. SailPoint Technologies Holdings, Inc. is based in Austin, United States. “

Several other brokerages also recently weighed in on SAIL. Canaccord Genuity Group downgraded SailPoint Technologies from a “buy” rating to a “hold” rating in a report on Monday, April 11th. Canaccord Genuity Group reaffirmed a “hold” rating and set a $65.25 price target on shares of SailPoint Technologies in a report on Tuesday, April 12th. KeyCorp began coverage on SailPoint Technologies in a report on Monday, April 4th. They set an “overweight” rating and a $63.00 price target for the company. Royal Bank of Canada downgraded SailPoint Technologies from an “outperform” rating to a “sector perform” rating and set a $65.25 price target for the company. in a report on Tuesday, April 12th. Finally, Wells Fargo & Company downgraded SailPoint Technologies from an “overweight” rating to an “equal weight” rating in a report on Tuesday, April 12th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $62.83.

Shares of SAIL opened at $63.99 on Tuesday. The firm has a market cap of $6.03 billion, a PE ratio of -96.95 and a beta of 1.54. The company’s 50 day simple moving average is $52.18 and its 200-day simple moving average is $48.31. SailPoint Technologies has a 12-month low of $34.98 and a 12-month high of $64.43.

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

In related news, EVP Grady Summers sold 9,000 shares of SailPoint Technologies stock in a transaction dated Friday, February 18th. The stock was sold at an average price of $39.27, for a total transaction of $353,430.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Christopher Schmitt sold 3,765 shares of SailPoint Technologies stock in a transaction dated Tuesday, March 15th. The stock was sold at an average price of $41.40, for a total value of $155,871.00. The disclosure for this sale can be found here. Insiders have sold a total of 74,409 shares of company stock valued at $3,031,585 in the last ninety days. Corporate insiders own 2.00% of the company’s stock.

A number of institutional investors have recently bought and sold shares of SAIL. Morgan Stanley increased its position in SailPoint Technologies by 3.9% during the 2nd quarter. Morgan Stanley now owns 604,006 shares of the company’s stock worth $30,846,000 after purchasing an additional 22,520 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in SailPoint Technologies by 18.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 3,086 shares of the company’s stock valued at $132,000 after buying an additional 490 shares during the period. Duality Advisers LP purchased a new stake in SailPoint Technologies in the 3rd quarter valued at about $509,000. Swiss National Bank grew its holdings in SailPoint Technologies by 1.2% in the 3rd quarter. Swiss National Bank now owns 204,000 shares of the company’s stock valued at $8,748,000 after buying an additional 2,500 shares during the period. Finally, TimesSquare Capital Management LLC grew its holdings in SailPoint Technologies by 2.8% in the 3rd quarter. TimesSquare Capital Management LLC now owns 2,174,800 shares of the company’s stock valued at $93,255,000 after buying an additional 58,590 shares during the period.

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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