SailPoint (NASDAQ:SAIL) Shares Up 8.7% – Here’s Why

SailPoint, Inc. (NASDAQ:SAIL)’s stock price shot up 8.7% during trading on Monday . The company traded as high as $11.27 and last traded at $11.4070. 815,814 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 3,061,755 shares. The stock had previously closed at $10.49.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company lowered their price target on SailPoint from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Thursday, March 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SailPoint in a report on Monday, December 29th. Barclays lowered their price target on SailPoint from $23.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, March 16th. Robert W. Baird lowered their price target on SailPoint from $26.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, March 19th. Finally, FBN Securities began coverage on SailPoint in a report on Tuesday, February 24th. They issued an “outperform” rating and a $18.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, SailPoint currently has an average rating of “Moderate Buy” and an average target price of $21.35.

SailPoint Stock Down 1.2%

The stock has a 50 day simple moving average of $13.84 and a 200 day simple moving average of $17.93. The company has a market capitalization of $6.27 billion, a price-to-earnings ratio of -19.86 and a beta of 2.38.

SailPoint (NASDAQ:SAIL) last released its quarterly earnings results on Wednesday, March 18th. The company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. The company had revenue of $294.65 million for the quarter. SailPoint had a positive return on equity of 1.95% and a negative net margin of 25.20%.The business’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period last year, the firm posted ($4.29) EPS.

Insider Activity at SailPoint

In other news, CFO Brian Carolan sold 47,444 shares of SailPoint stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $11.46, for a total transaction of $543,708.24. Following the sale, the chief financial officer owned 1,786,212 shares of the company’s stock, valued at approximately $20,469,989.52. The trade was a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Christopher Schmitt sold 18,813 shares of SailPoint stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $11.46, for a total value of $215,596.98. Following the sale, the general counsel directly owned 1,355,551 shares in the company, valued at approximately $15,534,614.46. This trade represents a 1.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 526,962 shares of company stock valued at $6,420,108.

Institutional Investors Weigh In On SailPoint

Hedge funds have recently made changes to their positions in the business. Norges Bank bought a new stake in SailPoint during the fourth quarter worth approximately $234,681,000. Vanguard Group Inc. raised its holdings in SailPoint by 4.3% during the third quarter. Vanguard Group Inc. now owns 5,317,789 shares of the company’s stock worth $117,417,000 after purchasing an additional 219,375 shares in the last quarter. Voya Investment Management LLC raised its holdings in SailPoint by 10.1% during the third quarter. Voya Investment Management LLC now owns 4,309,070 shares of the company’s stock worth $95,144,000 after purchasing an additional 395,287 shares in the last quarter. UBS Group AG raised its holdings in SailPoint by 116.3% during the third quarter. UBS Group AG now owns 4,128,038 shares of the company’s stock worth $91,147,000 after purchasing an additional 2,219,593 shares in the last quarter. Finally, GW&K Investment Management LLC raised its holdings in SailPoint by 34.3% during the third quarter. GW&K Investment Management LLC now owns 3,395,602 shares of the company’s stock worth $74,975,000 after purchasing an additional 866,889 shares in the last quarter.

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.