SailPoint’s (SAIL) Overweight Rating Reaffirmed at Cantor Fitzgerald

SailPoint (NASDAQ:SAIL)‘s stock had its “overweight” rating reissued by research analysts at Cantor Fitzgerald in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $23.00 target price on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 87.76% from the stock’s current price.

Other analysts have also issued research reports about the stock. Truist Financial lowered their price objective on shares of SailPoint from $23.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday. TD Cowen lowered their price target on shares of SailPoint from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. The Goldman Sachs Group dropped their price objective on SailPoint from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Thursday. Scotiabank decreased their target price on SailPoint from $24.00 to $16.00 and set a “sector outperform” rating for the company in a research report on Thursday. Finally, FBN Securities initiated coverage on SailPoint in a research note on Tuesday, February 24th. They issued an “outperform” rating and a $18.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $21.49.

SailPoint Stock Down 0.7%

SAIL stock opened at $12.25 on Monday. The firm has a market cap of $6.88 billion and a PE ratio of -21.87. The business has a 50 day moving average of $15.64 and a 200-day moving average of $19.06. SailPoint has a 12-month low of $11.90 and a 12-month high of $24.95.

SailPoint (NASDAQ:SAIL) last announced its earnings results on Wednesday, March 18th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. The firm had revenue of $294.65 million during the quarter. SailPoint had a positive return on equity of 1.95% and a negative net margin of 25.20%.The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($4.29) earnings per share.

Insider Buying and Selling

In related news, General Counsel Christopher Schmitt sold 4,507 shares of SailPoint stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $19.57, for a total value of $88,201.99. Following the completion of the transaction, the general counsel directly owned 1,043,319 shares in the company, valued at approximately $20,417,752.83. The trade was a 0.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark D. Mcclain sold 52,799 shares of the business’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $19.57, for a total transaction of $1,033,276.43. Following the sale, the chief executive officer directly owned 7,034,417 shares in the company, valued at $137,663,540.69. The trade was a 0.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 354,243 shares of company stock valued at $6,924,823. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On SailPoint

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in SailPoint by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,317,789 shares of the company’s stock valued at $117,417,000 after buying an additional 219,375 shares in the last quarter. Stephens Investment Management Group LLC increased its position in shares of SailPoint by 10.9% during the third quarter. Stephens Investment Management Group LLC now owns 1,679,495 shares of the company’s stock valued at $37,083,000 after buying an additional 165,741 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of SailPoint by 86.0% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 167,021 shares of the company’s stock worth $3,688,000 after buying an additional 77,237 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of SailPoint in the third quarter valued at approximately $26,365,000. Finally, OFI Invest Asset Management bought a new position in shares of SailPoint in the third quarter valued at approximately $11,133,000.

SailPoint Company Profile

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.