SailPoint (NASDAQ:SAIL) Price Target Raised to $24.00

SailPoint (NASDAQ:SAIL) had its price objective increased by investment analysts at Scotiabank from $22.00 to $24.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s target price would suggest a potential upside of 18.75% from the company’s previous close.

Other analysts have also issued reports about the stock. Jefferies Financial Group reissued a “buy” rating and set a $23.00 target price on shares of SailPoint in a research note on Friday, September 4th. BMO Capital Markets reaffirmed a “buy” rating and set a $21.00 price objective on shares of SailPoint in a report on Thursday, September 10th. TD Cowen restated a “buy” rating on shares of SailPoint in a research report on Wednesday, September 9th. Roth Capital reissued a “buy” rating and set a $21.00 price objective (up from $19.00) on shares of SailPoint in a report on Thursday, September 10th. Finally, Royal Bank Of Canada lifted their price objective on shares of SailPoint from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Nineteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $21.64.

SailPoint Price Performance

Shares of NASDAQ:SAIL traded down $0.22 on Monday, reaching $20.21. The company’s stock had a trading volume of 2,422,683 shares, compared to its average volume of 3,815,792. SailPoint has a 52-week low of $10.30 and a 52-week high of $24.00. The stock’s 50-day moving average is $18.96 and its two-hundred day moving average is $15.64. The stock has a market capitalization of $11.54 billion, a P/E ratio of -59.54, a PEG ratio of 2.24 and a beta of 2.15.

SailPoint (NASDAQ:SAIL) last issued its quarterly earnings data on Wednesday, September 9th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. The firm had revenue of $308.81 million during the quarter. SailPoint had a positive return on equity of 2.44% and a negative net margin of 16.92%.The company’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.02) earnings per share. SailPoint has set its FY 2027 guidance at 0.300-0.340 EPS and its Q3 2027 guidance at 0.070-0.080 EPS. Equities analysts forecast that SailPoint will post 0.33 earnings per share for the current fiscal year.

Insider Buying and Selling at SailPoint

In other news, CFO Brian Carolan sold 46,002 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $15.42, for a total value of $709,350.84. Following the transaction, the chief financial officer owned 1,707,742 shares in the company, valued at approximately $26,333,381.64. The trade was a 2.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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, CEO Mark McClain sold 118,194 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $16.29, for a total value of $1,925,380.26. Following the sale, the chief executive officer owned 8,187,130 shares of the company’s stock, valued at approximately $133,368,347.70. This represents a 1.42% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders sold 491,559 shares of company stock worth $7,809,391 over the last 90 days. Company insiders own 1.70% of the company’s stock.

Institutional Trading of SailPoint

Several hedge funds and other institutional investors have recently bought and sold shares of SAIL. Wasatch Advisors LP bought a new position in SailPoint in the second quarter worth $66,173,000. BlackRock Inc. purchased a new stake in SailPoint during the second quarter valued at approximately $65,050,000. Stephens Investment Management Group LLC increased its position in SailPoint by 51.0% in the first quarter. Stephens Investment Management Group LLC now owns 2,895,700 shares of the company’s stock worth $38,339,000 after buying an additional 978,376 shares in the last quarter. Bank of America Corp DE boosted its holdings in SailPoint by 40.1% in the 1st quarter. Bank of America Corp DE now owns 1,764,870 shares of the company’s stock worth $23,367,000 after buying an additional 504,726 shares during the period. Finally, Freestone Grove Partners LP purchased a new stake in SailPoint in the 2nd quarter worth $21,266,000.

About SailPoint

SailPoint, Inc (NASDAQ:SAIL) is an identity security company that helps organizations manage and protect digital identities and access to applications, data, and other technology resources. Its software is designed to help enterprises determine who should have access to specific resources, enforce access policies, and identify and address inappropriate or excessive access.

The company’s offerings include its cloud-based identity security platform, which supports identity governance, access management, lifecycle automation, compliance, and analytics.