SailPoint (NASDAQ:SAIL) Trading 8.2% Higher – Here’s Why

SailPoint, Inc. (NASDAQ:SAIL)’s share price traded up 8.2% on Thursday . The company traded as high as $12.74 and last traded at $12.7830. 897,622 shares traded hands during trading, a decline of 70% from the average session volume of 2,969,856 shares. The stock had previously closed at $11.81.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. The Goldman Sachs Group decreased their target price on shares of SailPoint from $21.00 to $18.00 and set a “neutral” rating on the stock in a report on Thursday, March 19th. Scotiabank cut their price target on shares of SailPoint from $24.00 to $16.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 19th. Royal Bank Of Canada set a $17.00 price target on shares of SailPoint in a research note on Friday. FBN Securities initiated coverage on shares of SailPoint in a research note on Tuesday, February 24th. They issued an “outperform” rating and a $18.00 price target for the company. Finally, Truist Financial cut their price target on shares of SailPoint from $23.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, March 19th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.25.

SailPoint Stock Performance

The company has a market cap of $7.66 billion, a PE ratio of -24.11 and a beta of 1.09. The stock’s 50 day moving average price is $12.70 and its 200-day moving average price is $16.42.

SailPoint (NASDAQ:SAIL) last announced its quarterly earnings data on Wednesday, March 18th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. SailPoint had a negative net margin of 25.20% and a positive return on equity of 1.95%. The company had revenue of $294.65 million during the quarter. During the same period last year, the company posted ($4.29) EPS. SailPoint’s revenue for the quarter was up 22.9% on a year-over-year basis. On average, analysts anticipate that SailPoint, Inc. will post 0.32 EPS for the current year.

Insider Buying and Selling

In other news, insider Abby Payne sold 16,930 shares of the company’s stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $11.46, for a total value of $194,017.80. Following the completion of the sale, the insider owned 930,506 shares of the company’s stock, valued at approximately $10,663,598.76. This represents a 1.79% 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, CFO Brian Carolan sold 47,444 shares of the company’s stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $11.46, for a total transaction of $543,708.24. Following the completion of the sale, the chief financial officer directly owned 1,786,212 shares of the company’s stock, valued at $20,469,989.52. This trade represents a 2.59% 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. Insiders have sold 526,962 shares of company stock worth $6,420,108 in the last ninety days. 1.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SailPoint

Several institutional investors have recently added to or reduced their stakes in SAIL. Norges Bank purchased a new stake in SailPoint during the 4th quarter valued at $234,681,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in SailPoint during the 2nd quarter valued at $64,453,000. UBS Group AG boosted its position in SailPoint by 116.3% during the 3rd quarter. UBS Group AG now owns 4,128,038 shares of the company’s stock valued at $91,147,000 after buying an additional 2,219,593 shares during the period. Artisan Partners Limited Partnership purchased a new stake in SailPoint during the 4th quarter valued at $35,203,000. Finally, NZS Capital LLC boosted its position in SailPoint by 186.6% during the 3rd quarter. NZS Capital LLC now owns 1,747,161 shares of the company’s stock valued at $38,577,000 after buying an additional 1,137,643 shares during the period.

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.