SailPoint (NASDAQ:SAIL) Price Target Raised to $17.00

SailPoint (NASDAQ:SAIL) had its price target upped by equities research analysts at Wells Fargo & Company from $16.00 to $17.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 14.62% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Barclays lowered their target price on shares of SailPoint from $23.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, March 16th. Truist Financial lowered their price objective 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. Royal Bank Of Canada set a $17.00 price objective on shares of SailPoint in a research note on Friday, May 15th. Scotiabank decreased 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. Finally, Mizuho decreased their price target on shares of SailPoint from $23.00 to $20.00 and set a “neutral” rating for the company in a research note on Tuesday, February 17th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.19.

SailPoint Stock Performance

NASDAQ SAIL traded down $0.15 during mid-day trading on Thursday, reaching $14.83. 691,049 shares of the stock were exchanged, compared to its average volume of 3,072,392. The company has a market capitalization of $8.41 billion, a P/E ratio of -26.45 and a beta of 1.09. SailPoint has a 1 year low of $10.30 and a 1 year high of $24.95. The business’s 50 day moving average is $12.66 and its 200-day moving average is $16.22.

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

Insider Buying and Selling

In other SailPoint news, EVP Chandrasekar Gnanasambandam sold 20,082 shares of the business’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 $230,139.72. Following the transaction, the executive vice president directly owned 968,926 shares of the company’s stock, valued at approximately $11,103,891.96. The trade was a 2.03% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed 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, CFO Brian Carolan sold 47,444 shares of the business’s stock in a transaction 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 in the company, valued at $20,469,989.52. The trade was a 2.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 a total of 526,962 shares of company stock worth $6,420,108 in the last ninety days. Insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On SailPoint

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

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.