Wells Fargo & Company Forecasts Strong Price Appreciation for Sailpoint (NYSE:SAIL) Stock

Sailpoint (NYSE:SAIL) had its price target raised by equities researchers at Wells Fargo & Company from $16.00 to $20.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential downside of 11.54% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Piper Sandler initiated coverage on shares of Sailpoint in a report on Monday, March 10th. They set an “overweight” rating and a $30.00 price target for the company. Bank of America started coverage on shares of Sailpoint in a research note on Monday, March 10th. They set a “buy” rating and a $27.50 price target for the company. Barclays set a $23.00 price target on shares of Sailpoint and gave the company an “overweight” rating in a research note on Tuesday, June 3rd. Truist Financial began coverage on shares of Sailpoint in a research report on Monday, March 10th. They set a “buy” rating and a $29.00 price objective for the company. Finally, BTIG Research began coverage on shares of Sailpoint in a report on Monday, March 10th. They issued a “buy” rating and a $27.00 price target for the company. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Sailpoint has a consensus rating of “Moderate Buy” and an average price target of $26.50.

Sailpoint Stock Down 3.0%

Shares of SAIL stock opened at $22.61 on Thursday. The business’s 50-day moving average is $18.03. Sailpoint has a 52 week low of $15.05 and a 52 week high of $26.35.

Sailpoint (NYSE:SAIL) last posted its quarterly earnings data on Wednesday, March 26th. The company reported ($4.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($4.28). The business had revenue of $240.10 million for the quarter, compared to analysts’ expectations of $229.69 million.

Institutional Investors Weigh In On Sailpoint

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. purchased a new stake in Sailpoint during the 1st quarter valued at $94,194,000. Alliancebernstein L.P. purchased a new stake in Sailpoint during the 1st quarter valued at $55,644,000. T. Rowe Price Investment Management Inc. purchased a new stake in Sailpoint during the 1st quarter valued at $46,875,000. Ameriprise Financial Inc. purchased a new stake in Sailpoint during the 1st quarter valued at $42,585,000. Finally, Stephens Investment Management Group LLC purchased a new stake in Sailpoint during the 1st quarter valued at $23,213,000.

About Sailpoint

SailPoint, Inc delivers solutions to enable comprehensive identity security for the enterprise. Its solutions enable organizations to establish, control, and automate policies that help them define and maintain a robust security posture and achieve regulatory compliance. The company was founded by Mark David McClain in 2005 and is headquartered in Austin, TX.