Roth Mkm Upgrades SailPoint (NASDAQ:SAIL) to Strong-Buy

SailPoint (NASDAQ:SAIL) was upgraded by equities research analysts at Roth Mkm to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

Several other brokerages also recently issued reports on SAIL. TD Cowen decreased their target price on SailPoint from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Royal Bank Of Canada set a $17.00 target price on SailPoint in a research note on Friday, May 15th. Mizuho decreased their target price on SailPoint from $23.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 17th. The Goldman Sachs Group decreased their target price on SailPoint from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Thursday, March 19th. Finally, Robert W. Baird decreased their target price on SailPoint from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday, March 19th. Three analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.19.

SailPoint Trading Up 0.2%

Shares of SAIL opened at $15.01 on Wednesday. The business’s 50 day moving average is $12.66 and its 200 day moving average is $16.17. The company has a market capitalization of $8.51 billion, a PE ratio of -26.80 and a beta of 1.09. SailPoint has a 12-month low of $10.30 and a 12-month high of $24.95.

SailPoint (NASDAQ:SAIL) last issued 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 company had revenue of $294.65 million for the quarter. SailPoint had a positive return on equity of 1.95% and a negative net margin of 25.20%.The firm’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same period last year, the business posted ($4.29) EPS. Equities research analysts predict that SailPoint will post 0.32 earnings per share for the current year.

Insiders Place Their Bets

In other SailPoint news, insider Abby Payne sold 16,930 shares of SailPoint stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $11.46, for a total value of $194,017.80. Following the sale, the insider owned 930,506 shares of the company’s stock, valued at $10,663,598.76. The trade was a 1.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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, President Matt Mills sold 34,171 shares of SailPoint stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $11.46, for a total value of $391,599.66. Following the completion of the sale, the president directly owned 2,451,334 shares in the company, valued at approximately $28,092,287.64. The trade was a 1.37% 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. Over the last quarter, insiders have sold 526,962 shares of company stock worth $6,420,108. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On SailPoint

Several large investors have recently modified their holdings of the stock. Bank of America Corp DE increased its position in shares of SailPoint by 40.1% during the 1st quarter. Bank of America Corp DE now owns 1,764,870 shares of the company’s stock valued at $23,367,000 after purchasing an additional 504,726 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in SailPoint by 178.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 105,497 shares of the company’s stock valued at $1,397,000 after acquiring an additional 67,601 shares during the period. Quantinno Capital Management LP boosted its holdings in SailPoint by 531.8% during the 1st quarter. Quantinno Capital Management LP now owns 251,770 shares of the company’s stock valued at $3,333,000 after acquiring an additional 211,922 shares during the period. Renaissance Technologies LLC purchased a new position in SailPoint during the 1st quarter valued at $5,214,000. Finally, NewEdge Wealth LLC purchased a new position in SailPoint during the 1st quarter valued at $1,508,000.

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.