Keenan Capital LLC Sells 1,419,292 Shares of SailPoint, Inc. $SAIL

Keenan Capital LLC cut its holdings in shares of SailPoint, Inc. (NASDAQ:SAIL) by 33.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,862,119 shares of the company’s stock after selling 1,419,292 shares during the period. SailPoint makes up approximately 8.3% of Keenan Capital LLC’s holdings, making the stock its 6th biggest position. Keenan Capital LLC’s holdings in SailPoint were worth $41,901,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of SailPoint during the 4th quarter valued at $234,681,000. Wasatch Advisors LP acquired a new position in shares of SailPoint in the 2nd quarter valued at $66,173,000. BlackRock Inc. acquired a new position in shares of SailPoint in the 2nd quarter valued at $65,050,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in SailPoint in the 2nd quarter worth about $64,453,000. Finally, UBS Group AG raised its holdings in SailPoint by 116.3% during 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 during the period.

Analysts Set New Price Targets

Several research analysts have commented on SAIL shares. Roth Capital began coverage on shares of SailPoint in a report on Wednesday, May 20th. They issued a “buy” rating and a $19.00 target price for the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $23.00 price objective on shares of SailPoint in a research note on Friday. BTIG Research reiterated a “buy” rating and set a $18.00 price objective on shares of SailPoint in a research report on Tuesday, June 9th. DA Davidson began coverage on SailPoint in a report on Monday, August 3rd. They issued a “neutral” rating and a $17.00 target price for the company. Finally, Barclays increased their price objective on SailPoint from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 1st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.55.

Insider Buying and Selling

In other news, CAO Mitra Rezvan sold 3,881 shares of SailPoint stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $15.42, for a total transaction of $59,845.02. Following the sale, the chief accounting officer owned 182,641 shares of the company’s stock, valued at approximately $2,816,324.22. This trade represents a 2.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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, EVP Chandrasekar Gnanasambandam sold 19,540 shares of the company’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $15.42, for a total value of $301,306.80. Following the completion of the transaction, the executive vice president owned 934,508 shares of the company’s stock, valued at $14,410,113.36. The trade was a 2.05% 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. In the last three months, insiders have sold 491,559 shares of company stock worth $7,809,391. 1.70% of the stock is currently owned by corporate insiders.

SailPoint Price Performance

Shares of NASDAQ SAIL opened at $17.79 on Wednesday. SailPoint, Inc. has a one year low of $10.30 and a one year high of $24.00. The business’s 50-day moving average price is $17.17 and its two-hundred day moving average price is $14.95. The company has a market capitalization of $10.09 billion, a P/E ratio of -65.89, a price-to-earnings-growth ratio of 1.97 and a beta of 2.17.

SailPoint (NASDAQ:SAIL) last released its earnings results on Tuesday, June 9th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $280.14 million for the quarter. SailPoint had a positive return on equity of 2.31% and a negative net margin of 14.04%.The firm’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same period last year, the business earned $0.01 earnings per share. On average, equities analysts anticipate that SailPoint, Inc. will post 0.32 EPS for the current year.

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.