SailPoint (NASDAQ:SAIL) Reaches New 12-Month Low – Here’s What Happened

SailPoint, Inc. (NASDAQ:SAIL)’s share price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $11.83 and last traded at $12.13, with a volume of 417439 shares. The stock had previously closed at $12.54.

Analyst Ratings Changes

Several equities analysts have weighed in on SAIL shares. BTIG Research lowered their target price on SailPoint from $22.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, March 19th. 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 report on Tuesday, February 17th. FBN Securities assumed coverage on shares of SailPoint in a research report on Tuesday, February 24th. They set an “outperform” rating and a $18.00 price objective on the stock. Scotiabank dropped their price objective on shares of SailPoint from $24.00 to $16.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 19th. Finally, Robert W. Baird decreased their target price on shares of SailPoint from $26.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, March 19th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.49.

SailPoint Stock Performance

The company has a market cap of $6.79 billion and a price-to-earnings ratio of -21.49. The company’s 50 day moving average price is $15.50 and its 200 day moving average price is $19.00.

SailPoint (NASDAQ:SAIL) last posted its earnings results on Wednesday, March 18th. The company reported $0.08 earnings per share 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%.SailPoint’s quarterly revenue was up 22.9% on a year-over-year basis. During the same quarter last year, the business earned ($4.29) earnings per share.

Insider Activity

In related news, CEO Mark D. Mcclain sold 61,106 shares of the stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $19.23, for a total transaction of $1,175,068.38. Following the completion of the sale, the chief executive officer owned 7,139,202 shares in the company, valued at $137,286,854.46. This represents a 0.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian Carolan sold 30,638 shares of the stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $19.57, for a total value of $599,585.66. Following the completion of the sale, the chief financial officer directly owned 1,277,795 shares of the company’s stock, valued at $25,006,448.15. This represents a 2.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 354,243 shares of company stock worth $6,924,823.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in SailPoint during the fourth quarter valued at approximately $234,681,000. Vanguard Group Inc. raised its stake in SailPoint by 4.3% during the third quarter. Vanguard Group Inc. now owns 5,317,789 shares of the company’s stock worth $117,417,000 after acquiring an additional 219,375 shares in the last quarter. Voya Investment Management LLC lifted its holdings in shares of SailPoint by 10.1% during the third quarter. Voya Investment Management LLC now owns 4,309,070 shares of the company’s stock valued at $95,144,000 after acquiring an additional 395,287 shares during the period. UBS Group AG grew its holdings 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 purchasing an additional 2,219,593 shares during the last quarter. Finally, GW&K Investment Management LLC increased its position in shares of SailPoint by 34.3% during the 3rd quarter. GW&K Investment Management LLC now owns 3,395,602 shares of the company’s stock worth $74,975,000 after purchasing an additional 866,889 shares in the last quarter.

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.