SailPoint (NASDAQ:SAIL) Trading 5.4% Higher – Time to Buy?

SailPoint, Inc. (NASDAQ:SAIL)’s share price shot up 5.4% on Monday . The stock traded as high as $12.39 and last traded at $12.4050. 427,501 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 2,965,992 shares. The stock had previously closed at $11.77.

Analyst Ratings Changes

A number of research firms recently issued reports on SAIL. BMO Capital Markets reaffirmed an “outperform” rating on shares of SailPoint in a report on Thursday, December 11th. BTIG Research reduced their price objective on shares of SailPoint from $22.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, March 19th. The Goldman Sachs Group lowered their price objective on shares of SailPoint from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Thursday, March 19th. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 target price on shares of SailPoint in a research note on Monday, March 23rd. Finally, Scotiabank reduced their target price on shares of SailPoint from $24.00 to $16.00 and set a “sector outperform” rating for the company in a report on Thursday, March 19th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, SailPoint has a consensus rating of “Moderate Buy” and a consensus price target of $21.49.

SailPoint Stock Up 3.5%

The stock has a market cap of $6.87 billion and a P/E ratio of -21.59. The firm’s 50-day moving average is $14.96 and its two-hundred day moving average is $18.75.

SailPoint (NASDAQ:SAIL) last posted its earnings results on Wednesday, March 18th. The company reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08. SailPoint had a negative net margin of 25.20% and a positive return on equity of 1.95%. The company had revenue of $294.65 million during the quarter. During the same period in the prior year, the firm earned ($4.29) earnings per share. The business’s revenue was up 22.9% on a year-over-year basis.

Insider Transactions at SailPoint

In other SailPoint news, CAO Mitra Rezvan sold 3,782 shares of the stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $19.57, for a total transaction of $74,013.74. Following the transaction, the chief accounting officer directly owned 119,109 shares of the company’s stock, valued at $2,330,963.13. This represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Christopher Schmitt sold 4,507 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $19.57, for a total value of $88,201.99. Following the transaction, the general counsel owned 1,043,319 shares in the company, valued at approximately $20,417,752.83. This trade represents a 0.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 354,243 shares of company stock valued at $6,924,823 in the last three months.

Institutional Investors Weigh In On SailPoint

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vident Advisory LLC raised its position in shares of SailPoint by 6.4% in the fourth quarter. Vident Advisory LLC now owns 55,823 shares of the company’s stock valued at $1,129,000 after purchasing an additional 3,370 shares during the period. one8zero8 LLC boosted its holdings in shares of SailPoint by 2.0% during the 4th quarter. one8zero8 LLC now owns 105,550 shares of the company’s stock worth $2,135,000 after buying an additional 2,050 shares during the period. Occudo Quantitative Strategies LP acquired a new position in SailPoint in the 4th quarter valued at $606,000. Balyasny Asset Management L.P. grew its stake in SailPoint by 126.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 535,475 shares of the company’s stock valued at $10,833,000 after buying an additional 299,356 shares during the last quarter. Finally, Freestone Grove Partners LP raised its holdings in SailPoint by 69.8% in the 4th quarter. Freestone Grove Partners LP now owns 500,000 shares of the company’s stock worth $10,115,000 after acquiring an additional 205,606 shares during the period.

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.