Sailpoint Technologies (NYSE:SAIL) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Sailpoint Technologies (NYSE:SAIL) from a hold rating to a buy rating in a report released on Thursday, Zacks.com reports. The brokerage currently has $22.00 price target on the stock.

According to Zacks, “SailPoint Technologies Holdings, Inc. is a provider of enterprise identity governance solutions. The Company’s products and services include Open Identity Platform, Cloud-based Identity Governance, On-premises Identity Governance, Data Access Governance, Identity Analytics, Healthcare Identity Solutions and Federal Identity Solutions. SailPoint Technologies Holdings, Inc. is based in Austin, United States. “

Several other equities research analysts have also recently weighed in on the company. BTIG Research reduced their price objective on Sailpoint Technologies from $27.00 to $20.00 and set a buy rating for the company in a research report on Thursday, May 9th. Monness Crespi & Hardt cut Sailpoint Technologies from a buy rating to a neutral rating in a research report on Thursday, May 9th. Needham & Company LLC reissued a buy rating and issued a $26.00 price objective (down from $30.00) on shares of Sailpoint Technologies in a research report on Thursday, May 9th. Canaccord Genuity reissued a hold rating and issued a $20.00 price objective (down from $29.00) on shares of Sailpoint Technologies in a research report on Thursday, May 9th. Finally, Summit Insights began coverage on Sailpoint Technologies in a research report on Wednesday, April 17th. They issued a buy rating and a $35.00 price objective for the company. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Sailpoint Technologies currently has a consensus rating of Buy and a consensus target price of $28.29.

Shares of SAIL traded down $0.57 during mid-day trading on Thursday, hitting $22.25. The company’s stock had a trading volume of 832,115 shares, compared to its average volume of 1,311,243. Sailpoint Technologies has a one year low of $16.63 and a one year high of $34.60. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 139.06 and a beta of 2.13. The business has a 50-day moving average of $20.61.

Sailpoint Technologies (NYSE:SAIL) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Sailpoint Technologies had a negative net margin of 3.39% and a positive return on equity of 2.01%. The business had revenue of $63.05 million during the quarter, compared to the consensus estimate of $60.43 million. During the same period in the prior year, the company posted $0.03 earnings per share. The firm’s revenue was up 17.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Sailpoint Technologies will post -0.07 earnings per share for the current year.

In other Sailpoint Technologies news, COO James Cameron Mcmartin sold 14,000 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $18.94, for a total transaction of $265,160.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Howard R. Greenfield sold 30,833 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $22.00, for a total value of $678,326.00. The disclosure for this sale can be found here. Insiders sold 77,444 shares of company stock valued at $1,594,987 over the last 90 days. 4.10% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. Manchester Financial Inc. acquired a new position in Sailpoint Technologies during the second quarter worth $27,000. Aperio Group LLC acquired a new stake in shares of Sailpoint Technologies in the second quarter valued at $41,000. Optimum Investment Advisors increased its stake in shares of Sailpoint Technologies by 17.8% in the second quarter. Optimum Investment Advisors now owns 5,950 shares of the company’s stock valued at $119,000 after buying an additional 900 shares in the last quarter. Bank of Montreal Can acquired a new stake in shares of Sailpoint Technologies in the second quarter valued at $146,000. Finally, SG Americas Securities LLC increased its stake in shares of Sailpoint Technologies by 93.3% in the second quarter. SG Americas Securities LLC now owns 7,850 shares of the company’s stock valued at $157,000 after buying an additional 3,790 shares in the last quarter. Hedge funds and other institutional investors own 85.50% of the company’s stock.

About Sailpoint Technologies

SailPoint Technologies Holdings, Inc designs, develops, and markets identity governance software solutions in North America, Europe, and the Asia Pacific. The company offers on-premises software and cloud-based solutions, which empower organizations to govern the digital identities of employees, contractors, business partners, and other users, as well as manage their constantly changing access rights to enterprise applications and data across hybrid IT environments.

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