Sailpoint Technologies (NYSE:SAIL) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Sailpoint Technologies (NYSE:SAIL) from a buy rating to a hold rating in a report released on Tuesday morning, Zacks.com reports.

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. “

Other analysts also recently issued research reports about the stock. Summit Insights initiated coverage on shares of Sailpoint Technologies in a research report on Wednesday, April 17th. They set a buy rating and a $35.00 target price for the company. Oppenheimer dropped their target price on shares of Sailpoint Technologies from $35.00 to $28.00 and set an outperform rating for the company in a research report on Thursday, May 9th. KeyCorp dropped their target price on shares of Sailpoint Technologies from $35.00 to $28.00 and set an in-line rating for the company in a research report on Thursday, May 9th. Monness Crespi & Hardt downgraded shares of Sailpoint Technologies from a buy rating to a neutral rating in a research report on Thursday, May 9th. Finally, Needham & Company LLC reissued a buy rating and set a $26.00 target price (down previously from $30.00) on shares of Sailpoint Technologies in a research report on Thursday, May 9th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Sailpoint Technologies currently has an average rating of Buy and an average price target of $27.25.

SAIL opened at $22.39 on Tuesday. The business’s 50 day simple moving average is $20.82. The firm has a market cap of $2.00 billion, a P/E ratio of 139.94 and a beta of 2.13. Sailpoint Technologies has a 1 year low of $16.63 and a 1 year high of $34.60.

Sailpoint Technologies (NYSE:SAIL) last posted its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.01). The business had revenue of $63.05 million for the quarter, compared to analyst estimates of $60.43 million. Sailpoint Technologies had a positive return on equity of 1.99% and a negative net margin of 3.39%. The firm’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period last year, the company posted $0.03 EPS. On average, equities analysts predict that Sailpoint Technologies will post -0.1 earnings per share for the current fiscal year.

In other Sailpoint Technologies news, Director William G. Bock sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Howard R. Greenfield sold 30,833 shares of the company’s stock in a transaction that occurred 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. In the last 90 days, insiders sold 77,444 shares of company stock valued at $1,594,987. 4.10% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SAIL. Janus Henderson Group PLC boosted its stake in shares of Sailpoint Technologies by 20.3% during the 2nd quarter. Janus Henderson Group PLC now owns 3,012,523 shares of the company’s stock valued at $60,371,000 after buying an additional 507,503 shares during the last quarter. FMR LLC boosted its stake in shares of Sailpoint Technologies by 5.6% during the 1st quarter. FMR LLC now owns 1,998,357 shares of the company’s stock valued at $57,393,000 after buying an additional 106,813 shares during the last quarter. Eagle Asset Management Inc. boosted its stake in shares of Sailpoint Technologies by 4.4% during the 2nd quarter. Eagle Asset Management Inc. now owns 1,990,620 shares of the company’s stock valued at $39,892,000 after buying an additional 83,249 shares during the last quarter. TimesSquare Capital Management LLC boosted its stake in shares of Sailpoint Technologies by 105.5% during the 2nd quarter. TimesSquare Capital Management LLC now owns 1,888,970 shares of the company’s stock valued at $37,855,000 after buying an additional 969,885 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Sailpoint Technologies by 7.5% during the 1st quarter. Wells Fargo & Company MN now owns 1,867,557 shares of the company’s stock valued at $53,635,000 after buying an additional 129,567 shares during the last quarter. Hedge funds and other institutional investors own 86.84% of the company’s stock.

Sailpoint Technologies Company Profile

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.

Featured Article: What is the Moving Average Convergence Divergence (MACD) oscillator?

Get a free copy of the Zacks research report on Sailpoint Technologies (SAIL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Sailpoint Technologies (NYSE:SAIL)

Receive News & Ratings for Sailpoint Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sailpoint Technologies and related companies with MarketBeat.com's FREE daily email newsletter.