Sailpoint Technologies (NYSE:SAIL) Lifted to “Buy” at 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 Wednesday morning, Zacks.com reports. The firm currently has $26.00 target price 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. “

Other research analysts have also issued reports about the company. Jefferies Financial Group increased their price objective on Sailpoint Technologies from $26.00 to $28.00 and gave the stock an in-line rating in a research note on Thursday, November 7th. Wedbush began coverage on Sailpoint Technologies in a research note on Thursday, November 7th. They set an outperform rating and a $32.00 price objective for the company. Rosenblatt Securities reiterated a hold rating and set a $23.00 price objective on shares of Sailpoint Technologies in a research note on Thursday, November 7th. Needham & Company LLC reiterated a buy rating and set a $26.00 price objective on shares of Sailpoint Technologies in a research note on Thursday, November 7th. Finally, Piper Jaffray Companies started coverage on Sailpoint Technologies in a research note on Friday, November 8th. They issued an overweight rating and a $30.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $27.36.

Sailpoint Technologies stock traded up $0.51 during mid-day trading on Wednesday, hitting $24.03. 1,247,898 shares of the company were exchanged, compared to its average volume of 1,406,682. The company has a quick ratio of 4.25, a current ratio of 4.25 and a debt-to-equity ratio of 0.72. The business has a fifty day moving average of $19.61 and a 200 day moving average of $20.60. Sailpoint Technologies has a 1-year low of $16.63 and a 1-year high of $32.25. The company has a market capitalization of $2.06 billion, a PE ratio of 150.19 and a beta of 2.01.

Sailpoint Technologies (NYSE:SAIL) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.11. Sailpoint Technologies had a positive return on equity of 1.57% and a negative net margin of 3.13%. The firm had revenue of $75.88 million during the quarter, compared to analyst estimates of $70.50 million. During the same period in the prior year, the company posted $0.12 earnings per share. The business’s revenue for the quarter was up 15.4% compared to the same quarter last year. Research analysts expect that Sailpoint Technologies will post -0.07 earnings per share for the current year.

In related news, CEO Mark D. Mcclain sold 56,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $20.74, for a total value of $1,161,440.00. Also, COO James Cameron Mcmartin sold 60,000 shares of the firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $18.52, for a total value of $1,111,200.00. Over the last 90 days, insiders sold 193,800 shares of company stock valued at $3,793,542. 4.10% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the stock. Optimum Investment Advisors boosted its holdings in 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 acquiring an additional 900 shares during the last quarter. HM Payson & Co. bought a new position in Sailpoint Technologies in the second quarter valued at about $25,000. Manchester Financial Inc. bought a new position in Sailpoint Technologies in the second quarter valued at about $27,000. Usca Ria LLC bought a new position in Sailpoint Technologies in the third quarter valued at about $37,000. Finally, Aperio Group LLC bought a new position in Sailpoint Technologies in the second quarter valued at about $41,000. Institutional investors and hedge funds own 92.32% 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.

Read More: Why are gap-down stocks important?

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.