Research analysts at Piper Jaffray Companies initiated coverage on shares of Sailpoint Technologies (NYSE:SAIL) in a research note issued to investors on Friday, Benzinga’s Daily Ratings Newsletter reports. The brokerage set an “overweight” rating and a $30.00 price target on the stock. Piper Jaffray Companies’ price target would indicate a potential upside of 33.16% from the stock’s previous close.
Several other equities research analysts have also recently issued reports on the company. Jefferies Financial Group lifted their target price on Sailpoint Technologies from $26.00 to $28.00 and gave the stock an “in-line” rating in a report on Thursday. SunTrust Banks assumed coverage on Sailpoint Technologies in a report on Wednesday, October 2nd. They issued a “buy” rating and a $25.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $26.00 target price on shares of Sailpoint Technologies in a report on Thursday. Rosenblatt Securities reaffirmed a “hold” rating and issued a $23.00 target price on shares of Sailpoint Technologies in a report on Thursday. Finally, Zacks Investment Research cut Sailpoint Technologies from a “buy” rating to a “hold” rating in a research note on Friday, October 4th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Sailpoint Technologies presently has an average rating of “Buy” and an average price target of $27.40.
Shares of SAIL stock traded up $0.54 during trading hours on Friday, hitting $22.53. The stock had a trading volume of 41,756 shares, compared to its average volume of 1,092,656. Sailpoint Technologies has a one year low of $16.63 and a one year high of $32.25. The stock’s 50-day moving average price is $19.21 and its two-hundred day moving average price is $20.76. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 141.13 and a beta of 2.01.
Sailpoint Technologies (NYSE:SAIL) last issued its earnings results on Wednesday, November 6th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.11. Sailpoint Technologies had a positive return on equity of 1.99% and a negative net margin of 3.39%. The firm had revenue of $75.88 million for the quarter, compared to analysts’ expectations of $70.50 million. During the same period in the previous year, the firm posted $0.12 earnings per share. The business’s revenue was up 15.4% compared to the same quarter last year. As a group, analysts forecast that Sailpoint Technologies will post -0.09 EPS for the current year.
In other news, Director James Michael Pflaging sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $21.78, for a total transaction of $87,120.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mark D. Mcclain sold 56,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $20.74, for a total value of $1,161,440.00. Insiders have sold 256,000 shares of company stock worth $5,075,760 over the last three months. 4.10% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Citigroup Inc. grew its stake in shares of Sailpoint Technologies by 75.4% during the fourth quarter. Citigroup Inc. now owns 37,106 shares of the company’s stock valued at $872,000 after buying an additional 15,949 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Sailpoint Technologies in the fourth quarter valued at approximately $8,664,000. NumerixS Investment Technologies Inc purchased a new stake in shares of Sailpoint Technologies in the first quarter valued at approximately $378,000. Northern Trust Corp purchased a new stake in shares of Sailpoint Technologies in the first quarter valued at approximately $4,444,000. Finally, Two Sigma Advisers LP boosted its holdings in shares of Sailpoint Technologies by 126.1% in the fourth quarter. Two Sigma Advisers LP now owns 64,000 shares of the company’s stock valued at $1,503,000 after purchasing an additional 35,700 shares during the period. 92.59% of the stock is currently owned by hedge funds and other institutional investors.
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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