SailPoint (NASDAQ:SAIL) Stock Price Up 9.8% – Here’s What Happened

SailPoint, Inc. (NASDAQ:SAIL) shares rose 9.8% on Friday . The company traded as high as $18.04 and last traded at $18.18. Approximately 1,824,502 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 3,070,382 shares. The stock had previously closed at $16.55.

Wall Street Analysts Forecast Growth

SAIL has been the topic of a number of analyst reports. Mizuho reduced their price objective on shares of SailPoint from $23.00 to $20.00 and set a “neutral” rating on the stock in a report on Tuesday, February 17th. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 target price on shares of SailPoint in a research report on Monday, March 23rd. The Goldman Sachs Group cut their target price on SailPoint from $21.00 to $18.00 and set a “neutral” rating on the stock in a research report on Thursday, March 19th. FBN Securities started coverage on SailPoint in a research report on Tuesday, February 24th. They set an “outperform” rating and a $18.00 target price on the stock. Finally, Wells Fargo & Company raised their target price on SailPoint from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Thursday, May 21st. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, SailPoint has a consensus rating of “Moderate Buy” and an average price target of $21.19.

SailPoint Trading Up 13.8%

The company’s 50 day moving average is $12.84 and its 200 day moving average is $16.04. The stock has a market capitalization of $10.68 billion, a price-to-earnings ratio of -33.62 and a beta of 1.09.

SailPoint (NASDAQ:SAIL) last announced its quarterly earnings results on Wednesday, March 18th. The company reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08. The firm had revenue of $294.65 million for the quarter. SailPoint had a negative net margin of 25.20% and a positive return on equity of 1.95%. SailPoint’s revenue was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($4.29) earnings per share. Analysts anticipate that SailPoint, Inc. will post 0.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Mark D. Mcclain sold 92,874 shares of SailPoint stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $11.46, for a total value of $1,064,336.04. Following the transaction, the chief executive officer directly owned 8,305,324 shares of the company’s stock, valued at $95,179,013.04. The trade was a 1.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Matt Mills sold 34,171 shares of SailPoint stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $11.46, for a total transaction of $391,599.66. Following the completion of the transaction, the president owned 2,451,334 shares in the company, valued at approximately $28,092,287.64. This represents a 1.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 526,962 shares of company stock worth $6,420,108. Corporate insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Cerity Partners LLC increased its stake in SailPoint by 0.8% in the fourth quarter. Cerity Partners LLC now owns 115,604 shares of the company’s stock valued at $2,339,000 after purchasing an additional 923 shares during the period. Essex Financial Services Inc. increased its holdings in shares of SailPoint by 7.8% in the third quarter. Essex Financial Services Inc. now owns 13,157 shares of the company’s stock valued at $291,000 after purchasing an additional 947 shares during the period. Main Management ETF Advisors LLC increased its holdings in shares of SailPoint by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 102,573 shares of the company’s stock valued at $2,075,000 after purchasing an additional 1,048 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in shares of SailPoint in the third quarter valued at approximately $31,000. Finally, Federation des caisses Desjardins du Quebec increased its holdings in shares of SailPoint by 24.1% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 7,871 shares of the company’s stock valued at $159,000 after purchasing an additional 1,528 shares during the period.

SailPoint Company Profile

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.