SailPoint (NASDAQ:SAIL) Trading Down 6.8% – Here’s What Happened
by Renee Jackson · The Cerbat GemSailPoint, Inc. (NASDAQ:SAIL – Get Free Report)’s share price fell 6.8% during mid-day trading on Thursday . The stock traded as low as $11.60 and last traded at $11.5610. 1,284,726 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 2,994,572 shares. The stock had previously closed at $12.41.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on SAIL. Royal Bank Of Canada lowered their price objective on SailPoint from $23.00 to $19.00 and set an “outperform” rating for the company in a research note on Thursday, March 19th. Barclays cut their price target on shares of SailPoint from $23.00 to $20.00 and set an “overweight” rating on the stock in a report on Monday, March 16th. TD Cowen cut their price target on shares of SailPoint from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Mizuho cut their price target 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. Finally, Scotiabank cut their price target on shares of SailPoint from $24.00 to $16.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 19th. Two 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 given a Sell rating to the company. Based on data from MarketBeat, SailPoint presently has an average rating of “Moderate Buy” and an average price target of $21.35.
Read Our Latest Report on SailPoint
SailPoint Trading Down 10.1%
The firm has a market cap of $6.29 billion, a price-to-earnings ratio of -19.96 and a beta of 2.38. The business’s 50-day simple moving average is $14.20 and its two-hundred day simple moving average is $18.28.
SailPoint (NASDAQ:SAIL – Get Free Report) last released its earnings results on Wednesday, March 18th. The company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. The business had revenue of $294.65 million during the quarter. SailPoint had a negative net margin of 25.20% and a positive return on equity of 1.95%. The business’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($4.29) EPS.
Institutional Trading of SailPoint
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in SailPoint by 4.3% in the third quarter. Vanguard Group Inc. now owns 5,317,789 shares of the company’s stock worth $117,417,000 after purchasing an additional 219,375 shares during the period. Stephens Investment Management Group LLC grew its holdings in SailPoint by 10.9% in the third quarter. Stephens Investment Management Group LLC now owns 1,679,495 shares of the company’s stock worth $37,083,000 after purchasing an additional 165,741 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in SailPoint by 86.0% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 167,021 shares of the company’s stock worth $3,688,000 after purchasing an additional 77,237 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in SailPoint in the third quarter worth $26,365,000. Finally, OFI Invest Asset Management acquired a new position in shares of SailPoint during the third quarter worth approximately $11,133,000.
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.