SailPoint Technologies: Analysts Cut Price Target, But Upside Potential Remains
SailPoint Technologies Holdings, Inc (NASDAQ:SAIL) had its target price cut by stock analysts at Royal Bank Of Canada from $23.00 to $19.00 in a report issued on Thursday, stock market news reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price would suggest a potential upside of 50.03% from the company’s previous close.
Other Analysts Weigh In
Other research analysts have also recently issued reports about the stock. BTIG Research decreased their price objective on shares of SailPoint from $22.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday. TD Cowen cut their price target on shares of SailPoint from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. FBN Securities initiated coverage on shares of SailPoint in a report on Tuesday, February 24th. They issued an “outperform” rating and a $18.00 price target on the stock. Barclays dropped their price objective on shares of SailPoint from $23.00 to $20.00 and set an “overweight” rating for the company in a report on Monday. Finally, Robert W. Baird cut their target price on shares of SailPoint from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday.
Insider Activity and Institutional Investors
In other news, General Counsel Christopher Schmitt sold 11,908 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $19.23, for a total transaction of $228,990.84. Following the transaction, the general counsel directly owned 1,057,956 shares of the company’s stock, valued at approximately $20,344,493.88. This trade represents a 1.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian Carolan sold 30,638 shares of SailPoint stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $19.57, for a total value of $599,585.66. Following the completion of the transaction, the chief financial officer owned 1,277,795 shares in the company, valued at approximately $25,006,448.15. This represents a 2.34% decrease in their position.
Institutional Investors and Hedge Funds
Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in SailPoint in the 4th quarter worth approximately $234,681,000. Vanguard Group Inc. boosted its stake in shares of SailPoint by 4.3% during the third quarter. Vanguard Group Inc. now owns 5,317,789 shares of the company’s stock valued at $117,417,000 after purchasing an additional 219,375 shares during the period. Voya Investment Management LLC boosted its stake in shares of SailPoint by 10.1% during the third quarter. Voya Investment Management LLC now owns 4,309,070 shares of the company’s stock valued at $95,144,000 after purchasing an additional 395,287 shares during the period.
Company Overview
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.
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