Sailpoint Technologies (SAIL) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Sailpoint Technologies (NYSE:SAIL) from a buy rating to a hold rating in a report released on Tuesday.

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. “

Several other research analysts have also weighed in on SAIL. Citigroup lifted their target price on Sailpoint Technologies from $33.00 to $36.00 and gave the stock a buy rating in a report on Thursday, August 9th. Royal Bank of Canada reiterated a buy rating and set a $33.00 target price on shares of Sailpoint Technologies in a report on Friday, August 10th. Needham & Company LLC lifted their target price on Sailpoint Technologies from $29.00 to $30.00 and gave the stock a buy rating in a report on Thursday, August 9th. KeyCorp lifted their target price on Sailpoint Technologies from $28.00 to $32.00 and gave the stock an overweight rating in a report on Thursday, August 9th. Finally, Canaccord Genuity lifted their target price on Sailpoint Technologies from $24.00 to $25.00 and gave the stock a hold rating in a report on Thursday, August 9th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Sailpoint Technologies presently has a consensus rating of Buy and a consensus target price of $31.23.

SAIL stock opened at $23.95 on Tuesday. The stock has a market cap of $2.15 billion and a price-to-earnings ratio of 598.75. Sailpoint Technologies has a 1-year low of $13.77 and a 1-year high of $34.60.

Sailpoint Technologies (NYSE:SAIL) last posted its earnings results on Wednesday, November 7th. The company reported $0.12 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.14. The firm had revenue of $66.42 million for the quarter, compared to analyst estimates of $55.22 million. Sailpoint Technologies had a positive return on equity of 3.43% and a negative net margin of 2.59%. The company’s revenue for the quarter was up 52.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.02) earnings per share. On average, equities analysts predict that Sailpoint Technologies will post 0.04 EPS for the current year.

In other news, CRO Howard R. Greenfield sold 50,000 shares of the business’s stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $32.43, for a total value of $1,621,500.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Howard R. Greenfield sold 7,981 shares of the business’s stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $24.42, for a total value of $194,896.02. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 287,981 shares of company stock worth $8,539,526. Corporate insiders own 4.70% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Bank of Montreal Can bought a new stake in Sailpoint Technologies during the second quarter worth about $804,000. Wells Fargo & Company MN raised its holdings in Sailpoint Technologies by 27.9% during the second quarter. Wells Fargo & Company MN now owns 830,481 shares of the company’s stock worth $20,380,000 after acquiring an additional 181,099 shares in the last quarter. First Trust Advisors LP bought a new stake in Sailpoint Technologies during the second quarter worth about $2,185,000. Frontier Capital Management Co. LLC bought a new stake in Sailpoint Technologies during the second quarter worth about $2,268,000. Finally, Sei Investments Co. bought a new stake in Sailpoint Technologies during the second quarter worth about $860,000. Institutional investors own 73.15% 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.

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