SailPoint (NASDAQ:SAIL) Given New $24.00 Price Target at Scotiabank

SailPoint (NASDAQ:SAIL) had its target price upped by equities research analysts at Scotiabank from $22.00 to $24.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s target price points to a potential upside of 18.75% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Evercore reiterated an “outperform” rating on shares of SailPoint in a research report on Thursday, September 10th. Jefferies Financial Group reaffirmed a “buy” rating and set a $23.00 price objective on shares of SailPoint in a research note on Friday, September 4th. Stephens reissued an “overweight” rating and set a $20.00 price target on shares of SailPoint in a research note on Wednesday, June 17th. DA Davidson reissued a “neutral” rating and issued a $17.00 target price on shares of SailPoint in a research report on Thursday, September 10th. Finally, Wolfe Research reaffirmed an “outperform” rating and set a $18.00 price target on shares of SailPoint in a research report on Wednesday, June 10th. Nineteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, SailPoint currently has a consensus rating of “Moderate Buy” and an average target price of $21.64.

SailPoint Price Performance

NASDAQ SAIL traded down $0.22 during mid-day trading on Monday, hitting $20.21. The stock had a trading volume of 2,422,683 shares, compared to its average volume of 3,815,792. The firm’s 50 day moving average is $18.96 and its 200 day moving average is $15.64. The stock has a market capitalization of $11.54 billion, a price-to-earnings ratio of -59.54, a PEG ratio of 2.24 and a beta of 2.15. SailPoint has a twelve month low of $10.30 and a twelve month high of $24.00.

SailPoint (NASDAQ:SAIL) last released its quarterly earnings results on Wednesday, September 9th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $308.81 million during the quarter. SailPoint had a positive return on equity of 2.44% and a negative net margin of 16.92%.The company’s quarterly revenue was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.02) earnings per share. SailPoint has set its FY 2027 guidance at 0.300-0.340 EPS and its Q3 2027 guidance at 0.070-0.080 EPS. As a group, equities research analysts expect that SailPoint will post 0.33 earnings per share for the current year.

Insider Activity

In related news, General Counsel Christopher Schmitt sold 23,940 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $16.29, for a total transaction of $389,982.60. Following the sale, the general counsel owned 1,331,611 shares in the company, valued at $21,691,943.19. This represents a 1.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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, CEO Mark D. Mcclain sold 118,194 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $16.29, for a total value of $1,925,380.26. Following the completion of the sale, the chief executive officer directly owned 8,187,130 shares in the company, valued at approximately $133,368,347.70. This trade represents a 1.42% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders sold a total of 491,559 shares of company stock worth $7,809,391 over the last ninety days. Insiders own 1.70% of the company’s stock.

Institutional Trading of SailPoint

Large investors have recently added to or reduced their stakes in the business. Wasatch Advisors LP acquired a new stake in shares of SailPoint in the 2nd quarter worth approximately $66,173,000. The Manufacturers Life Insurance Company increased its position in shares of SailPoint by 178.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 105,497 shares of the company’s stock valued at $1,397,000 after purchasing an additional 67,601 shares during the period. GSA Capital Partners LLP acquired a new position in shares of SailPoint during the 2nd quarter valued at $778,000. Polianta Ltd bought a new stake in shares of SailPoint in the 2nd quarter worth $1,948,000. Finally, Quantinno Capital Management LP lifted its holdings in shares of SailPoint by 531.8% in the first quarter. Quantinno Capital Management LP now owns 251,770 shares of the company’s stock valued at $3,333,000 after buying an additional 211,922 shares during the period.

About SailPoint

SailPoint, Inc (NASDAQ:SAIL) is an identity security company that helps organizations manage and protect digital identities and access to applications, data, and other technology resources. Its software is designed to help enterprises determine who should have access to specific resources, enforce access policies, and identify and address inappropriate or excessive access.

The company’s offerings include its cloud-based identity security platform, which supports identity governance, access management, lifecycle automation, compliance, and analytics.