Zacks Investment Research Downgrades Sailpoint Technologies (NYSE:SAIL) to Hold

Sailpoint Technologies (NYSE:SAIL) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

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. “

A number of other research firms have also recently commented on SAIL. Oppenheimer began coverage on Alcon in a report on Thursday, May 9th. They set an “outperform” rating and a $69.00 price target on the stock. ValuEngine cut Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. TheStreet cut Trade Desk from a “b-” rating to a “c-” rating in a report on Thursday, May 9th. Piper Jaffray Companies raised their price target on Beigene to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. Finally, Canaccord Genuity reissued a “hold” rating and set a $20.00 price target (down from $29.00) on shares of Sailpoint Technologies in a report on Thursday, May 9th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $28.93.

NYSE:SAIL opened at $20.90 on Wednesday. The firm’s 50-day simple moving average is $19.17. The company has a market capitalization of $1.78 billion, a PE ratio of 130.63 and a beta of 2.13. Sailpoint Technologies has a 52 week low of $16.63 and a 52 week high of $34.60.

Sailpoint Technologies (NYSE:SAIL) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.06) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.01. The business had revenue of $60.58 million for the quarter, compared to analysts’ expectations of $60.26 million. Sailpoint Technologies had a positive return on equity of 3.26% and a negative net margin of 2.14%. Research analysts anticipate that Sailpoint Technologies will post -0.07 earnings per share for the current fiscal year.

In related news, COO James Cameron Mcmartin sold 14,000 shares of Sailpoint Technologies stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $18.94, for a total value of $265,160.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CRO Howard R. Greenfield sold 26,284 shares of Sailpoint Technologies stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $19.93, for a total value of $523,840.12. The disclosure for this sale can be found here. Insiders sold 46,194 shares of company stock worth $907,487 over the last ninety days. Insiders own 4.10% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SAIL. Optimum Investment Advisors boosted its position in shares of Sailpoint Technologies by 18.8% during the first quarter. Optimum Investment Advisors now owns 5,050 shares of the company’s stock valued at $145,000 after buying an additional 800 shares during the period. Van Hulzen Asset Management LLC purchased a new position in shares of Sailpoint Technologies during the first quarter valued at approximately $225,000. AlphaCrest Capital Management LLC purchased a new position in shares of Sailpoint Technologies during the first quarter valued at approximately $287,000. Amalgamated Bank purchased a new position in shares of Sailpoint Technologies during the fourth quarter valued at approximately $240,000. Finally, NumerixS Investment Technologies Inc purchased a new position in shares of Sailpoint Technologies during the first quarter valued at approximately $378,000. Institutional investors own 85.30% of the company’s stock.

Sailpoint Technologies Company Profile

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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