Sailpoint Technologies (NYSE:SAIL) Shares Gap Down on Analyst Downgrade

Sailpoint Technologies Holdings Inc (NYSE:SAIL) shares gapped down prior to trading on Thursday after Morgan Stanley lowered their price target on the stock from $27.00 to $18.00. The stock had previously closed at $16.06, but opened at $16.11. Morgan Stanley currently has an equal weight rating on the stock. Sailpoint Technologies shares last traded at $16.83, with a volume of 332,865 shares trading hands.

Other equities research analysts also recently issued reports about the stock. ValuEngine raised shares of Sailpoint Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. SunTrust Banks reissued a “buy” rating and set a $32.00 price target on shares of Sailpoint Technologies in a research note on Wednesday, November 27th. Rosenblatt Securities reissued a “hold” rating and set a $23.00 price target on shares of Sailpoint Technologies in a research note on Tuesday, February 25th. Wedbush reissued a “buy” rating and set a $32.00 price target on shares of Sailpoint Technologies in a research note on Tuesday, February 25th. Finally, DA Davidson began coverage on shares of Sailpoint Technologies in a research note on Monday, January 13th. They set a “neutral” rating and a $24.00 price target on the stock. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $25.88.

In other news, Director James Cameron Mcmartin sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $19.80, for a total value of $297,000.00. Following the transaction, the director now owns 183,577 shares in the company, valued at $3,634,824.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark D. Mcclain sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $25.17, for a total transaction of $503,400.00. Following the completion of the transaction, the chief executive officer now owns 1,335,639 shares in the company, valued at approximately $33,618,033.63. The disclosure for this sale can be found here. Insiders have sold 65,000 shares of company stock worth $1,544,400 over the last three months. Insiders own 4.10% of the company’s stock.

Several institutional investors have recently modified their holdings of SAIL. Manchester Financial Inc. bought a new position in shares of Sailpoint Technologies in the fourth quarter worth approximately $32,000. Point72 Hong Kong Ltd bought a new stake in Sailpoint Technologies in the fourth quarter valued at $35,000. Tower Research Capital LLC TRC boosted its holdings in Sailpoint Technologies by 210.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,110 shares of the company’s stock valued at $50,000 after acquiring an additional 1,430 shares in the last quarter. Engrave Wealth Partners LLC bought a new stake in Sailpoint Technologies in the fourth quarter valued at $56,000. Finally, Marshall Wace LLP bought a new stake in Sailpoint Technologies in the fourth quarter valued at $75,000.

The firm has a market cap of $1.55 billion, a P/E ratio of -167.78 and a beta of 1.77. The firm’s fifty day moving average is $21.92 and its two-hundred day moving average is $22.40. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.71.

Sailpoint Technologies (NYSE:SAIL) last released its quarterly earnings results on Monday, February 24th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.13. The business had revenue of $89.00 million for the quarter, compared to analysts’ expectations of $85.61 million. Sailpoint Technologies had a negative net margin of 2.95% and a positive return on equity of 0.96%. The firm’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.15 earnings per share. As a group, sell-side analysts forecast that Sailpoint Technologies Holdings Inc will post -0.23 EPS for the current year.

Sailpoint Technologies Company Profile (NYSE:SAIL)

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.

Recommended Story: Why are percentage decliners important?

Receive News & Ratings for Sailpoint Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sailpoint Technologies and related companies with MarketBeat.com's FREE daily email newsletter.