In a report released today, Yun Kim from Rosenblatt Securities initiated coverage with a Hold rating on SailPoint Technologies Holdings Inc (SAIL) and a price target of $23. The company’s shares closed last Monday at $22.64.
Kim commented:
“We initiate coverage of SAIL with a Neutral rating and a $23 PT. SAIL addresses one of the most complex security needs of any large organization – managing user access to an increasing number of applications and digital resources across hybrid environments to minimize security risks. We believe incumbent legacy vendors are failing to keep pace to address this increasing complexity. As a next-generation identity governance solution, we believe SAIL is well positioned to replace these legacy vendors as the next enterprise standard in identity governance management. However, the company is currently in the midst of revamping its go-to-market strategy to improve its overall marketing and sales operations, which we believe could introduce short-term transition and execution risks.”
According to TipRanks.com, Kim is a 5-star analyst with an average return of 18.8% and a 68.8% success rate. Kim covers the Technology sector, focusing on stocks such as Manhattan Associates, Mimecast Ltd, and Alteryx Inc.
Currently, the analyst consensus on SailPoint Technologies Holdings Inc is a Moderate Buy with an average price target of $25.67.
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Based on SailPoint Technologies Holdings Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $9.2 million. In comparison, last year the company had a GAAP net loss of $5.65 million.
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SailPoint Technologies Holdings, Inc. engages in the provision of enterprise identity governance solutions. It operates through the following geographical segments: United States; EMAE or Europe, the Middle East, and Africa; and Rest of the World. It also offers licensing of software, sale of professional services, maintenance, and technical support.
