SailPoint, Inc., the Technology sector company, was revisited by a Wall Street analyst today. Analyst Shaul Eyal from TD Cowen reiterated a Buy rating on the stock and has a $30.00 price target.
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Shaul Eyal has given his Buy rating due to a combination of factors influencing SailPoint, Inc.’s market position and growth potential. The company is experiencing significant momentum in displacing competitors, which is expected to result in continued market share gains from legacy vendors. This competitive edge is further supported by the upcoming expiry of the IPO lock-up, presenting investors with a favorable opportunity to purchase shares at attractive valuations.
Moreover, the potential short-term demand tailwinds from the PANW-CYBR merger could benefit SailPoint as enterprises might prefer standalone solutions to avoid vendor lock-in. SailPoint’s recent performance, with impressive ARR growth and increasing high-value customers, reflects its success in gaining ground over traditional competitors like IBM and Oracle. Additionally, the integration of SailPoint’s new Agent Identity Security solution with Deloitte’s framework is anticipated to enhance its capabilities, supporting sustained ARR growth. These factors contribute to the positive outlook and the reiterated Buy rating with a price target of $30.
In another report released on August 13, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $29.00 price target.