Analyst Gray Powell from BTIG reiterated a Buy rating on SailPoint, Inc. and keeping the price target at $29.00.
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Gray Powell has given his Buy rating due to a combination of factors including SailPoint, Inc.’s strong financial performance and promising growth prospects. The company reported better-than-expected results for the second quarter, with annual recurring revenue (ARR) significantly surpassing both the firm’s and market estimates. This performance was accompanied by increased full-year guidance, suggesting continued momentum in their business operations.
Furthermore, SailPoint is gaining traction with new products such as machine identity and non-employee risk management, which are contributing to their growth. The company is also benefiting from the adoption of Agentic AI, which is expected to be a catalyst for future growth. Despite some concerns about the translation of quarterly beats into full-year guidance, Powell remains confident in SailPoint’s long-term growth trajectory and market position, leading to the reiterated Buy rating.
In another report released on September 3, Scotiabank also initiated coverage with a Buy rating on the stock with a $25.00 price target.