BTIG analyst Gray Powell reiterated a Buy rating on SailPoint, Inc. yesterday and set a price target of $29.00.
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Gray Powell has given his Buy rating due to a combination of factors that highlight SailPoint’s strategic advancements and growth potential. The company is expanding its platform to address modern privilege account management needs, which is a logical extension of its existing product offerings. This expansion is expected to significantly increase the number of users covered by their solutions, tapping into a substantial market opportunity.
Additionally, SailPoint’s Machine Identity product has shown impressive growth, being the fastest-growing product in the company’s history. Positive customer feedback, including testimonials from notable companies like Equinix and CapitalOne, underscores its value and potential for further adoption. The introduction of Flex pricing plans is also anticipated to drive broader adoption of SailPoint’s identity platform. With these strategic initiatives, Powell expresses confidence in SailPoint’s ability to meet or exceed current growth estimates, reinforcing the Buy rating.
In another report released today, Barclays also maintained a Buy rating on the stock with a $25.00 price target.