In a report released today, Shaul Eyal from TD Cowen reiterated a Buy rating on SailPoint, Inc., with a price target of $30.00.
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Shaul Eyal’s rating is based on several compelling factors that highlight SailPoint, Inc.’s strong market position and growth potential. The company’s recent quarterly results demonstrated robust spending trends in the Identity and Access Management (IAM) sector, with SailPoint’s Annual Recurring Revenue (ARR) surpassing expectations and showing significant year-over-year growth. This performance underscores the company’s ability to capitalize on the mission-critical nature of the IAM market, which is poised for further competitive displacements.
Moreover, SailPoint’s strategic positioning is bolstered by the ongoing consolidation within the IAM market, as customers increasingly prefer comprehensive end-to-end platforms. The company has also achieved a balanced mix of upsells and new customer acquisitions, with a notable increase in ARR from new SaaS customers. Additionally, emerging modules such as Machine Identity Security are experiencing strong demand, further enhancing SailPoint’s growth prospects. These factors collectively support Shaul Eyal’s Buy rating, reflecting confidence in the company’s continued outperformance and profitable growth trajectory.
In another report released today, BTIG also reiterated a Buy rating on the stock with a $29.00 price target.