SailPoint Technologies Holdings (SAIL) PT Raised to $26 at Mizuho

Mizuho analyst Gregg Moskowitz raised the price target on SailPoint Technologies Holdings (NASDAQ: SAIL) to $26.00 (from $24.00) while maintaining a Neutral rating.

The analyst commented, "SAIL reported a better than expected F1Q, as total ARR growth of 30% Y/Y meaningfully surpassed the Street's +27% forecast. Within that, SaaS ARR led the way with higher 39% Y/Y growth. Mgmt encouragingly noted that it hasn't seen any negative fundamental change in demand from the macro environment. F2Q ARR guidance was comfortably above consensus, and mgmt raised its full year outlook.

As discussed in our recent initiation, we believe SAIL's robust and highly scalable Identity Governance & Administration (IGA) platform is in a class of its own. Moreover, SAIL's successful transition to SaaS should enable better economics, and its suite-based selling will likely drive meaningfully higher ARPU over time. Having said that, the degree of cross-selling success that SAIL will have in the future remains uncertain to us. We reiterate our Neutral rating but raise PT to $26 (was $24) on the better than expected results."

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