Canaccord Genuity analyst T. Michael Walkley assumes coverage on SailPoint Technologies Holdings (NYSE: SAIL) with a Hold rating and a price target of $25.00.

The analyst comments "We assume coverage of SailPoint with a HOLD rating and $25 price target. With COVID-19 impacting the way we work, learn, and interact, we believe SailPoint will benefit from growing demand for its solutions driven by an increased prevalence of remote workforces and an acceleration in digital transformation initiatives. As the category leader in the Identity Governance & Administration software market that ensures the right people have the correct level of access to platforms and applications at the right time, SailPoint is an integral component of cybersecurity defenses for organizations. We believe SailPoint has multiple growth drivers as it continues to transition toward a greater SaaS-based revenue mix, including new product innovations, growing its sales capacity, and international expansion."

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Shares of SailPoint Technologies Holdings closed at $22.24 yesterday.