What Does Wall Street Think About SailPoint (SAIL)?

SailPoint, Inc. (NASDAQ:SAIL) is one of the best strong buy stocks to invest in right now. Mizuho Securities reaffirmed a Hold rating on SailPoint, Inc. (NASDAQ:SAIL) on December 16 and set a price target of $23.00. SailPoint, Inc. (NASDAQ:SAIL) also received a rating update from Scotiabank on December 10, with the firm lowering the price target to $24 from $25 and maintaining an Outperform rating on the shares. It told investors that while fiscal Q3 annual recurring revenue (ARR) beat was a “tad underwhelming”, the trends were offset by strong fiscal Q4 ARR guidance. The firm continues to believe that the risk-reward on SailPoint, Inc. (NASDAQ:SAIL) skews to the upside.

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In addition to Scotiabank, Mizuho also lowered the price target on the stock to $23 from $24 the same day while reaffirming a Neutral rating. The firm told investors in a research note that SailPoint, Inc. (NASDAQ:SAIL) delivered a strong fiscal Q3 with 28% total annual recurring revenue growth and 38% SaaS ARR, both of which slightly exceeded expectations. These trends were attributed to solid cloud-migration activity and broad demand. It added that the company’s IGA platform, along with its SaaS transition, lends it a strong position for long-term ARPU expansion. Mizuho, however, also stated that the extent of future cross-selling traction remains uncertain.

SailPoint, Inc. (NASDAQ:SAIL) provides an elaborate identity security platform for the enterprise, with its solutions allowing organizations to control, establish, and automate policies that allow them to attain regulatory compliance and define and maintain a robust security posture.

While we acknowledge the potential of SAIL to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SAIL and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.