SailPoint (SAIL) is charting the course for a potentially big year, even if the market sees it otherwise today.
SailPoint stock was volatile during Wednesday trading as investors digested the cybersecurity company’s first earnings report since going public in early February. Shares fell as much as 4% to $20.94 in afternoon trading but rebounded slightly in the final hour of trading to close 1% lower.
“We’re scratching our heads a little [on the market reaction]. We’re hopeful that by the end of the day, we see something different here,” SailPoint founder and CEO Mark McClain told Yahoo Finance over the phone. “But … we learned a while ago in these markets you’ve got to do what you can do, control what you can control, build the right products, sell them well, support your customers. And when you do that, and the business grows — and grows with a nice profile of profitability — ultimately, these things do sort themselves out. Today is hard to explain. Honestly, we beat every, every number.”
NasdaqGS – Delayed Quote • USD
At close: March 26 at 4:00:01 PM EDT
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The cybersecurity company posted $240 million in sales, an 18% year-over-year increase. Adjusted operating profits rose to $46 million from $28 million a year earlier.
For the full year, SailPoint guided to sales of $1.025 billion to $1.035 billion. The Street was modeled for $1.02 billion. Adjusted earnings per share are pegged in a range of $0.14 to $0.18, ahead of estimates for $0.09.
McClain said there has been no slowdown in demand.
“This is the gift that keeps on giving,” McClain added. “Because when you’re in the world of cyber, … at one level, it’s good guys versus the bad guys. And the bad guys aren’t going away, they’re getting stronger.”
SailPoint began trading on Feb. 13 at the Nasdaq. The company priced its initial public offering (IPO) at the top end of its targeted range of $21 to $23, raising $1.38 billion in proceeds.
SailPoint execs await the stock’s first trade at the Nasdaq on its IPO day February. ·…..
