Courtesy of Benzinga.
SailPoint Technologies Holdings Inc (NYSE: SAIL) is well-positioned to benefit from new regulations and the growth of unstructured data, according to an initiation report from PiperJaffray.
The Analyst
Analyst Andrew Nowinski initiated coverage on Sailpoint Technologies with an Overweight rating and $28 price target.
The Thesis
Identity and access management is one of the top spending priorities within security and is driven by the move to the cloud, the growth of unstructured data and new regulations like GDPR, Nowinski said in a Wednesday note.
“Enterprises are digitizing an increasing number of business activities, leading to significant growth in unstructured data,” the analyst said.
Unstructured data accounts for 79.2 percent of total enterprise data and is growing 42 percent annually, according to Oracle Corporation (NYSE: ORCL) and IDC.
“With more data residing outside the corporate network, we believe enterprises will need to increase spending on an identity governance solution in order to provide secure access to this data that resides outside the corporate network,” Nowinski said.
This bodes well for Sailpoint Technologies, particularly due to increased spending on IAM tools to help firms remain GDPR-compliant, the analyst said. Sailpoint is seen as the “brain and highest value component of a broader IAM defense platform,” he said.
Price Action
Sailpoint Technologies shares traded nearly flat on Wednesday, closing at $25.05.
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Latest Ratings for SAIL
Date | Firm | Action | From | To |
---|---|---|---|---|
May 2018 | PiperJaffray | Initiates Coverage On | Overweight | |
May 2018 | BTIG Research | Initiates Coverage On | Buy | |
Mar 2018 | KeyBanc | Maintains | Overweight | Overweight |
View More Analyst Ratings for SAIL
View the Latest Analyst Ratings
Posted-In: Andrew Nowinski GDPR PiperJaffrayAnalyst Color News Price Target Initiation Analyst Ratings Best of Benzinga