Why SailPoint Technologies Stock Soared Today

Shares of SailPoint Technologies (NYSE: SAIL) have soared today, up by 7% as of 1 p.m. EDT, after receiving a double upgrade from Goldman Sachs. The investment bank boosted its rating all the way from sell to buy.

Analyst Brian Essex also significantly raised his price target on the stock from $17 to $31, pointing to the company's leadership in its market. Additionally, he is encouraged by recent channel checks that suggest that SailPoint has a "substantially more positive outlook" going forward amid the accelerated transition to remote work, which will boost demand for identity and access management (IAM) providers.

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Source Fool.com