Why SailPoint Stock Was Cruising Higher This Week
Key Points
No less than two well-known SailPoint peers reported their latest quarterly earnings.
Both did very well, posting double-digit gains on both the top and bottom lines.
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Several prominent companies involved in cybersecurity and online identity management reported their latest quarterly earnings this week.
While identity security specialist SailPoint (NASDAQ: SAIL) wasn't one of them, its shares were getting a lift from what investors considered good performances from its peers. As of early morning Friday, SailPoint's stock was up nearly 10% week to date, according to data compiled by S&P Global Market Intelligence.
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An impressive crowd
Specifically, those peers were Okta and CrowdStrike Holdings, both of which reported their second-quarter figures after market close on Wednesday.
Image source: Getty Images.
CrowdStrike's revenue blasted 26% higher year over year to $1.47 billion. As if that weren't enough, it notched a new company record for non-GAAP (adjusted) net income of $0.31 per share, an improvement of over 34%. Okta, which, like SailPoint, focuses on user identity services, also posted double-digit gains in both metrics, although its growth was more modest.
Both cybersecurity companies topped the consensus analyst estimates for the two line items. On top of that, each raised key guidance items for the full year.
Okta's CEO, Todd McKinnon, addressed an important factor in this recent growth, citing the potential threat posed by artificial intelligence (AI) agents in the hands of bad actors. An increasingly dangerous online ecosphere requires more vigilant cybersecurity and identity protection services.
Earnings incoming
Given that, no one should be surprised that SailPoint stock bumped higher in sympathy with its two contemporaries. Generally speaking, I'd say all three deserved to rally, as the products and services they offer are sure to see ever-increasing demand.
But before making a decision on SailPoint's equity, I'd probably hold off until the company's upcoming quarterly earnings release, slated for Sept. 9. We'll then see how well it's capitalizing on current trends.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends CrowdStrike and Okta. The Motley Fool has a disclosure policy.
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