SailPoint shares climbed alongside cybersecurity peers Okta and CrowdStrike after both companies posted strong quarterly results this week. SailPoint itself has not yet reported earnings, but investors bid the stock higher on the strength of its rivals' numbers.
SailPoint stock traded up nearly 10% week to date as of early Friday morning, according to data compiled by S&P Global Market Intelligence. The identity security specialist did not report its own earnings this week, but two of its closest peers did — and both beat expectations.
Peers deliver strong results
Okta and CrowdStrike Holdings both reported second-quarter figures after market close on Wednesday. CrowdStrike's revenue jumped 26% year over year to $1.47 billion, and the company posted a new record for non-GAAP net income of $0.31 per share, an improvement of over 34%. Okta, which also focuses on user identity services, posted double-digit gains in both revenue and earnings, though its growth was more modest than CrowdStrike's.
Both companies topped consensus analyst estimates on revenue and earnings. On top of that, each raised key guidance items for the full year. Okta's CEO, Todd McKinnon, cited the threat posed by artificial intelligence agents in the hands of bad actors as a factor behind the recent growth.
SailPoint rides the sympathy rally
SailPoint's own shares gained 12.24%, closing at $20.45, as investors treated its peers' results as a signal of demand across the identity security sector. The stock's market cap stands at $12 billion, with a 52-week range of $10.30 to $24.00.
SailPoint has not yet reported its own quarterly results. The company's next earnings release is scheduled for Sept. 9, which will show whether it is capturing the same demand trends that lifted Okta and CrowdStrike this week.
Source: The Motley Fool
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