- SAIL
- PANW
- CRWD
Key Takeaways
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SailPoint shares jumped 11% today in a broad cybersecurity rally, with Palo Alto Networks and CrowdStrike both up 6%.
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The rally followed an Evercore ISI survey of channel partners that found security budgets firming, with spending going toward protecting identities and data.
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SailPoint’s next quarterly report is the test of whether its own numbers show the identity spending partners describe.
SailPoint (SAIL:NASDAQ) shares are up 11% today, and the identity security company hasn’t said a word.
It’s riding a rally across security stocks. Palo Alto Networks and CrowdStrike are both up 6% as well. All that on a day the Nasdaq-100 is up just 0.4%.
Partners say the money is going to identity
The rally followed Evercore ISI’s latest quarterly survey of channel partners. It found a stronger budget outlook across the sector, with spending going toward securing data and AI, protecting identities and locking down cloud environments.
That’s exactly where SailPoint and Rubrik sell: identity for one, data security for the other.
The group already had a tailwind. Security stocks rallied on Wednesday after the PHP project disclosed critical flaws in the language, one of them found with the help of AI, and website operators rushed to patch.
Nothing changed at SailPoint
SailPoint’s revenue passed $1 billion in fiscal 2025, and the 26 analysts covering the stock expect it to keep growing about 19% a year, to nearly $1.8 billion by fiscal 2028…
That steady growth was the same yesterday as it is today. So the 9% jump says more about how investors feel about the group than about SailPoint’s business.
TIKR tracks 27 analysts on SailPoint. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on SailPoint, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See SailPoint’s Analyst Ratings
The valuation hasn’t run away
At Thursday’s close, SailPoint traded at 56x forward earnings. Its average over the past year was 55x…
Today’s jump pushes it closer to 60x. That’s still far below the 91x it hit a year ago, though well above April’s low of 33x.
My take: SailPoint is a stock that moves with its group, and a 9% gain on someone else’s survey shows how much. The business is growing at a healthy clip and the multiple is close to normal, so the rally hasn’t made it expensive. Of course, a survey of partners isn’t SailPoint’s own numbers. The next quarterly report will show whether the identity spending partners describe is reaching its revenue.
