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Why SailPoint Stock Jumped on Wednesday

Daniel Sparks, The Motley Fool
·2-min read
Why SailPoint Stock Jumped on Wednesday

Shares of software-as-a-service company SailPoint Technologies (NYSE: SAIL) surged higher on Wednesday, climbing as much as 31.5%. SailPoint, which provides software to help organizations govern the digital identities of employees and other stakeholders, saw strong double-digit revenue growth as it continued to benefit from its transition to a subscription-based model. SailPoint's total revenue rose 17% year over year to $110.1 million, beating analysts' average forecast for revenue of $103.4 million.

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