SAIL - SailPoint: Finally Value Is Getting Recognized

• Shares of SailPoint have soared more than 20% after reporting very strong Q3 results.
• The company continues to shift its business model to SaaS, and subscription revenues continue to grow at a ~40% y/y pace.
• SailPoint's identity governance tools have few competitors in the market and a strong incumbent position.
• At a ~10x forward revenue multiple, SailPoint is no longer as cheap as it once was, but there is still some upside left.

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