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Shares of software-as-a-service company SailPoint Technologies (NYSE: SAIL) surged higher on Wednesday, climbing as much as 31.5%. As of 11:15 a.m. EST today, shares were still up 22.3%.
The tech stock 's sharp gain is likely due to the company's stronger-than-expected third-quarter results. 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.