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Stock Alert: SailPoint Touches Peak On Turnaround To Profit

SailPoint Technologies Holdings, Inc. (SAIL) shares are soaring on Friday morning as the company reported profit for the second quarter compared to net loss in the prior year.

SailPoint shares are currently at $38.40, up 21.78 percent from its previous close of $31.50 on volume of 2,060,199. The stock reached as high as $38.71, its all-time peak.

For the 52-week period, the shares have traded in a range of $11.61 to $38.71 on average volume of 1,449,981.

The enterprise identity governance company reported profit of $3 million, compared to loss of $9.2 million in the previous year. On a per-share basis, earnings were $0.03, compared to loss of $0.10 last year. On an adjusted basis, net profit was $13.8 million or $0.15 per share.

Revenue for the quarter increased 47 percent to $92.5 million from $63.05 million in the prior year. For the third quarter, the company expects an adjusted net loss of $0.06 and revenue in the range of $0.82 to $0.84 million.

For the full year, the company projects an adjusted net profit of $0.08 to $0.11 per share and revenue in a range of $341 to $345 million.

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