SAIL: Still on course; Q1/27 review

研报英文原文证据摘录

SAIL: Still on course; Q1/27 review

RBC Capital Markets, LLC

Matthew Hedberg (Head of Global TIMT Research)

(612) 313-1293, matthew.hedberg@rbccm.com

Matthew Swanson (Analyst)

(612) 313-1237, matthew.swanson@rbccm.com

Dan Bergstrom (Analyst)

(612) 313-1254, dan.bergstrom@rbccm.com

Simran Biswal (AVP)

June 9, 2026 (646) 618-6894, simran.biswal@rbccm.com

Michael Richards (AVP)

(332) 204-5767, michael.richards@rbccm.com SailPoint Rishi Jaluria (Analyst)RESEARCH (415) 633-8798, rishi.jaluria@rbccm.com Still on course; Q1/27 review

Our view: SailPoint posted solid results, although with high investor

expectations coming into the print, the beat magnitude and flow-through

raise were not enough. However, we believe upside throughout the year Outperform

is likely as management commentary around an agentic inflection remains NASDAQ: SAIL; USD 15.66

bullish, and we think guidance remains conservative as the company looks Price Target USD 19.00 ↑ 17.00

to be thoughtful around not predicting timing of AI impacting results. We Scenario Analysis*

believe SailPoint remains well-positioned in a durable and growing identityEQUITY

security market and for the emerging agentic opportunity. Maintain OP DownsideScenario CurrentPrice TargetPrice ScenarioUpside

rating and raise PT to $19. Mgmt callback notes on P2.

11.00 15.66 19.00 22.00

Key points: 30% 21% 40%

All you need to know. SailPoint beat consensus estimates to start the *Implied Total Returns Key Statistics FY, however, investor expectations were elevated coming into the qtr. Shares O/S (MM): 579.3 Market Cap (MM): 9,072

Despite the beat, ARR growth decelerated by 250bps and NNARR was Dividend: 0.00 Yield: 0.0%

down $10M y/y, which was likely less than investors were hoping for given Avg. Daily Volume: 3,865,221