Why SailPoint Technologies Stock Is Soaring Today

Shares of SailPoint Technologies Holdings (NYSE: SAIL), which makes identity and access management software, spiked today after the tech stock received an upgrade and a new price target. Morgan Stanley analyst Hamza Fodderwala upgraded SailPoint's stock from equal weight to overweight today and set a new price target of $50, up from the previous $23. Fodderwala is optimistic about SailPoint because he believes that the company is a leader in the identity and access management market and that it has a total addressable market of $34 billion in this space.