Canaccord analyst Richard Davis said SailPoint is a well positioned and well run company, but its stock price is too high to warrant an upgrade to a Buy. He acknowledged there are many analysts who believe the market is in a golden age for software stocks and valuation doesn't matter, but he said the inherent volatility of a predominately perpetual license model is why he values the company on an EV/FCF basis and thus sees it as too expensive to upgrade. Davis maintained his Hold rating and raised his price target to $29 from $25 on SailPoint shares.