With the mandated "quiet period" over, Morgan Stanley, Goldman Sachs and J.P. Morgan started coverage of the stock with a "neutral"-equivalent rating, citing competition from CyberArk, Okta and Microsoft. Despite competition risks, Morgan Stanley and Goldman called the firm a 'category leader' in the identity governance and administration (IGA) space. Brokerages like Jefferies, RBC and Piper Sandler had bullish views on the stock, projecting it to gain more market share. "SailPoint is a share gainer in the growing identity security market ... however, we see limited upside near term as the multi-product story is still coming into fruition," Morgan Stanley analysts said in a note on Monday. Shares of Thoma Bravo-backed SailPoint were last down nearly 5 per cent at $20.97, below the company's market debut price of $23.