Ping Identity (NYSE:PING) Given New $31.00 Price Target at The Goldman Sachs Group

Ping Identity (NYSE:PINGGet Rating) had its price target increased by The Goldman Sachs Group from $28.00 to $31.00 in a report published on Tuesday morning, The Fly reports. The Goldman Sachs Group currently has a buy rating on the stock.

Several other equities research analysts also recently commented on the company. Barclays cut their price objective on Ping Identity from $35.00 to $30.00 and set an overweight rating for the company in a report on Wednesday, January 19th. Mizuho cut their price target on Ping Identity from $33.00 to $28.00 in a report on Tuesday, January 18th. Piper Sandler raised their price target on Ping Identity from $25.00 to $30.00 and gave the company a neutral rating in a report on Thursday, January 6th. Wells Fargo & Company raised their price target on Ping Identity from $28.00 to $35.00 and gave the company an overweight rating in a report on Wednesday, March 30th. Finally, BTIG Research cut their price target on Ping Identity from $37.00 to $30.00 and set a buy rating for the company in a report on Monday, February 14th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Buy and a consensus target price of $32.27.

NYSE PING opened at $28.89 on Tuesday. The firm has a market cap of $2.42 billion, a P/E ratio of -37.04 and a beta of 1.13. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.39. Ping Identity has a 12 month low of $17.60 and a 12 month high of $30.25. The firm has a 50 day moving average of $22.32.

Ping Identity (NYSE:PINGGet Rating) last released its quarterly earnings data on Thursday, February 24th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.03). The company had revenue of $75.42 million during the quarter, compared to analyst estimates of $71.39 million. Ping Identity had a negative net margin of 21.50% and a negative return on equity of 4.65%. The company’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.04 EPS. As a group, equities analysts predict that Ping Identity will post -0.56 EPS for the current fiscal year.

In related news, CEO Andre Wong Durand sold 100,000 shares of the firm’s stock in a transaction on Friday, March 25th. The stock was sold at an average price of $26.04, for a total value of $2,604,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Bryan Kristian Nagel sold 39,000 shares of the firm’s stock in a transaction on Monday, April 11th. The stock was sold at an average price of $28.17, for a total value of $1,098,630.00. Following the completion of the transaction, the chief operating officer now owns 473,387 shares in the company, valued at approximately $13,335,311.79. The disclosure for this sale can be found here. 2.89% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of PING. Morgan Stanley increased its position in shares of Ping Identity by 429.6% in the second quarter. Morgan Stanley now owns 360,856 shares of the company’s stock worth $8,263,000 after purchasing an additional 292,716 shares during the period. Parametric Portfolio Associates LLC grew its position in Ping Identity by 11.8% in the second quarter. Parametric Portfolio Associates LLC now owns 44,674 shares of the company’s stock valued at $1,023,000 after acquiring an additional 4,711 shares during the last quarter. Stephens Inc. AR bought a new position in Ping Identity in the third quarter valued at about $674,000. Davy Global Fund Management Ltd grew its position in Ping Identity by 6.9% in the third quarter. Davy Global Fund Management Ltd now owns 126,806 shares of the company’s stock valued at $3,116,000 after acquiring an additional 8,208 shares during the last quarter. Finally, Emerald Advisers LLC grew its position in Ping Identity by 3.9% in the third quarter. Emerald Advisers LLC now owns 517,375 shares of the company’s stock valued at $12,712,000 after acquiring an additional 19,457 shares during the last quarter. Institutional investors own 88.14% of the company’s stock.

About Ping Identity (Get Rating)

Ping Identity Holding Corp., doing business as Ping Identity Corporation, offers intelligent identity solutions for the enterprise in the United States and internationally. Its Ping Intelligent Identity platform provides access to cloud, mobile, Software-as-a-Service, and on-premise applications with customers, workforce, and partners.

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