Zacks Investment Research Downgrades ForgeRock (NYSE:FORG) to Sell

Zacks Investment Research cut shares of ForgeRock (NYSE:FORGGet Rating) from a hold rating to a sell rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “ForgeRock Inc. provides digital identity, delivers modern identity and access management solutions for consumers, employees and things to simply and safely access the connected world. ForgeRock Inc. is based in SAN FRANCISCO. “

Several other equities analysts have also recently weighed in on the stock. BTIG Research lowered their price objective on shares of ForgeRock from $40.00 to $24.00 in a research report on Monday, February 14th. Morgan Stanley lowered their price objective on shares of ForgeRock from $27.00 to $22.00 and set an equal weight rating on the stock in a research report on Wednesday, March 2nd. Cowen lowered their price objective on shares of ForgeRock from $45.00 to $38.00 in a research report on Wednesday, March 2nd. KeyCorp initiated coverage on shares of ForgeRock in a report on Monday, April 4th. They set a sector weight rating on the stock. Finally, Piper Sandler boosted their price target on shares of ForgeRock from $30.00 to $38.00 and gave the company an overweight rating in a report on Thursday, January 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, ForgeRock has an average rating of Buy and an average price target of $29.00.

ForgeRock stock opened at $19.87 on Tuesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 4.60 and a current ratio of 4.60. ForgeRock has a 1 year low of $11.94 and a 1 year high of $48.88. The firm’s 50 day moving average price is $19.58 and its two-hundred day moving average price is $21.79.

ForgeRock (NYSE:FORGGet Rating) last posted its quarterly earnings data on Tuesday, March 1st. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.03. The firm had revenue of $47.90 million for the quarter, compared to analysts’ expectations of $47.10 million. Equities research analysts forecast that ForgeRock will post -0.37 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the stock. ETF Managers Group LLC acquired a new stake in shares of ForgeRock in the 4th quarter valued at $47,851,000. Light Street Capital Management LLC lifted its stake in shares of ForgeRock by 435.6% in the 4th quarter. Light Street Capital Management LLC now owns 1,226,401 shares of the company’s stock valued at $32,733,000 after purchasing an additional 997,431 shares during the last quarter. Matrix Capital Management Company LP acquired a new stake in shares of ForgeRock in the 3rd quarter valued at $38,930,000. Bamco Inc. NY acquired a new stake in shares of ForgeRock in the 3rd quarter valued at $24,253,000. Finally, BlackRock Inc. acquired a new stake in shares of ForgeRock in the 3rd quarter valued at $19,466,000. 45.15% of the stock is owned by institutional investors and hedge funds.

ForgeRock Company Profile (Get Rating)

ForgeRock, Inc, together with its subsidiaries, operates a digital identity platform to secure, manage, and govern the identities of customers, employees, partners, application programing interfaces (APIs), microservices, devices, and the Internet of things worldwide. It offers identity management products to automate onboarding/registration and progressive profiling, identity lifecycle and relationship management, identity provisioning and synchronization, user self-service, personalization, delegation, and privacy and consent management.

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