Ping Identity (NYSE:PING) Price Target Cut to $29.00 by Analysts at Mizuho

Ping Identity (NYSE:PING – Get Rating) had its target price cut by investment analysts at Mizuho from $31.00 to $29.00 in a research note issued to investors on Thursday, The Fly reports. Mizuho’s price objective would indicate a potential upside of 6.42% from the stock’s current price.

Several other analysts have also issued reports on the stock. Wells Fargo & Company upped their price target on shares of Ping Identity from $28.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 30th. DA Davidson began coverage on shares of Ping Identity in a research report on Tuesday, April 12th. They issued a “buy” rating and a $38.00 price objective on the stock. Zacks Investment Research lowered shares of Ping Identity from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 8th. BTIG Research dropped their price objective on shares of Ping Identity from $37.00 to $30.00 and set a “buy” rating on the stock in a research report on Monday, February 14th. Finally, KeyCorp began coverage on shares of Ping Identity in a research report on Monday, April 4th. They issued an “overweight” rating and a $34.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $32.33.

Shares of PING stock opened at $27.25 on Thursday. The company’s fifty day simple moving average is $24.91 and its 200-day simple moving average is $23.64. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.39. The firm has a market cap of $2.29 billion, a PE ratio of -34.94 and a beta of 1.08. Ping Identity has a 12 month low of $17.60 and a 12 month high of $30.40.

Ping Identity (NYSE:PING – Get Rating) last posted its quarterly earnings results on Wednesday, May 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.07. Ping Identity had a negative net margin of 21.50% and a negative return on equity of 4.65%. The firm had revenue of $84.69 million for the quarter, compared to analyst estimates of $80.60 million. During the same period in the prior year, the firm posted ($0.12) earnings per share. The company’s quarterly revenue was up 22.8% compared to the same quarter last year. On average, equities analysts predict that Ping Identity will post -0.56 earnings per share for the current fiscal year.

In other news, CFO Raj M. Dani sold 26,564 shares of the business’s stock in a transaction that occurred on Wednesday, April 13th. The shares were sold at an average price of $29.48, for a total value of $783,106.72. Following the transaction, the chief financial officer now owns 472,214 shares in the company, valued at approximately $13,920,868.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andre Wong Durand sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, March 25th. The stock was sold at an average price of $26.04, for a total transaction of $2,604,000.00. The disclosure for this sale can be found here. Insiders sold a total of 224,564 shares of company stock worth $6,259,867 in the last 90 days. Corporate insiders own 2.89% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Ping Identity in the 3rd quarter valued at $49,000. Exane Derivatives increased its stake in shares of Ping Identity by 229.8% in the 1st quarter. Exane Derivatives now owns 4,166 shares of the company’s stock valued at $114,000 after acquiring an additional 2,903 shares in the last quarter. Alpha Paradigm Partners LLC bought a new stake in shares of Ping Identity in the 4th quarter valued at $198,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Ping Identity by 95.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,899 shares of the company’s stock valued at $204,000 after acquiring an additional 4,341 shares in the last quarter. Finally, Tudor Investment Corp Et Al bought a new stake in shares of Ping Identity in the 3rd quarter valued at $205,000. Institutional investors own 84.31% 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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