ForgeRock (NYSE:FORG) Announces Earnings Results

ForgeRock (NYSE:FORG – Get Rating) released its earnings results on Wednesday. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.05, MarketWatch Earnings reports. ForgeRock updated its FY 2022 guidance to -$0.45–$0.41 EPS and its Q2 2022 guidance to -$0.23–$0.21 EPS.

FORG opened at $16.52 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 4.60 and a current ratio of 4.60. The business has a 50-day moving average of $19.85 and a two-hundred day moving average of $21.30. ForgeRock has a 12 month low of $11.94 and a 12 month high of $48.88.

Institutional investors and hedge funds have recently bought and sold shares of the business. Morgan Stanley purchased a new stake in ForgeRock in the 3rd quarter valued at about $34,000. Cubist Systematic Strategies LLC purchased a new stake in shares of ForgeRock during the 3rd quarter worth about $90,000. Bank of America Corp DE grew its holdings in shares of ForgeRock by 980.2% during the 4th quarter. Bank of America Corp DE now owns 6,481 shares of the company’s stock worth $173,000 after purchasing an additional 5,881 shares during the period. State Street Corp purchased a new stake in shares of ForgeRock during the 4th quarter worth about $211,000. Finally, UBS Group AG purchased a new stake in shares of ForgeRock during the 3rd quarter worth about $378,000. Institutional investors own 45.15% of the company’s stock.

FORG has been the subject of several research reports. Deutsche Bank Aktiengesellschaft cut their price target on ForgeRock from $16.00 to $15.00 in a research note on Thursday. BTIG Research cut their price target on ForgeRock from $40.00 to $24.00 in a research note on Monday, February 14th. Truist Financial cut their price target on ForgeRock from $30.00 to $25.00 in a research note on Tuesday. Mizuho cut their price target on ForgeRock from $32.00 to $24.00 in a research note on Thursday. Finally, Cowen cut their target price on shares of ForgeRock from $45.00 to $38.00 in a research note on Wednesday, March 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, ForgeRock has an average rating of “Buy” and an average price target of $26.56.

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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