ForgeRock (NYSE:FORG) Issues FY 2022 Earnings Guidance

ForgeRock (NYSE:FORGGet Rating) updated its FY 2022 earnings guidance on Wednesday. The company provided earnings per share guidance of -$0.45–$0.41 for the period, compared to the consensus earnings per share estimate of -$0.36. The company issued revenue guidance of $212.00 million-$215.00 million, compared to the consensus revenue estimate of $213.92 million.ForgeRock also updated its Q2 2022 guidance to -$0.23–$0.21 EPS.

FORG has been the topic of a number of recent analyst reports. Cowen dropped their price target on shares of ForgeRock from $45.00 to $38.00 in a research report on Wednesday, March 2nd. BTIG Research dropped their price objective on shares of ForgeRock from $40.00 to $24.00 in a research report on Monday, February 14th. Truist Financial reduced their target price on ForgeRock from $30.00 to $25.00 in a report on Tuesday, May 10th. Mizuho cut their price target on shares of ForgeRock from $32.00 to $24.00 in a research note on Thursday, May 12th. Finally, JPMorgan Chase & Co. cut their price target on shares of ForgeRock from $41.00 to $36.00 and set an overweight rating on the stock in a research report on Wednesday, March 2nd. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Buy and an average target price of $26.56.

NYSE FORG opened at $17.35 on Wednesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 4.78 and a current ratio of 4.78. ForgeRock has a 12-month low of $11.94 and a 12-month high of $48.88. The company has a 50-day simple moving average of $19.84 and a two-hundred day simple moving average of $20.90.

ForgeRock (NYSE:FORGGet Rating) last posted its quarterly earnings data on Wednesday, May 11th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.05. Sell-side analysts expect that ForgeRock will post -0.44 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Morgan Stanley purchased a new position in ForgeRock in the 3rd quarter worth about $34,000. Quantbot Technologies LP acquired a new position in shares of ForgeRock during the first quarter valued at about $36,000. Cubist Systematic Strategies LLC acquired a new position in shares of ForgeRock in the 3rd quarter valued at $90,000. Bank of America Corp DE raised its position in 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 buying an additional 5,881 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of ForgeRock in the 1st quarter valued at about $204,000. 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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Earnings History and Estimates for ForgeRock (NYSE:FORG)

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