ForgeRock (NYSE:FORG) Updates FY 2022 Earnings Guidance

ForgeRock (NYSE:FORGGet Rating) issued an update on its FY 2022 earnings guidance on Wednesday morning. 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.

Shares of FORG stock opened at $19.16 on Wednesday. The company has a current ratio of 4.78, a quick ratio of 4.78 and a debt-to-equity ratio of 0.12. ForgeRock has a 1 year low of $11.94 and a 1 year high of $48.88. The firm’s fifty day moving average price is $19.87 and its two-hundred day moving average price is $20.00.

ForgeRock (NYSE:FORGGet Rating) last issued its quarterly earnings results on Wednesday, May 11th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.05. On average, equities research analysts predict that ForgeRock will post -0.47 earnings per share for the current fiscal year.

Several equities research analysts have issued reports on FORG shares. JPMorgan Chase & Co. lowered their price target on shares of ForgeRock from $41.00 to $36.00 and set an overweight rating on the stock in a research note on Wednesday, March 2nd. Mizuho lowered their price objective on shares of ForgeRock from $32.00 to $24.00 in a research note on Thursday, May 12th. Zacks Investment Research upgraded shares of ForgeRock from a sell rating to a hold rating in a research note on Friday, May 13th. KeyCorp started coverage on shares of ForgeRock in a research note on Monday, April 4th. They set a sector weight rating on the stock. Finally, Truist Financial lowered their price objective on shares of ForgeRock from $30.00 to $25.00 in a research note on Tuesday, May 10th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Buy and an average target price of $26.56.

In related news, EVP Peter M. Barker sold 2,000 shares of the company’s stock in a transaction dated Thursday, May 19th. The shares were sold at an average price of $16.75, for a total value of $33,500.00. Following the transaction, the executive vice president now owns 121,654 shares in the company, valued at approximately $2,037,704.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 46.07% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Morgan Stanley bought a new stake in ForgeRock in the 3rd quarter valued at about $34,000. Quantbot Technologies LP bought a new stake in shares of ForgeRock during the 1st quarter worth approximately $36,000. Cubist Systematic Strategies LLC bought a new stake in shares of ForgeRock during the 3rd quarter worth approximately $90,000. Goldman Sachs Group Inc. lifted its holdings in shares of ForgeRock by 49.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 12,461 shares of the company’s stock worth $273,000 after acquiring an additional 4,115 shares during the period. Finally, Bank of America Corp DE lifted 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 acquiring an additional 5,881 shares during the period. 45.15% of the stock is owned by hedge funds and other institutional investors.

About ForgeRock (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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