ForgeRock (NYSE:FORG) Cut to “Sell” at Zacks Investment Research

ForgeRock (NYSE:FORGGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday, 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. “

A number of other equities analysts have also weighed in on FORG. BTIG Research decreased their target price on ForgeRock from $40.00 to $24.00 in a research note on Monday, February 14th. Cowen dropped their price objective on ForgeRock from $45.00 to $38.00 in a report on Wednesday, March 2nd. Deutsche Bank Aktiengesellschaft reduced their price objective on ForgeRock from $16.00 to $15.00 in a research report on Thursday, May 12th. KeyCorp started coverage on ForgeRock in a research report on Monday, April 4th. They set a “sector weight” rating for the company. Finally, Mizuho reduced their target price on ForgeRock from $32.00 to $24.00 in a report on Thursday, May 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $26.56.

Shares of NYSE FORG traded down $0.33 during midday trading on Thursday, hitting $18.61. 416,848 shares of the stock traded hands, compared to its average volume of 522,012. ForgeRock has a one year low of $11.94 and a one year high of $48.88. The business has a 50 day moving average price of $19.56 and a two-hundred day moving average price of $19.60. 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 (NYSE:FORGGet Rating) last posted its quarterly earnings data on Wednesday, May 11th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The business had revenue of $48.09 million during the quarter, compared to analyst estimates of $46.63 million. As a group, equities analysts expect that ForgeRock will post -0.49 earnings per share for the current fiscal year.

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

A number of hedge funds have recently modified their holdings of the business. Morgan Stanley purchased a new position in ForgeRock during the 3rd quarter worth $34,000. Advisor Group Holdings Inc. purchased a new position in ForgeRock during the 3rd quarter worth $49,000. Quantbot Technologies LP bought a new stake in ForgeRock during the 1st quarter valued at $36,000. Cutler Group LP bought a new stake in ForgeRock during the 1st quarter valued at $40,000. Finally, Clear Street LLC bought a new stake in ForgeRock during the 1st quarter valued at $44,000. Institutional investors and hedge funds own 45.15% of the company’s stock.

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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