Ping Identity (NYSE:PING) Lowered to Neutral at Bank of America

Ping Identity (NYSE:PINGGet Rating) was downgraded by stock analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued on Friday, Marketbeat Ratings reports. They currently have a $19.00 price objective on the stock, down from their prior price objective of $28.00. Bank of America‘s price objective points to a potential upside of 10.79% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on PING. Barclays lowered their price target on Ping Identity from $30.00 to $26.00 and set an “overweight” rating for the company in a report on Tuesday, July 12th. DA Davidson assumed coverage on Ping Identity in a research note on Tuesday, April 12th. They issued a “buy” rating and a $38.00 price target for the company. Raymond James cut Ping Identity from a “strong-buy” rating to a “market perform” rating in a research note on Thursday. Piper Sandler decreased their price target on Ping Identity from $25.00 to $20.00 in a research note on Wednesday, July 13th. Finally, The Goldman Sachs Group increased their price target on Ping Identity from $28.00 to $31.00 and gave the stock a “buy” rating in a research note on Tuesday, April 12th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ping Identity presently has an average rating of “Moderate Buy” and a consensus target price of $29.87.

Ping Identity Price Performance

PING stock opened at $17.15 on Friday. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.40. Ping Identity has a 52-week low of $15.85 and a 52-week high of $30.40. The stock’s 50 day moving average is $18.72 and its two-hundred day moving average is $21.19. The company has a market capitalization of $1.46 billion, a PE ratio of -20.91 and a beta of 1.07.

Ping Identity (NYSE:PINGGet Rating) last posted its quarterly earnings data on Wednesday, May 4th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Ping Identity had a negative return on equity of 4.99% and a negative net margin of 21.80%. The business had revenue of $84.69 million for the quarter, compared to analysts’ expectations of $80.60 million. During the same quarter in the prior year, the firm earned ($0.12) earnings per share. Ping Identity’s revenue for the quarter was up 22.8% compared to the same quarter last year. Analysts predict that Ping Identity will post -0.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc grew its holdings in Ping Identity by 4.0% in the 4th quarter. Legal & General Group Plc now owns 3,311,199 shares of the company’s stock valued at $75,760,000 after buying an additional 126,956 shares during the last quarter. Senvest Management LLC acquired a new stake in Ping Identity in the 4th quarter valued at approximately $68,672,000. Keenan Capital LLC grew its holdings in Ping Identity by 25.4% in the 4th quarter. Keenan Capital LLC now owns 2,921,691 shares of the company’s stock valued at $66,848,000 after buying an additional 591,691 shares during the last quarter. First Trust Advisors LP acquired a new stake in Ping Identity in the 1st quarter valued at approximately $76,424,000. Finally, Point72 Asset Management L.P. grew its holdings in Ping Identity by 47.1% in the 4th quarter. Point72 Asset Management L.P. now owns 2,013,700 shares of the company’s stock valued at $46,073,000 after buying an additional 645,200 shares during the last quarter. Institutional investors and hedge funds 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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