ForgeRock (NYSE:FORG) Shares Up 8.3%

Shares of ForgeRock, Inc. (NYSE:FORGGet Rating) traded up 8.3% during mid-day trading on Friday . The stock traded as high as $17.97 and last traded at $17.92. 3,831 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 453,687 shares. The stock had previously closed at $16.55.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Piper Sandler boosted their price target on shares of ForgeRock from $24.00 to $25.00 in a report on Wednesday, July 13th. Cowen decreased their price target on shares of ForgeRock from $28.00 to $25.00 and set an “outperform” rating for the company in a report on Friday, August 12th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of ForgeRock from $15.00 to $20.00 and gave the company a “hold” rating in a report on Friday, August 12th. Morgan Stanley decreased their price target on shares of ForgeRock from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Friday, August 12th. Finally, JPMorgan Chase & Co. decreased their price target on shares of ForgeRock from $36.00 to $30.00 and set an “overweight” rating for the company in a report on Wednesday, June 22nd. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.89.

ForgeRock Stock Performance

The stock’s 50 day moving average price is $20.29 and its 200 day moving average price is $19.62. The company has a current ratio of 4.68, a quick ratio of 4.68 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $1.48 billion and a price-to-earnings ratio of -16.61.

ForgeRock (NYSE:FORGGet Rating) last posted its quarterly earnings data on Thursday, August 11th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. ForgeRock had a negative net margin of 35.37% and a negative return on equity of 17.73%. The company had revenue of $47.70 million during the quarter, compared to the consensus estimate of $47.18 million. ForgeRock’s quarterly revenue was up 8.4% on a year-over-year basis. Analysts expect that ForgeRock, Inc. will post -0.82 earnings per share for the current year.

Institutional Investors Weigh In On ForgeRock

A number of institutional investors and hedge funds have recently modified their holdings of FORG. Commonwealth Equity Services LLC bought a new position in ForgeRock in the 1st quarter valued at about $236,000. Cutler Group LP bought a new position in ForgeRock in the 1st quarter valued at about $40,000. Cooper Creek Partners Management LLC bought a new position in ForgeRock in the 1st quarter valued at about $3,932,000. Blueshift Asset Management LLC bought a new position in ForgeRock in the 1st quarter valued at about $202,000. Finally, Summit Wealth & Retirement Planning Inc. raised its holdings in ForgeRock by 532.5% in the 1st quarter. Summit Wealth & Retirement Planning Inc. now owns 141,935 shares of the company’s stock valued at $3,111,000 after acquiring an additional 119,494 shares during the period. 33.64% of the stock is owned by institutional investors.

ForgeRock Company Profile

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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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