Ping Identity (NYSE:PING) Price Target Raised to $32.00


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Ping Identity (NYSE:PING) had its price objective hoisted by analysts at Mizuho from $29.00 to $32.00 in a note issued to investors on Tuesday, The Fly reports. The brokerage currently has a “neutral” rating on the stock. Mizuho’s price target indicates a potential upside of 8.77% from the company’s current price.

Other research analysts have also issued research reports about the stock. Pritchard Capital reduced their price objective on shares of Ping Identity from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, November 5th. BidaskClub lowered shares of Ping Identity from a “buy” rating to a “hold” rating in a research note on Tuesday, December 29th. The Goldman Sachs Group raised shares of Ping Identity from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $30.00 to $34.00 in a research note on Friday, January 8th. Bank of America reduced their price objective on shares of Ping Identity from $36.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, November 5th. Finally, Raymond James assumed coverage on shares of Ping Identity in a report on Monday, October 5th. They set a “strong-buy” rating and a $40.00 target price on the stock. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Ping Identity presently has a consensus rating of “Buy” and a consensus target price of $34.00.

Shares of NYSE PING opened at $29.42 on Tuesday. The firm has a market capitalization of $2.39 billion and a PE ratio of -420.23. The company has a current ratio of 4.92, a quick ratio of 4.92 and a debt-to-equity ratio of 0.21. Ping Identity has a 1 year low of $12.02 and a 1 year high of $37.80. The firm’s 50-day moving average is $26.93 and its 200-day moving average is $30.15.

Ping Identity (NYSE:PING) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.09. Ping Identity had a negative net margin of 2.18% and a positive return on equity of 3.17%. The business had revenue of $59.94 million for the quarter, compared to analyst estimates of $55.88 million. During the same quarter last year, the firm earned $0.13 EPS. Ping Identity’s quarterly revenue was down 3.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Ping Identity will post -0.08 earnings per share for the current fiscal year.

In other Ping Identity news, CEO Andre Wong Durand sold 50,000 shares of Ping Identity stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $31.61, for a total transaction of $1,580,500.00. Following the sale, the chief executive officer now directly owns 447,080 shares of the company’s stock, valued at approximately $14,132,198.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Vep Group, Llc sold 5,000,000 shares of Ping Identity stock in a transaction that occurred on Monday, December 14th. The shares were sold at an average price of $26.45, for a total value of $132,250,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,232,540 shares of company stock worth $139,669,711. Insiders own 2.50% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Strs Ohio purchased a new position in shares of Ping Identity during the third quarter valued at approximately $436,000. Pentwater Capital Management LP lifted its holdings in shares of Ping Identity by 31.3% during the third quarter. Pentwater Capital Management LP now owns 10,500 shares of the company’s stock valued at $328,000 after purchasing an additional 2,500 shares during the last quarter. Twinbeech Capital LP purchased a new position in Ping Identity in the 3rd quarter worth approximately $667,000. Voloridge Investment Management LLC raised its holdings in Ping Identity by 150.1% in the 3rd quarter. Voloridge Investment Management LLC now owns 63,673 shares of the company’s stock worth $1,987,000 after acquiring an additional 38,219 shares during the last quarter. Finally, California State Teachers Retirement System raised its holdings in Ping Identity by 130.7% in the 3rd quarter. California State Teachers Retirement System now owns 55,438 shares of the company’s stock worth $1,730,000 after acquiring an additional 31,404 shares during the last quarter. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Ping Identity Company Profile

Ping Identity Holding Corp., doing business as Ping Identity Corporation, provides intelligent identity solutions for the enterprise in the United States and internationally. Its Ping Intelligent Identity platform provides customers, workforce, and partners with access to cloud, mobile, Software-as-a-Service, and on-premise applications.

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