ForgeRock (NYSE:FORG) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of ForgeRock (NYSE:FORGGet Rating) from a sell rating to a hold rating in a research report sent to investors on Friday morning, 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. “

Several other analysts also recently weighed in on FORG. Truist Financial reduced their target price on ForgeRock from $30.00 to $25.00 in a report on Tuesday. KeyCorp started coverage on ForgeRock in a research note on Monday, April 4th. They set a sector weight rating for the company. Deutsche Bank Aktiengesellschaft reduced their price objective on ForgeRock from $16.00 to $15.00 in a research note on Thursday. BTIG Research reduced their price objective on ForgeRock from $40.00 to $24.00 in a research note on Monday, February 14th. Finally, JPMorgan Chase & Co. reduced their price objective on ForgeRock from $41.00 to $36.00 and set an overweight rating for the company in a research note on Wednesday, March 2nd. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Buy and an average target price of $26.56.

Shares of ForgeRock stock traded up $1.07 on Friday, hitting $17.59. The stock had a trading volume of 616,695 shares, compared to its average volume of 319,276. ForgeRock has a 52-week low of $11.94 and a 52-week high of $48.88. The company has a quick ratio of 4.60, a current ratio of 4.60 and a debt-to-equity ratio of 0.12. The company’s 50 day moving average price is $19.86 and its 200 day moving average price is $21.12.

ForgeRock (NYSE:FORGGet Rating) last posted its earnings results on Wednesday, May 11th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.05. Equities research analysts expect that ForgeRock will post -0.37 earnings per share for the current year.

Several hedge funds have recently modified their holdings of FORG. Renaissance Technologies LLC acquired a new stake in shares of ForgeRock in the 1st quarter worth approximately $204,000. Baird Financial Group Inc. acquired a new stake in shares of ForgeRock in the 1st quarter worth approximately $899,000. Great West Life Assurance Co. Can acquired a new stake in shares of ForgeRock in the 1st quarter worth approximately $2,432,000. BlackRock Inc. grew its holdings in shares of ForgeRock by 29.8% in the 1st quarter. BlackRock Inc. now owns 533,081 shares of the company’s stock worth $11,686,000 after acquiring an additional 122,374 shares during the period. Finally, Summit Wealth & Retirement Planning Inc. grew its holdings in shares of ForgeRock by 532.5% in the 1st quarter. Summit Wealth & Retirement Planning Inc. now owns 141,935 shares of the company’s stock worth $3,111,000 after acquiring an additional 119,494 shares during the period. 45.15% of the stock is owned by institutional investors and hedge funds.

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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