ForgeRock (NYSE:FORG) Issues FY 2022 Earnings Guidance

ForgeRock (NYSE:FORGGet Rating) updated its FY 2022 earnings guidance on Wednesday. The company provided EPS guidance of -$0.45–$0.41 for the period, compared to the consensus EPS estimate of -$0.36. The company issued revenue guidance of $212.00 million-$215.00 million, compared to the consensus revenue estimate of $213.92 million.ForgeRock also updated its Q2 2022 guidance to -$0.23–$0.21 EPS.

FORG opened at $17.09 on Wednesday. ForgeRock has a 1-year low of $11.94 and a 1-year high of $48.88. The company has a debt-to-equity ratio of 0.12, a current ratio of 4.78 and a quick ratio of 4.78. The business has a 50 day moving average of $19.90 and a 200-day moving average of $20.47.

ForgeRock (NYSE:FORGGet Rating) last issued its quarterly earnings results on Wednesday, May 11th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.05. Equities research analysts predict that ForgeRock will post -0.47 earnings per share for the current fiscal year.

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. decreased their price objective on shares of ForgeRock from $41.00 to $36.00 and set an overweight rating on the stock in a research report on Wednesday, March 2nd. Cowen cut their price objective on shares of ForgeRock from $45.00 to $38.00 in a research report on Wednesday, March 2nd. Truist Financial cut their price objective on ForgeRock from $30.00 to $25.00 in a research report on Tuesday, May 10th. KeyCorp assumed coverage on shares of ForgeRock in a research report on Monday, April 4th. They issued a sector weight rating for the company. Finally, Mizuho dropped their target price on ForgeRock from $32.00 to $24.00 in a research report on Thursday, May 12th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Buy and an average price target of $26.56.

In other news, EVP Peter M. Barker sold 2,000 shares of ForgeRock stock in a transaction on Thursday, May 19th. The shares were sold at an average price of $16.75, for a total transaction of $33,500.00. Following the transaction, the executive vice president now owns 121,654 shares in the company, valued at approximately $2,037,704.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 46.07% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Morgan Stanley acquired a new stake in shares of ForgeRock during the third quarter worth about $34,000. Quantbot Technologies LP purchased a new stake in ForgeRock in the 1st quarter worth approximately $36,000. Cubist Systematic Strategies LLC purchased a new stake in ForgeRock in the 3rd quarter valued at about $90,000. Bank of America Corp DE grew its position in ForgeRock by 980.2% during the fourth quarter. Bank of America Corp DE now owns 6,481 shares of the company’s stock valued at $173,000 after acquiring an additional 5,881 shares during the period. Finally, State Street Corp purchased a new stake in ForgeRock during the 4th quarter worth $211,000. Hedge funds and other institutional investors 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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