ForgeRock (NYSE:FORG) Updates FY 2022 Earnings Guidance

ForgeRock (NYSE:FORGGet Rating) issued an update on its FY 2022 earnings guidance on Wednesday morning. The company provided earnings per share guidance of -$0.45–$0.41 for the period, compared to the consensus earnings per share 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.

NYSE FORG opened at $19.16 on Wednesday. ForgeRock has a 1-year low of $11.94 and a 1-year high of $48.88. The company has a quick ratio of 4.78, a current ratio of 4.78 and a debt-to-equity ratio of 0.12. The firm’s fifty day simple moving average is $19.87 and its 200-day simple moving average is $20.00.

ForgeRock (NYSE:FORGGet Rating) last posted its quarterly earnings results on Wednesday, May 11th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.05. As a group, equities analysts anticipate that ForgeRock will post -0.47 earnings per share for the current year.

Several research firms have commented on FORG. BTIG Research lowered their target price on shares of ForgeRock from $40.00 to $24.00 in a research report on Monday, February 14th. JPMorgan Chase & Co. lowered their target price 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 lowered their target price on shares of ForgeRock from $45.00 to $38.00 in a research report on Wednesday, March 2nd. Mizuho lowered their target price on shares of ForgeRock from $32.00 to $24.00 in a research report on Thursday, May 12th. Finally, Zacks Investment Research upgraded shares of ForgeRock from a sell rating to a hold rating in a report on Friday, May 13th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Buy and a consensus target price of $26.56.

In related news, EVP Peter M. Barker sold 2,000 shares of the stock in a transaction dated Thursday, May 19th. The shares were sold at an average price of $16.75, for a total value of $33,500.00. Following the completion of the sale, the executive vice president now owns 121,654 shares in the company, valued at $2,037,704.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 46.07% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Morgan Stanley bought a new position in ForgeRock during the third quarter worth about $34,000. Quantbot Technologies LP acquired a new stake in shares of ForgeRock during the first quarter worth approximately $36,000. Cubist Systematic Strategies LLC acquired a new stake in shares of ForgeRock during the third quarter worth approximately $90,000. Bank of America Corp DE increased its holdings in shares of ForgeRock by 980.2% during the fourth quarter. Bank of America Corp DE now owns 6,481 shares of the company’s stock worth $173,000 after buying an additional 5,881 shares in the last quarter. Finally, State Street Corp acquired a new stake in shares of ForgeRock in the fourth quarter valued at approximately $211,000. Hedge funds and other institutional investors own 45.15% of the company’s stock.

ForgeRock Company Profile (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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