ForgeRock (NYSE:FORG) Updates Q2 2022 Earnings Guidance

ForgeRock (NYSE:FORGGet Rating) updated its second quarter 2022 earnings guidance on Wednesday. The company provided EPS guidance of -$0.23–$0.21 for the period, compared to the consensus EPS estimate of -$0.12. The company issued revenue guidance of $46.50 million-$47.50 million, compared to the consensus revenue estimate of $48.71 million.ForgeRock also updated its FY 2022 guidance to -$0.45–$0.41 EPS.

FORG has been the subject of several analyst reports. Zacks Investment Research upgraded ForgeRock from a sell rating to a hold rating in a research note on Friday, May 13th. Truist Financial cut their price target on ForgeRock from $30.00 to $25.00 in a research note on Tuesday, May 10th. Cowen cut their price objective on ForgeRock from $45.00 to $38.00 in a research report on Wednesday, March 2nd. Deutsche Bank Aktiengesellschaft lowered their target price on ForgeRock from $16.00 to $15.00 in a report on Thursday, May 12th. Finally, KeyCorp started coverage on ForgeRock in a research report on Monday, April 4th. They set a sector weight rating on the stock. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Buy and a consensus price target of $26.56.

FORG stock opened at $18.87 on Wednesday. ForgeRock has a 1-year low of $11.94 and a 1-year high of $48.88. The business’s 50 day moving average is $19.69 and its 200-day moving average is $19.66. The company has a current ratio of 4.78, a quick ratio of 4.78 and a debt-to-equity ratio of 0.12.

ForgeRock (NYSE:FORGGet Rating) last posted its quarterly earnings results on Wednesday, May 11th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). The firm had revenue of $48.09 million during the quarter, compared to the consensus estimate of $46.63 million. On average, analysts forecast that ForgeRock will post -0.49 earnings per share for the current year.

In other ForgeRock news, EVP Peter M. Barker sold 2,000 shares of the business’s 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 sale, the executive vice president now owns 121,654 shares of the company’s stock, valued at $2,037,704.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 46.07% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Morgan Stanley purchased a new stake in shares of ForgeRock during the 3rd quarter valued at approximately $34,000. Quantbot Technologies LP purchased a new stake in shares of ForgeRock during the 1st quarter valued at $36,000. Cubist Systematic Strategies LLC bought a new position in shares of ForgeRock during the 3rd quarter valued at $90,000. Goldman Sachs Group Inc. grew its holdings in ForgeRock by 49.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 12,461 shares of the company’s stock worth $273,000 after acquiring an additional 4,115 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of ForgeRock by 980.2% during the 4th quarter. Bank of America Corp DE now owns 6,481 shares of the company’s stock valued at $173,000 after purchasing an additional 5,881 shares in the last quarter. 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.

Further Reading

Earnings History and Estimates for ForgeRock (NYSE:FORG)

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