ForgeRock, Inc. (NYSE:FORG) Receives Average Rating of “Buy” from Brokerages

ForgeRock, Inc. (NYSE:FORGGet Rating) has received an average recommendation of “Buy” from the ten analysts that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $27.75.

A number of equities research analysts have recently weighed in on the stock. Truist Financial cut their target price on shares of ForgeRock from $30.00 to $25.00 in a research note on Tuesday, May 10th. Deutsche Bank Aktiengesellschaft cut their price objective on ForgeRock from $16.00 to $15.00 in a research report on Thursday, May 12th. Mizuho dropped their price objective on shares of ForgeRock from $32.00 to $24.00 in a research note on Thursday, May 12th. KeyCorp assumed coverage on shares of ForgeRock in a report on Monday, April 4th. They issued a “sector weight” rating on the stock. Finally, JPMorgan Chase & Co. lowered their target price on shares of ForgeRock from $41.00 to $36.00 and set an “overweight” rating for the company in a report on Wednesday, March 2nd.

Shares of ForgeRock stock opened at $19.27 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 4.78 and a current ratio of 4.78. ForgeRock has a 52-week low of $11.94 and a 52-week high of $48.88. The company’s 50 day moving average price is $19.16 and its 200-day moving average price is $19.19.

ForgeRock (NYSE:FORGGet Rating) last released its quarterly earnings results on Wednesday, May 11th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). The business had revenue of $48.09 million during the quarter, compared to analyst estimates of $46.63 million. Sell-side analysts anticipate that ForgeRock will post -0.49 earnings per share for the current fiscal year.

In other news, EVP Peter M. Barker sold 2,000 shares of the stock in a transaction that occurred on Thursday, May 19th. The shares were sold at an average price of $16.75, for a total value 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. 46.07% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of FORG. ETF Managers Group LLC purchased a new stake in ForgeRock in the 4th quarter worth approximately $47,851,000. Light Street Capital Management LLC grew its position in shares of ForgeRock by 435.6% during the fourth quarter. Light Street Capital Management LLC now owns 1,226,401 shares of the company’s stock worth $32,733,000 after purchasing an additional 997,431 shares in the last quarter. Wellington Management Group LLP raised its position in shares of ForgeRock by 87.1% during the first quarter. Wellington Management Group LLP now owns 977,053 shares of the company’s stock valued at $21,418,000 after buying an additional 454,822 shares during the last quarter. BlackRock Inc. raised its position in shares of ForgeRock by 29.8% during the first quarter. BlackRock Inc. now owns 533,081 shares of the company’s stock valued at $11,686,000 after buying an additional 122,374 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC purchased a new position in shares of ForgeRock in the third quarter worth $11,679,000. 45.15% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for ForgeRock (NYSE:FORG)

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