Ping Identity (NYSE:PING) Lowered to “Equal Weight” at Barclays

Ping Identity (NYSE:PING – Get Rating) was downgraded by research analysts at Barclays from an “overweight” rating to an “equal weight” rating in a report issued on Thursday, The Fly reports.

Other equities research analysts have also recently issued reports about the company. Piper Sandler decreased their price target on Ping Identity from $25.00 to $20.00 in a report on Wednesday, July 13th. The Goldman Sachs Group lifted their price target on Ping Identity from $28.00 to $31.00 and gave the stock a “buy” rating in a research report on Tuesday, April 12th. DA Davidson downgraded shares of Ping Identity from a “buy” rating to a “neutral” rating in a research note on Wednesday. KeyCorp reissued a “downgrade” rating on shares of Ping Identity in a research note on Wednesday. Finally, Raymond James downgraded shares of Ping Identity from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, July 28th. Ten equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $28.68.

Ping Identity Stock Performance

Shares of PING opened at $27.97 on Thursday. The business’s fifty day simple moving average is $19.18 and its two-hundred day simple moving average is $21.30. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.40. Ping Identity has a 12 month low of $15.85 and a 12 month high of $30.40. The company has a market cap of $2.39 billion, a price-to-earnings ratio of -22.38 and a beta of 0.95.

Ping Identity (NYSE:PING – Get Rating) last released its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.21). Ping Identity had a negative net margin of 34.24% and a negative return on equity of 9.77%. The firm had revenue of $72.00 million for the quarter, compared to the consensus estimate of $73.30 million. During the same period in the previous year, the company earned ($0.04) earnings per share. Ping Identity’s quarterly revenue was down 8.7% compared to the same quarter last year. Research analysts anticipate that Ping Identity will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ping Identity news, CEO Andre Wong Durand sold 100,000 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $27.87, for a total transaction of $2,787,000.00. Following the sale, the chief executive officer now directly owns 502,416 shares in the company, valued at approximately $14,002,333.92. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.89% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ping Identity

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. lifted its stake in shares of Ping Identity by 19.7% in the fourth quarter. Russell Investments Group Ltd. now owns 75,931 shares of the company’s stock valued at $1,736,000 after purchasing an additional 12,476 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Ping Identity in the fourth quarter valued at about $400,000. Qube Research & Technologies Ltd lifted its stake in shares of Ping Identity by 331.5% in the fourth quarter. Qube Research & Technologies Ltd now owns 36,670 shares of the company’s stock valued at $839,000 after purchasing an additional 28,171 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Ping Identity by 95.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,899 shares of the company’s stock valued at $204,000 after purchasing an additional 4,341 shares during the period. Finally, Yarbrough Capital LLC acquired a new position in Ping Identity during the fourth quarter worth about $290,000. 84.31% of the stock is currently owned by institutional investors and hedge funds.

About Ping Identity

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Ping Identity Holding Corp., doing business as Ping Identity Corporation, offers intelligent identity solutions for the enterprise in the United States and internationally. Its Ping Intelligent Identity platform provides access to cloud, mobile, Software-as-a-Service, and on-premise applications with customers, workforce, and partners.