ForgeRock (NYSE:FORG – Get Rating) issued an update on its third quarter 2022 earnings guidance on Friday morning. The company provided earnings per share guidance of -$0.17–$0.13 for the period, compared to the consensus earnings per share estimate of -$0.07. The company issued revenue guidance of $49.00 million-$52.00 million, compared to the consensus revenue estimate of $55.99 million. ForgeRock also updated its FY 2022 guidance to -$0.49–$0.44 EPS.
ForgeRock Stock Down 4.5 %
NYSE:FORG opened at $22.25 on Friday. ForgeRock has a fifty-two week low of $11.94 and a fifty-two week high of $48.88. The company has a debt-to-equity ratio of 0.12, a quick ratio of 4.78 and a current ratio of 4.78. The company’s 50-day simple moving average is $21.12 and its 200-day simple moving average is $19.07.
ForgeRock (NYSE:FORG – Get Rating) last released its quarterly earnings results on Thursday, August 11th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. The firm had revenue of $47.70 million during the quarter, compared to the consensus estimate of $47.18 million. The business’s quarterly revenue was up 8.4% on a year-over-year basis. On average, equities analysts forecast that ForgeRock will post -0.49 EPS for the current year.
Analysts Set New Price Targets
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FORG has been the subject of several research analyst reports. Truist Financial decreased their price objective on shares of ForgeRock from $30.00 to $25.00 in a research report on Tuesday, May 10th. JPMorgan Chase & Co. decreased their price objective on shares of ForgeRock from $36.00 to $30.00 and set an overweight rating for the company in a research report on Wednesday, June 22nd. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of ForgeRock from $16.00 to $15.00 in a research report on Thursday, May 12th. Piper Sandler raised their price target on shares of ForgeRock from $24.00 to $25.00 in a research report on Wednesday, July 13th. Finally, Mizuho reduced their price target on shares of ForgeRock from $32.00 to $24.00 in a research report on Thursday, May 12th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, ForgeRock presently has a consensus rating of Moderate Buy and an average target price of $25.38.
Insider Activity at ForgeRock
In related 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 value of $33,500.00. Following the sale, the executive vice president now owns 121,654 shares of the company’s stock, valued at approximately $2,037,704.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 46.07% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On ForgeRock
A number of institutional investors have recently added to or reduced their stakes in FORG. Wellington Management Group LLP grew its stake in ForgeRock by 87.1% in the 1st quarter. Wellington Management Group LLP now owns 977,053 shares of the company’s stock valued at $21,418,000 after acquiring an additional 454,822 shares during the period. BlackRock Inc. boosted its stake in ForgeRock by 29.8% during the 1st quarter. BlackRock Inc. now owns 533,081 shares of the company’s stock worth $11,686,000 after purchasing an additional 122,374 shares during the last quarter. Great West Life Assurance Co. Can acquired a new stake in ForgeRock during the 1st quarter worth $2,432,000. Alyeska Investment Group L.P. acquired a new stake in ForgeRock during the 1st quarter worth $2,173,000. Finally, Bank of New York Mellon Corp acquired a new stake in ForgeRock during the 1st quarter worth $1,665,000. Institutional investors and hedge funds own 45.15% of the company’s stock.
ForgeRock Company Profile
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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