Ping Identity (NYSE:PING) PT Raised to $36.00

Ping Identity (NYSE:PING) had its target price upped by investment analysts at Royal Bank of Canada from $32.00 to $36.00 in a research note issued on Monday, The Fly reports. Royal Bank of Canada’s price target indicates a potential upside of 7.30% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Barclays boosted their price target on shares of Ping Identity from $25.00 to $26.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Piper Sandler assumed coverage on shares of Ping Identity in a report on Wednesday, May 27th. They issued an “overweight” rating and a $32.00 price target for the company. BTIG Research assumed coverage on shares of Ping Identity in a report on Friday, March 27th. They issued a “buy” rating and a $25.00 price target for the company. Robert W. Baird assumed coverage on shares of Ping Identity in a report on Tuesday, June 23rd. They issued a “neutral” rating and a $33.00 price target for the company. Finally, Goldman Sachs Group boosted their price target on shares of Ping Identity from $22.00 to $35.00 and gave the stock a “neutral” rating in a report on Wednesday, June 24th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Ping Identity has a consensus rating of “Buy” and a consensus target price of $28.29.

Shares of PING traded down $0.44 during trading hours on Monday, hitting $33.55. The stock had a trading volume of 21,143 shares, compared to its average volume of 1,464,737. The company has a debt-to-equity ratio of 0.21, a quick ratio of 4.86 and a current ratio of 4.86. The firm has a 50-day moving average price of $30.39 and a 200 day moving average price of $25.23. Ping Identity has a fifty-two week low of $12.02 and a fifty-two week high of $35.35. The firm has a market capitalization of $2.73 billion and a price-to-earnings ratio of 90.57.

Ping Identity (NYSE:PING) last posted its earnings results on Wednesday, May 6th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. The firm had revenue of $61.40 million during the quarter, compared to analyst estimates of $60.32 million. The company’s quarterly revenue was up 21.8% on a year-over-year basis. As a group, analysts predict that Ping Identity will post 0.06 EPS for the current fiscal year.

In other news, insider Lauren Adrienne Romer sold 1,063 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $31.92, for a total transaction of $33,930.96. Following the transaction, the insider now owns 96,479 shares of the company’s stock, valued at approximately $3,079,609.68. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Adriana Zenia Carpenter sold 11,667 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $27.50, for a total transaction of $320,842.50. Following the completion of the transaction, the chief accounting officer now directly owns 50,375 shares in the company, valued at approximately $1,385,312.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,529,337 shares of company stock worth $38,239,983. Corporate insiders own 2.50% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ladenburg Thalmann Financial Services Inc. acquired a new position in Ping Identity in the fourth quarter valued at about $33,000. Bank of Montreal Can acquired a new position in Ping Identity in the fourth quarter valued at about $42,000. Advisor Group Holdings Inc. acquired a new position in Ping Identity in the first quarter valued at about $35,000. Citigroup Inc. acquired a new position in Ping Identity in the fourth quarter valued at about $68,000. Finally, First Mercantile Trust Co. acquired a new position in Ping Identity in the first quarter valued at about $189,000. 98.64% of the stock is currently owned by institutional investors.

Ping Identity Company Profile

Ping Identity Holding Corp., doing business as Ping Identity Corporation, provides intelligent identity solutions in the United States and internationally. It operates an Intelligent Identity platform, which offers secure access to any service, application, or application programming interface (API) to customers, employees, partners, and the Internet of Things.

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