ForgeRock (NYSE:FORG) Updates FY 2021 Earnings Guidance

ForgeRock (NYSE:FORG) updated its FY 2021 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $-0.960-$-0.940 for the period, compared to the Thomson Reuters consensus estimate of $-1.090. The company issued revenue guidance of $175.50 million-$176.50 million, compared to the consensus revenue estimate of $167.13 million.ForgeRock also updated its Q4 2021 guidance to $-0.140-$-0.120 EPS.

Several analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft decreased their price objective on ForgeRock from $35.00 to $31.00 and set a hold rating for the company in a report on Thursday, November 11th. Truist assumed coverage on ForgeRock in a report on Monday, October 11th. They set a buy rating and a $38.00 price objective for the company. Cowen assumed coverage on ForgeRock in a report on Monday, October 11th. They set an outperform rating and a $45.00 price objective for the company. Mizuho assumed coverage on ForgeRock in a report on Monday, October 11th. They set a buy rating and a $40.00 price objective for the company. Finally, Morgan Stanley assumed coverage on ForgeRock in a research note on Monday, October 11th. They issued an equal weight rating and a $35.00 target price for the company. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Buy and an average price target of $38.44.

Shares of NYSE:FORG traded up $4.36 during trading on Thursday, reaching $29.14. 975,288 shares of the company’s stock traded hands, compared to its average volume of 670,802. ForgeRock has a fifty-two week low of $23.60 and a fifty-two week high of $48.88. The stock has a 50-day simple moving average of $31.60.

ForgeRock (NYSE:FORG) last posted its earnings results on Wednesday, November 10th. The company reported ($0.35) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.10. As a group, equities research analysts expect that ForgeRock will post -0.93 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada purchased a new stake in shares of ForgeRock during the 3rd quarter valued at approximately $674,000. UBS Group AG purchased a new stake in shares of ForgeRock during the 3rd quarter valued at approximately $378,000. Cubist Systematic Strategies LLC purchased a new stake in shares of ForgeRock during the 3rd quarter valued at approximately $90,000. Finally, Morgan Stanley acquired a new stake in ForgeRock in the 3rd quarter valued at approximately $34,000. 3.02% of the stock is currently owned by institutional investors and hedge funds.

ForgeRock Company Profile

ForgeRock Inc provides digital identity, delivers modern identity and access management solutions for consumers, employees and things to simply and safely access the connected world. ForgeRock Inc is based in SAN FRANCISCO.

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Earnings History and Estimates for ForgeRock (NYSE:FORG)

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