$68.24 Million in Sales Expected for Ping Identity Holding Corp. (NYSE:PING) This Quarter

Wall Street analysts forecast that Ping Identity Holding Corp. (NYSE:PING) will post $68.24 million in sales for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Ping Identity’s earnings, with estimates ranging from $67.30 million to $70.00 million. Ping Identity reported sales of $59.94 million during the same quarter last year, which would suggest a positive year over year growth rate of 13.8%. The firm is expected to issue its next earnings report on Wednesday, November 3rd.

On average, analysts expect that Ping Identity will report full year sales of $283.78 million for the current year, with estimates ranging from $281.60 million to $285.00 million. For the next fiscal year, analysts forecast that the business will report sales of $318.04 million, with estimates ranging from $308.10 million to $325.42 million. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Ping Identity.

Ping Identity (NYSE:PING) last issued its quarterly earnings data on Wednesday, August 4th. The company reported $0.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.15. Ping Identity had a negative net margin of 11.55% and a negative return on equity of 0.46%. The company had revenue of $78.90 million for the quarter, compared to analyst estimates of $66.10 million. During the same period in the prior year, the firm earned $0.08 earnings per share. The company’s revenue was up 33.8% on a year-over-year basis.

Several research analysts have issued reports on the stock. Needham & Company LLC initiated coverage on shares of Ping Identity in a report on Friday, June 11th. They set a “hold” rating for the company. Raymond James boosted their price target on shares of Ping Identity from $40.00 to $42.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 5th. TheStreet upgraded Ping Identity from a “d+” rating to a “c-” rating in a research note on Tuesday, July 27th. Zacks Investment Research upgraded Ping Identity from a “sell” rating to a “hold” rating in a research report on Friday, August 6th. Finally, Mizuho cut their price objective on Ping Identity from $30.00 to $29.00 and set a “neutral” rating for the company in a report on Friday, July 16th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $33.92.

In related news, major shareholder Vep Group, Llc sold 900,000 shares of Ping Identity stock in a transaction on Monday, August 30th. The stock was sold at an average price of $23.60, for a total value of $21,240,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.90% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Banco de Sabadell S.A purchased a new position in Ping Identity in the 1st quarter valued at about $33,000. Quantbot Technologies LP purchased a new stake in Ping Identity in the 1st quarter worth approximately $67,000. Price T Rowe Associates Inc. MD bought a new position in shares of Ping Identity during the 1st quarter valued at $217,000. Hoylecohen LLC bought a new position in Ping Identity in the 1st quarter worth $242,000. Finally, Capital Fund Management S.A. acquired a new stake in Ping Identity in the 1st quarter worth $248,000. Institutional investors own 88.89% of the company’s stock.

Shares of PING traded down $1.00 during mid-day trading on Thursday, reaching $25.20. The company had a trading volume of 648,921 shares, compared to its average volume of 1,031,473. The company’s 50 day simple moving average is $24.56 and its 200 day simple moving average is $23.75. The company has a market capitalization of $2.07 billion, a price-to-earnings ratio of -68.95 and a beta of 0.96. Ping Identity has a 1-year low of $19.97 and a 1-year high of $37.23. The company has a debt-to-equity ratio of 0.16, a quick ratio of 3.27 and a current ratio of 3.27.

About Ping Identity

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

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