Ping Identity (NYSE:PING) Downgraded by Wells Fargo & Company

Wells Fargo & Company downgraded shares of Ping Identity (NYSE:PINGGet Rating) from an overweight rating to an equal weight rating in a report issued on Wednesday morning, Marketbeat reports.

Several other brokerages have also issued reports on PING. DA Davidson lowered shares of Ping Identity from a buy rating to a neutral rating in a report on Wednesday. KeyCorp reissued a downgrade rating on shares of Ping Identity in a report on Wednesday. The Goldman Sachs Group lifted their price objective on shares of Ping Identity from $28.00 to $31.00 and gave the company a buy rating in a report on Tuesday, April 12th. Barclays cut their price target on shares of Ping Identity from $30.00 to $26.00 and set an overweight rating on the stock in a report on Tuesday, July 12th. Finally, Bank of America lowered shares of Ping Identity from a buy rating to a neutral rating and cut their price target for the stock from $28.00 to $19.00 in a report on Friday, July 29th. Ten analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average target price of $28.68.

Ping Identity Trading Down 0.1 %

Ping Identity stock opened at $27.97 on Wednesday. The company has a 50 day moving average price of $19.18 and a 200-day moving average price of $21.30. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.40. Ping Identity has a fifty-two week low of $15.85 and a fifty-two week high of $30.40.

Ping Identity (NYSE:PINGGet Rating) last posted 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). The company had revenue of $72.00 million for the quarter, compared to the consensus estimate of $73.30 million. Ping Identity had a negative net margin of 34.24% and a negative return on equity of 9.77%. The business’s revenue was down 8.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.04) EPS. On average, equities research analysts forecast that Ping Identity will post -0.83 earnings per share for the current year.

Insider Activity

In other news, CEO Andre Wong Durand sold 100,000 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $14,002,333.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.89% of the company’s stock.

Institutional Investors Weigh In On Ping Identity

A number of large investors have recently made changes to their positions in PING. Nisa Investment Advisors LLC lifted its position in Ping Identity by 164.3% during the second quarter. Nisa Investment Advisors LLC now owns 1,850 shares of the company’s stock valued at $34,000 after purchasing an additional 1,150 shares during the period. Ensign Peak Advisors Inc lifted its position in Ping Identity by 175.3% during the first quarter. Ensign Peak Advisors Inc now owns 2,230 shares of the company’s stock valued at $61,000 after purchasing an additional 1,420 shares during the period. Exane Derivatives lifted its position in Ping Identity by 229.8% during the first quarter. Exane Derivatives now owns 4,166 shares of the company’s stock valued at $114,000 after purchasing an additional 2,903 shares during the period. Amalgamated Bank acquired a new position in Ping Identity during the first quarter valued at $201,000. Finally, Alpha Paradigm Partners LLC acquired a new position in Ping Identity during the fourth quarter valued at $198,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

About Ping Identity

(Get Rating)

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.

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Analyst Recommendations for Ping Identity (NYSE:PING)

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