Ping Identity (NYSE:PING) Rating Increased to Hold at Zacks Investment Research

Ping Identity (NYSE:PING) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

According to Zacks, “Ping Identity Holding Corp. is a pioneering Intelligent Identity company. It provides flexible options to extend hybrid IT environments and accelerate digital business initiatives with multi-factor authentication, single sign-on, access management, intelligent API security, directory and data governance capabilities. Ping Intelligent Identity(TM) platform provides customers, employees, partners and increasingly, IoT, with access to cloud, mobile, SaaS and on-premises applications and APIs, while also managing identity and profile data at scale. Ping Identity Holding Corp. is based in Denver, Colorado. “

Several other equities analysts also recently issued reports on the stock. Mizuho upped their price objective on shares of Ping Identity from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Oppenheimer reissued a “buy” rating and set a $22.00 price objective on shares of Ping Identity in a research note on Thursday, November 14th. Bank of America began coverage on shares of Ping Identity in a research note on Monday, October 14th. They set a “buy” rating and a $21.00 price objective on the stock. Royal Bank of Canada upped their price objective on shares of Ping Identity to $23.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Finally, William Blair began coverage on shares of Ping Identity in a research note on Monday, October 14th. They set an “outperform” rating and a $21.00 price objective on the stock. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $22.50.

Shares of PING opened at $27.50 on Wednesday. The firm’s 50 day moving average price is $23.40. Ping Identity has a 1 year low of $15.22 and a 1 year high of $27.61.

Ping Identity (NYSE:PING) last announced its quarterly earnings data on Wednesday, November 13th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.12. The firm had revenue of $61.77 million for the quarter, compared to analysts’ expectations of $55.12 million. As a group, research analysts forecast that Ping Identity will post 0.38 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the stock. FNY Investment Advisers LLC acquired a new position in Ping Identity during the third quarter worth approximately $25,000. Tower Research Capital LLC TRC acquired a new position in Ping Identity during the third quarter worth approximately $28,000. Zimmer Partners LP acquired a new position in Ping Identity during the third quarter worth approximately $173,000. Teacher Retirement System of Texas acquired a new position in Ping Identity during the third quarter worth approximately $431,000. Finally, Tenzing Global Management LLC acquired a new position in Ping Identity during the third quarter worth approximately $431,000. 96.28% of the stock is owned by hedge funds and other institutional investors.

About Ping Identity

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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Analyst Recommendations for Ping Identity (NYSE:PING)

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