ForgeRock (NYSE:FORG) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of ForgeRock (NYSE:FORG) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “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. “

A number of other equities research analysts have also recently commented on the stock. BTIG Research assumed coverage on shares of ForgeRock in a research report on Monday, October 11th. They set a buy rating and a $40.00 target price for the company. Truist assumed coverage on shares of ForgeRock in a report on Monday, October 11th. They issued a buy rating and a $38.00 price target for the company. Piper Sandler raised their price target on shares of ForgeRock from $30.00 to $38.00 and gave the stock an overweight rating in a report on Thursday, January 6th. Mizuho initiated coverage on shares of ForgeRock in a research note on Monday, October 11th. They issued a buy rating and a $40.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of ForgeRock from $35.00 to $31.00 and set a hold rating on the stock in a research note on Thursday, November 11th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Buy and an average price target of $37.40.

Shares of FORG stock opened at $16.25 on Tuesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 5.89 and a current ratio of 5.89. The stock has a 50-day moving average of $25.58. ForgeRock has a one year low of $15.87 and a one year high of $48.88.

ForgeRock (NYSE:FORG) last issued its earnings results on Wednesday, November 10th. The company reported ($0.35) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.45) by $0.10. The company had revenue of $44.23 million during the quarter, compared to the consensus estimate of $38.37 million. On average, equities analysts forecast that ForgeRock will post -0.93 EPS for the current fiscal year.

In other ForgeRock news, EVP Peter M. Barker sold 9,000 shares of ForgeRock stock in a transaction dated Friday, December 10th. The shares were sold at an average price of $25.91, for a total transaction of $233,190.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder A.S. Gravityrock sold 12,195 shares of ForgeRock stock in a transaction dated Tuesday, November 30th. The stock was sold at an average price of $29.02, for a total transaction of $353,898.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 178,256 shares of company stock worth $4,644,185.

A number of hedge funds have recently modified their holdings of FORG. Hudson Bay Capital Management LP acquired a new stake in shares of ForgeRock during the third quarter valued at about $779,000. UBS Asset Management Americas Inc. acquired a new stake in shares of ForgeRock during the third quarter valued at about $8,736,000. Balyasny Asset Management LLC acquired a new stake in shares of ForgeRock during the third quarter valued at about $2,183,000. ArrowMark Colorado Holdings LLC acquired a new stake in shares of ForgeRock during the third quarter valued at about $11,679,000. Finally, Janus Henderson Group PLC acquired a new stake in shares of ForgeRock during the third quarter valued at about $9,598,000. 27.06% of the stock is currently owned by institutional investors.

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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