ForgeRock (NYSE:FORG) Issues FY 2022 Earnings Guidance

ForgeRock (NYSE:FORGGet Rating) updated its FY 2022 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of -$0.49–$0.44 for the period, compared to the consensus estimate of -$0.42. The company issued revenue guidance of $206.00 million-$212.00 million, compared to the consensus revenue estimate of $213.73 million. ForgeRock also updated its Q3 2022 guidance to -$0.17–$0.13 EPS.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their target price on shares of ForgeRock from $36.00 to $30.00 and set an overweight rating for the company in a research note on Wednesday, June 22nd. Deutsche Bank Aktiengesellschaft increased their price objective on ForgeRock from $15.00 to $20.00 and gave the stock a hold rating in a research note on Friday, August 12th. Mizuho reduced their price objective on ForgeRock from $32.00 to $24.00 in a research note on Thursday, May 12th. Piper Sandler raised their price target on ForgeRock from $24.00 to $25.00 in a research note on Wednesday, July 13th. Finally, Cowen lowered their target price on ForgeRock from $28.00 to $25.00 and set an outperform rating on the stock in a report on Friday, August 12th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $23.89.

ForgeRock Stock Performance

FORG stock opened at $16.55 on Friday. The business’s fifty day moving average price is $20.39 and its two-hundred day moving average price is $19.54. ForgeRock has a fifty-two week low of $11.94 and a fifty-two week high of $48.88. The company has a current ratio of 4.68, a quick ratio of 4.68 and a debt-to-equity ratio of 0.13.

ForgeRock (NYSE:FORGGet Rating) last issued its quarterly earnings data on Thursday, August 11th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.04. ForgeRock had a negative net margin of 35.37% and a negative return on equity of 17.73%. The business had revenue of $47.70 million during the quarter, compared to analysts’ expectations of $47.18 million. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, analysts anticipate that ForgeRock will post -0.82 EPS for the current year.

Institutional Investors Weigh In On ForgeRock

A number of large investors have recently added to or reduced their stakes in FORG. Legal & General Group Plc bought a new stake in ForgeRock during the second quarter worth about $56,000. Walleye Capital LLC acquired a new stake in shares of ForgeRock during the 2nd quarter worth approximately $387,000. Goldman Sachs Group Inc. boosted its position in shares of ForgeRock by 25.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 15,588 shares of the company’s stock worth $334,000 after acquiring an additional 3,127 shares in the last quarter. State Street Corp increased its stake in ForgeRock by 1,049.1% in the second quarter. State Street Corp now owns 531,646 shares of the company’s stock valued at $11,388,000 after acquiring an additional 485,378 shares during the last quarter. Finally, Macquarie Group Ltd. raised its position in ForgeRock by 58.3% during the second quarter. Macquarie Group Ltd. now owns 520,312 shares of the company’s stock valued at $11,145,000 after purchasing an additional 191,578 shares in the last quarter. Institutional investors and hedge funds own 33.64% of the company’s stock.

ForgeRock Company Profile

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ForgeRock, Inc, together with its subsidiaries, operates a digital identity platform to secure, manage, and govern the identities of customers, employees, partners, application programing interfaces (APIs), microservices, devices, and the Internet of things worldwide. It offers identity management products to automate onboarding/registration and progressive profiling, identity lifecycle and relationship management, identity provisioning and synchronization, user self-service, personalization, delegation, and privacy and consent management.

Further Reading

Earnings History and Estimates for ForgeRock (NYSE:FORG)

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