Ping Identity (NYSE:PING) Lowered to “Strong Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Ping Identity (NYSE:PING) from a hold rating to a strong sell rating in a research note released on Friday, 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 research analysts have also recently issued reports on the stock. TheStreet cut shares of Ping Identity from a c- rating to a d+ rating in a research note on Thursday, March 11th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ping Identity in a research report on Monday, March 1st. They set a hold rating and a $32.00 price target on the stock. Mizuho lowered their price target on shares of Ping Identity from $32.00 to $30.00 and set a neutral rating on the stock in a research report on Thursday, February 25th. Stephens initiated coverage on shares of Ping Identity in a research report on Monday, February 1st. They set an overweight rating and a $40.00 price target on the stock. Finally, Barclays lowered their price target on shares of Ping Identity from $33.00 to $27.00 and set an overweight rating on the stock in a research report on Friday, April 16th. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and an average price target of $34.06.

Shares of NYSE PING opened at $23.06 on Friday. The firm has a market cap of $1.89 billion, a PE ratio of -329.43, a PEG ratio of 23.44 and a beta of 1.01. The firm has a fifty day moving average of $23.12 and a 200 day moving average of $26.16. The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.52 and a current ratio of 5.52. Ping Identity has a one year low of $19.97 and a one year high of $37.80.

Ping Identity (NYSE:PING) last announced its earnings results on Tuesday, February 23rd. The company reported $0.09 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.09. Ping Identity had a negative net margin of 2.36% and a positive return on equity of 2.81%. The company had revenue of $63.26 million for the quarter, compared to analysts’ expectations of $68.77 million. On average, equities analysts predict that Ping Identity will post 0.11 EPS for the current fiscal year.

In other Ping Identity news, major shareholder Vep Group, Llc sold 5,746,985 shares of the business’s stock in a transaction dated Monday, May 10th. The shares were sold at an average price of $23.60, for a total transaction of $135,628,846.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 5,748,985 shares of company stock worth $135,675,396 over the last quarter. Insiders own 2.50% of the company’s stock.

A number of large investors have recently modified their holdings of the business. FIL Ltd purchased a new stake in shares of Ping Identity during the fourth quarter worth approximately $80,682,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Ping Identity by 370.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 810,196 shares of the company’s stock worth $17,768,000 after buying an additional 637,953 shares during the period. ETF Managers Group LLC increased its stake in shares of Ping Identity by 40.8% during the fourth quarter. ETF Managers Group LLC now owns 1,761,114 shares of the company’s stock worth $49,963,000 after buying an additional 510,111 shares during the period. Palisade Capital Management LLC NJ increased its stake in shares of Ping Identity by 182.3% during the first quarter. Palisade Capital Management LLC NJ now owns 788,436 shares of the company’s stock worth $17,290,000 after buying an additional 509,179 shares during the period. Finally, Handelsbanken Fonder AB purchased a new stake in shares of Ping Identity during the first quarter worth approximately $9,441,000. Institutional investors own 99.26% of the company’s stock.

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.

Featured Story: What are the benefits of momentum investing?

Get a free copy of the Zacks research report on Ping Identity (PING)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Ping Identity (NYSE:PING)

Receive News & Ratings for Ping Identity Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ping Identity and related companies with MarketBeat.com's FREE daily email newsletter.