ForgeRock (NYSE:FORG) Shares Gap Down After Analyst Downgrade

ForgeRock, Inc. (NYSE:FORGGet Rating)’s share price gapped down prior to trading on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $16.00 to $15.00. The stock had previously closed at $14.32, but opened at $13.59. ForgeRock shares last traded at $14.03, with a volume of 3,762 shares.

Several other research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of ForgeRock from a “hold” rating to a “sell” rating in a report on Tuesday, May 3rd. Cowen cut their target price on shares of ForgeRock from $45.00 to $38.00 in a report on Wednesday, March 2nd. Mizuho dropped their price target on ForgeRock from $32.00 to $24.00 in a research note on Thursday. BTIG Research dropped their price target on ForgeRock from $40.00 to $24.00 in a research note on Monday, February 14th. Finally, JPMorgan Chase & Co. dropped their price target on ForgeRock from $41.00 to $36.00 and set an “overweight” rating for the company in a research note on Wednesday, March 2nd. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $26.56.

A number of institutional investors have recently made changes to their positions in the business. Morgan Stanley purchased a new position in ForgeRock during the third quarter valued at $34,000. Advisor Group Holdings Inc. purchased a new position in ForgeRock during the third quarter valued at $49,000. Cutler Group LP purchased a new position in ForgeRock during the first quarter valued at $40,000. Clear Street LLC purchased a new position in ForgeRock during the first quarter valued at $44,000. Finally, Cubist Systematic Strategies LLC purchased a new position in ForgeRock during the third quarter valued at $90,000. 45.15% of the stock is owned by institutional investors and hedge funds.

The company has a current ratio of 4.60, a quick ratio of 4.60 and a debt-to-equity ratio of 0.12. The firm has a 50-day simple moving average of $19.84 and a 200 day simple moving average of $21.20.

ForgeRock (NYSE:FORGGet Rating) last announced its quarterly earnings data on Wednesday, May 11th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.05. As a group, equities research analysts forecast that ForgeRock, Inc. will post -0.37 EPS for the current fiscal year.

ForgeRock Company Profile (NYSE:FORG)

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.

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