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

Zacks Investment Research cut shares of ForgeRock (NYSE:FORG) from a hold rating to a sell rating in a research report sent to investors on Tuesday, 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. “

FORG has been the topic of several other research reports. Mizuho began coverage on ForgeRock in a research note on Monday, October 11th. They issued a buy rating and a $40.00 price objective on the stock. JPMorgan Chase & Co. initiated coverage on ForgeRock in a research report on Monday, October 11th. They issued an overweight rating and a $41.00 price objective on the stock. Piper Sandler increased their price objective on ForgeRock from $30.00 to $38.00 and gave the stock an overweight rating in a research report on Thursday, January 6th. Morgan Stanley initiated coverage on ForgeRock in a research report on Monday, October 11th. They issued an equal weight rating and a $35.00 price objective on the stock. Finally, William Blair reiterated an outperform rating on shares of ForgeRock in a research report on Monday, October 11th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Buy and an average price target of $37.40.

ForgeRock stock opened at $16.25 on Tuesday. ForgeRock has a 12 month low of $15.87 and a 12 month high of $48.88. The company has a current ratio of 5.89, a quick ratio of 5.89 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average price of $25.58.

ForgeRock (NYSE:FORG) last posted its quarterly earnings data on Wednesday, November 10th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.10. The firm had revenue of $44.23 million during the quarter, compared to analysts’ expectations of $38.37 million. On average, analysts predict that ForgeRock will post -0.93 earnings per share for the current year.

In other ForgeRock news, major shareholder A.S. Gravityrock sold 64,428 shares of the firm’s stock in a transaction dated Monday, December 6th. The shares were sold at an average price of $25.10, for a total value of $1,617,142.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peter M. Barker sold 9,000 shares of the firm’s stock in a transaction dated Friday, December 10th. The stock was sold at an average price of $25.91, for a total transaction of $233,190.00. The disclosure for this sale can be found here. Insiders sold 178,256 shares of company stock worth $4,644,185 over the last three months.

Hedge funds have recently added to or reduced their stakes in the company. Morgan Stanley purchased a new position in shares of ForgeRock during the third quarter valued at approximately $34,000. Advisor Group Holdings Inc. bought a new stake in shares of ForgeRock during the third quarter valued at approximately $49,000. Cubist Systematic Strategies LLC bought a new stake in shares of ForgeRock during the third quarter valued at approximately $90,000. M&T Bank Corp bought a new stake in shares of ForgeRock during the third quarter valued at approximately $260,000. Finally, CNH Partners LLC bought a new stake in shares of ForgeRock during the third quarter valued at approximately $289,000. Hedge funds and other institutional investors own 27.06% of the company’s stock.

About ForgeRock

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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