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Exploring Growth Opportunities In Ping Identity Holding Corp. (NYSE: PING)

Ping Identity Holding Corp. (NYSE:PING) shares, rose in value on Thursday, August 04, with the stock price down by -0.71% to the previous day’s close as strong demand from buyers drove the stock to $27.88.

Actively observing the price movement in the recent trading, the stock is buoying the session at $28.08, falling within a range of $27.815 and $28.08. The value of beta (5-year monthly) is 1.07. Referring to stock’s 52-week performance, its high was $30.40, and the low was $15.85. On the whole, PING has fluctuated by 46.94% over the past month.

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With the market capitalization of Ping Identity Holding Corp. currently standing at about $2.51 billion, investors are eagerly awaiting this quarter’s results, scheduled for Feb 22, 2022 – Feb 28, 2022. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.11, which is expected to increase to $0.06 for fiscal year -$0.31 and then to about -$0.03 by fiscal year 2023. Data indicates that the EPS growth is expected to be -410.00% in 2023, while the next year’s EPS growth is forecast to be 90.30%.

Analysts have estimated the company’s revenue for the quarter at $73.23 million, with a low estimate of $72.3 million and a high estimate of $74.7 million. According to the average forecast, sales growth in current quarter could jump up 10.80%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2023, the company’s y-o-y revenues would reach $336.9 million, representing an increase of 12.50% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that PING’s technical picture suggests that short-term indicators denote the stock is a Hold on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 50% Buy.

15 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 12 analyst(s), 3 recommend it as a Buy and 0 called the PING stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 0 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Hold.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of PING currently trading nearly 47.52% and 47.89% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 77.94, while the 7-day volatility ratio is showing 3.80% which for the 30-day chart, stands at 4.48%. Furthermore, Ping Identity Holding Corp. (PING)’s average true range (ATR) is 1.57. The company’s stock has been forecasted to trade at an average price of $26.85 over the course of the next 52 weeks, with a low of $19.00 and a high of $28.50. Based on these price targets, the low is 31.85% off current price, whereas the price has to move -2.22% to reach the yearly target high. Additionally, analysts’ median price of $28.50 is likely to be welcomed by investors because it represents a decrease of -2.22% from the current levels.

A comparison of Ping Identity Holding Corp. (PING) with its peers suggests the former has fared considerably weaker in the market. PING showed an intraday change of -0.71% in today’s session so far, and over the past year, it grew by 27.69%%. In comparison, Microsoft Corporation (MSFT) has moved lower at -0.54% today and is down -1.62% over the past 12 months. On the other hand, the price of Oracle Corporation (ORCL) has fallen -0.10% today. The stock, however, is off -13.78% from where it was a year ago. Additionally, there is a loss of -0.34% for International Business Machines Corporation (IBM) in recent trading while the stock has seen an overall depriciation of -3.83%% over the past year. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it lost -0.06%. Meanwhile, the Dow Jones Industrial Slipped by -0.13%.

Data on historical trading for Ping Identity Holding Corp. (NYSE:PING) indicates that the trading volumes over the past 10 days have averaged 3.84 million and over the past 3 months, they’ve averaged 1.42 million. According to company’s latest data on outstanding shares, there are 83.82 million shares outstanding.

Nearly 2.00% of Ping Identity Holding Corp.’s shares belong to company insiders and institutional investors own 93.10% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 8.82 million shares as on Jul 14, 2022, resulting in a short ratio of 9.3. According to the data, the short interest in Ping Identity Holding Corp. (PING) stood at 10.34% of shares outstanding as of Jul 14, 2022; the number of short shares registered in Jun 14, 2022 reached 8.02 million. The stock has risen by 22.73% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the PING stock heading into the next quarter.

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