Stock traders buy high volume of put options on Ping Identity (NYSE: PING)

Ping Identity Holding Corp. (NYSE: PING) received exceptionally large option trades on Wednesday. Traders bought 2,002 puts on the company. This is an 877% increase over the typical volume of 205 puts.

In related news, insider Lauren Adrienne Romer sold 1,000 shares in a deal dated Monday, November 1. The stock was sold for an average price of $ 28.35, for a total trade of $ 28,350.00. The sale was disclosed in a legal file with the Securities & Exchange Commission, accessible through this link. In addition, the main shareholder Vep Group, Llc sold 11,500,000 shares in a transaction dated Friday 12 November. The shares were sold at an average price of $ 27.85, for a total value of $ 320,275,000.00. Disclosure of this sale can be found here. Insiders sold a total of 11,602,000 shares of the company valued at $ 322,865,060 during the last quarter. Company insiders own 1.90% of the company’s shares.

Institutional investors recently changed their positions in the stock. Bank Julius Baer & Co. Ltd. Zurich acquired a new position in Ping Identity in the third quarter valued at approximately $ 49,000. First Pacific Advisors LP purchased a new position in Ping Identity shares during the third quarter, valued at approximately $ 77,000. Tudor Investment Corp Et Al purchased a new stake in Ping Identity shares in the third quarter valued at approximately $ 205,000. Metropolitan Life Insurance Co NY increased its holdings of Ping Identity shares by 109,590.0% in the second quarter. Metropolitan Life Insurance Co NY now owns 10,969 shares of the company valued at $ 251,000 after purchasing an additional 10,959 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings of Ping Identity shares by 10.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 10,946 shares of the company valued at $ 251,000 after purchasing an additional 1,037 shares during the period. 88.91% of the shares are currently held by institutional investors.

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A number of research companies have commented on PING. Royal Bank of Canada raised its price target for Ping Identity from $ 38.00 to $ 40.00 and gave the company an “outperformance” rating in a research report released on Thursday, November 4. Deutsche Bank Aktiengesellschaft lowered its price target on Ping Identity from $ 28.00 to $ 25.00 and set a “conservation” rating for the company in a research report published on Thursday, December 2. Wells Fargo & Company raised its price target on Ping Identity from $ 32.00 to $ 38.00 and assigned the company an “overweight” rating in a research report released Thursday, November 4. Colliers Securities reissued a “buy” note and issued a target price of $ 35 on Ping Identity shares in a research report on Thursday, September 23. Finally, Raymond James increased his target price on Ping Identity from $ 42.00 to $ 44.00 and gave the stock a “strong buy” rating in a research report published on Thursday, November 4. Seven equity research analysts rated the stock with a conservation rating, six assigned a buy rating, and one gave the company a high buy rating. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $ 33.36.

PING traded up $ 0.21 in Thursday’s session, reaching $ 23.12. 381,685 shares of the company were traded for an average volume of 1,048,881. The company’s 50-day moving average is $ 25.17. The company has a debt to equity ratio of 0.16, a current ratio of 2.58, and a quick ratio of 2.58. Ping Identity has a 12-month low of $ 20.70 and a 12-month high of $ 37.23. The company has a market cap of $ 1.93 billion, a PE ratio of -44.92 and a beta of 1.08.

Ping Identity (NYSE: PING) last released its results on Wednesday, November 3. The company reported EPS of $ 0.07 for the quarter, beating the consensus estimate of ($ 0.09) by $ 0.16. The company posted revenue of $ 76.18 million for the quarter, compared to a consensus estimate of $ 68.24 million. Ping Identity recorded a negative return on equity of 1.67% and a negative net margin of 14.54%. During the same period last year, the company posted $ 0.07 in EPS. As a group, sell-side analysts expect Ping Identity to post -0.3 earnings per share for the current fiscal year.

About the Ping Identity

Ping Identity Holding Corp., doing business as Ping Identity Corporation, provides intelligent identity solutions for the enterprise in the United States and around the world. Its Ping Intelligent Identity platform provides customers, workforce and partners with access to cloud, mobile, Software-as-a-Service and on-premises applications.

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