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


Ping Identity Holding Corp. (NYSE:PING – Get Rating) was the recipient of some unusual options trading activity on Wednesday. Stock traders bought 2,002 put options on the stock. This represents an increase of 877% over the typical daily volume of 205 puts.

NYSE PING shares opened at $28.62 on Thursday. The company has a 50-day simple moving average of $23.48 and a 200-day simple moving average of $23.49. The company has a market capitalization of $2.40 billion, a PE ratio of -36.69 and a beta of 1.13. Ping Identity has a 1-year minimum of $17.60 and a 1-year maximum of $30.40. The company has a debt ratio of 0.39, a current ratio of 3.30 and a quick ratio of 3.30.

Ping Identity (NYSE:PING – Get Rating) last released its quarterly earnings data on Thursday, February 24. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analyst consensus estimates of ($0.10) by ($0.12). The company posted revenue of $75.42 million in the quarter, versus a consensus estimate of $71.39 million. Ping Identity had a negative net margin of 21.50% and a negative return on equity of 4.65%. The company’s quarterly revenue increased by 19.2% compared to the same quarter last year. In the same quarter last year, the company achieved EPS of $0.04. As a group, research analysts expect Ping Identity to post -0.57 earnings per share for the current fiscal year.

Several equity analysts have recently commented on the stock. KeyCorp assumed coverage for Ping Identity stock in a Monday, April 4, research note. They issued an “overweight” rating and a price target of $34.00 on the stock. Piper Sandler raised her price target on Ping Identity shares from $25.00 to $30.00 and gave the stock a “neutral” rating in a Thursday, Jan. 6 research note. Wells Fargo & Company raised its price target on Ping Identity stock from $28.00 to $35.00 and gave the stock an “overweight” rating in a Wednesday, March 30 research note. BTIG Research cut its price target on Ping Identity shares from $37.00 to $30.00 and set a “buy” rating on the stock in a Monday, February 14 research note. Finally, DA Davidson began covering the actions of Ping Identity in a research note on Tuesday, April 12. They set a “buy” rating and a price target of $38.00 on the stock. One financial analyst has assigned the stock a sell rating, four have issued a hold rating, ten have issued a buy rating and one has assigned the company a strong buy rating. According to data from MarketBeat.com, Ping Identity has a consensus rating of “Buy” and an average target price of $32.27.

Separately, CEO Andre Wong Durand sold 100,000 shares of the company in a trade dated Friday, March 25. The shares were sold at an average price of $26.04, for a total value of $2,604,000.00. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. Additionally, COO Bryan Kristian Nagel sold 39,000 shares of the company in a trade dated Monday, April 11. The shares were sold at an average price of $28.17, for a total transaction of $1,098,630.00. Following the completion of the transaction, the COO now owns 473,387 shares of the company, valued at $13,335,311.79. The disclosure of this sale can be found here. During the last quarter, insiders sold 224,564 shares of the company worth $6,259,867. Company insiders own 2.89% of the company’s shares.

A number of hedge funds and other institutional investors have recently changed their holdings to PING. Mirador Capital Partners LP increased its stake in Ping Identity by 45.6% during the 4th quarter. Mirador Capital Partners LP now owns 16,392 shares of the company worth $375,000 after purchasing an additional 5,132 shares in the last quarter. Versor Investments LP bought a new position in Ping Identity during Q3 for a value of approximately $267,000. Metropolitan Life Insurance Co NY increased its stake in Ping Identity by 21.9% during Q3. Metropolitan Life Insurance Co NY now owns 13,375 shares of the company worth $329,000 after purchasing an additional 2,406 shares in the last quarter. Geode Capital Management LLC increased its stake in Ping Identity by 12.1% in the third quarter. Geode Capital Management LLC now owns 747,288 shares of the company worth $18,360,000 after purchasing an additional 80,904 shares in the last quarter. Finally, Tudor Investment Corp Et Al bought a new position in Ping Identity during Q3 worth around $205,000. Institutional investors and hedge funds hold 88.14% of the company’s shares.

About Ping Identity (Get a rating)

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

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