ForgeRock Inc. (NYSE: FORG) stock jumped 1.10% on Wednesday to $20.17 against a previous-day closing price of $19.95. With 0.57 million shares changed hands, the volume of the stock remained lighter than its average volume of 0.65 million shares. During the session, the Software – Infrastructure company that operates in wider Technology sector, reached to the highest price of $20.33 whereas the lowest price it dropped to was $19.90. The 52-week range on FORG shows that it touched its highest point at $25.00 and its lowest point at $14.12 during that stretch. It currently has a 1-year price target of $22.32.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of FORG was up-trending over the past week, with a rise of 1.26%, but this was up by 0.65% over a month. Three-month performance dropped to -1.18% while six-month performance fell -8.15%. The stock gained 14.08% in the past year, while it has lost -11.42% so far this year. A look at the trailing 12-month EPS for FORG yields -0.88 with Next year EPS estimates of 0.04. For the next quarter, that number is -0.10. This implies an EPS growth rate of 31.80% for this year and 120.00% for next year.
Float and Shares Shorts:
At present, 87.46 million FORG shares are outstanding with a float of 45.18 million shares on hand for trading. On Apr 27, 2023, short shares totaled 4.58 million, which was 5.19% higher than short shares on Mar 30, 2023. In addition to Mr. Francis C. Rosch as the firm’s Pres, CEO & Director, Mr. Juan P. Fernandez serves as its CFO & Exec. VP of Global Operations.
Through their ownership of 81.55% of FORG’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 40.49% of FORG, in contrast to 32.76% held by mutual funds. Shares owned by individuals account for 22.28%. As the largest shareholder in FORG with 7.63% of the stake, The Vanguard Group, Inc. holds 3,847,213 shares worth 3,847,213. A second-largest stockholder of FORG, Magnetar Financial LLC, holds 2,844,966 shares, controlling over 5.65% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in FORG, holding 2,616,203 shares or 5.19% stake. With a 3.27% stake in FORG, the Edmond de Rothschild Fund – Big D is the largest stakeholder. A total of 1,645,807 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 2.65% of FORG stock, is the second-largest Mutual Fund holder. It holds 1,337,302 shares valued at 26.79 million. Vanguard Small Cap Index Fund holds 2.25% of the stake in FORG, owning 1,133,540 shares worth 22.7 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, FORG reported revenue of $47.68M and operating income of -$22.30M. The EBITDA in the recently reported quarter was -$22.03M and diluted EPS was -$0.26.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for FORG since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With FORG analysts setting a high price target of $23.25 and a low target of $23.00, the average target price over the next 12 months is $23.21. Based on these targets, FORG could surge 15.27% to reach the target high and rise by 14.03% to reach the target low. Reaching the average price target will result in a growth of 15.07% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded FORG stock several times over the past three months with 14 Buys and 8 Sells. In these transactions, 1,492,478 shares were bought while 438,072 shares were sold. The number of buy transactions has increased to 33 while that of sell transactions has risen to 21 over the past year. The total number of shares bought during that period was 10,293,783 while 10,541,656 shares were sold.