UPDATE: Wells Fargo Starts Ping Identity Holding Corp. (PING) at Overweight

October 4, 2021 4:16 PM EDT
Get Alerts PING Hot Sheet
Price: $26.47 -0.97%

Rating Summary:
    12 Buy, 7 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 13 | New: 72
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(Updated - October 4, 2021 4:22 PM EDT)

Wells Fargo analyst Andrew Nowinski initiates coverage on Ping Identity Holding Corp. (NYSE: PING) with a Overweight rating and a price target of $32.00.

The analyst comments "We are initiating coverage of PING with an Overweight rating and $32 price target, which is based on 7x EV/CY23E Sales. Our rating reflects, in part, our belief that Ping Identity’s PingOne Cloud Platform will ultimately lead to long-term share gains. Additionally, we see a powerful combination of several other key drivers that have the potential to lift overall revenue growth to the 20% threshold or higher over time. While we are taking a more conservative approach to our revenue estimates at this time, we acknowledge the potential for further upside in the future, and with current valuations at a sizable discount to the peer group, we believe the risk/reward remains attractive, further underpinning our Overweight rating."

For an analyst ratings summary and ratings history on Ping Identity Holding Corp. click here. For more ratings news on Ping Identity Holding Corp. click here.

Shares of Ping Identity Holding Corp. closed at $25.29 yesterday.

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