Identity solutions software company Ping Identity Holding Corp. (PING) announced that it has entered into a partnership with digital business solutions provider Anexinet Corporation.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Following the news, shares of Ping Identity declined 2% to close at $22.29 in Thursday’s trading session.
The partnership will involve the combination of Ping’s Identity Access Management (IAM) and Anexinet’s cybersecurity capabilities to offer customers a complete data security system.
The Vice-President of Channel Sales at Ping Identity, Beth Drew, said, “We’re excited to partner with Anexinet to tackle the robust security challenges organizations face today and further improve the identity experience for all customers within our ecosystem.” (See Ping Identity stock chart on TipRanks)
Two months ago, Stifel Nicolaus analyst Adam Borg resumed coverage on the stock with a Hold rating and a price target of $26. The analyst’s price target implies upside potential of 16.6% from current levels.
According to Borg, the stock has a “number of drivers” to witness growth in revenues over the next few years. However, the analyst believes the company will not go for any significant expansions due to “increasing competition and an insider overhang.”
The stock has a Moderate Buy consensus based on 4 Buys and 4 Holds. The average Ping Identity price target of $31.21 implies 40% upside potential from current levels. Shares have declined 26.7% over the past year.
Related News:
Walmart Partners with Symbotic to Achieve Supply Chain Automation
NortonLifeLock and Avast in Talks of a Possible Merger
Accenture to Acquire Wabion; Street Says Buy
