Ping Identity Posts Mixed Q4 Results; Shares Drop 1.4%

Software company Ping Identity Holding Corp. (NYSE: PING) recently reported mixed results for the fourth quarter ended December 31, 2021, as revenues surpassed but earnings missed estimates.

Following the results, shares of the company dropped 1.4% to close at $20 in Thursday’s extended trading session.

Revenue & Earnings

Ping Identity reported quarterly revenues of $75.4 million, which denotes a rise of 19.2% from the same quarter last year. Further, the figure surpassed the consensus estimate of $71.22 million. This overall growth in revenues was primarily driven by the 21.5% year-over-year increase witnessed in subscription revenues, which accounted for over 93.3% of the total quarterly revenues of the company.

The company reported a quarterly loss of $0.13 per share and missed the consensus estimate of an EPS of $0.01.The company had posted earnings of $0.09 per share in the year-ago quarter.

Other Operating Metrics

Ping Identity’s ARR at the end of the quarter stood at $312.7 million, up 21% year-over-year, while the dollar-based net retention rate stood at 112%.

The company ended the quarter with a customer count of 1,468. The figure includes 71 customers with more than $1 million in ARR (up 39% year-over-year) and 315 customers with over $250,000 in ARR (up 21% year-over-year).

Outlook

For the first quarter and full year of 2022, the company forecasts revenues in the range of $78 million to $82 million and $330 million to $34 million, respectively.

CEO’s Comments

The CEO of Ping Identity, Andre Durand, said, “In 2022, we are centered on four strategic growth pillars: further driving our cloud transformation, extending our leadership in the customer use case, deepening our channel relationships and ensuring our solutions drive accelerating demand among our enterprise customers in existing and new markets.”

Stock Rating

Overall, the Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 6 Buys and 5 Holds. The average Ping Identity price target of $30.20 implies that the stock has upside potential of 48.8% from current levels. Shares have declined 13.1% over the past year.

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