ForgeRock (FORG) To Report Earnings Tomorrow: Here Is What To Expect

Jabin Bastian /
2022/02/28 7:06 am EST
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Cybersecurity software provider ForgeRock (NYSE: FORG) will be announcing earnings results tomorrow afternoon. Here's what you need to know.

Last quarter ForgeRock reported revenues of $44.2 million, up 37.6% year on year, beating analyst revenue expectations by 15%. It was a stunning quarter for the company, with an impressive beat of analyst estimates and a very optimistic guidance for the next quarter.

Is ForgeRock buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting ForgeRock's revenue to grow 17.3% year on year to $47.1 million, Adjusted loss is expected to come in at -$0.13 per share.

ForgeRock Total Revenue

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time since going public on average by 15%.

Looking at ForgeRock's peers in the cybersecurity segment, some of them have already reported Q4 earnings results, giving us a hint what we can expect. Rapid7 (NASDAQ:RPD) delivered top-line growth of 34% year on year, beating analyst estimates by 3.94% and Palo Alto Networks (NYSE:PANW) reported revenues up 29.5% year on year, exceeding estimates by 2.74%. Rapid7 traded down 0.54% on the results, Palo Alto Networks was up 0.31%. Read our full analysis of Rapid7's results here and Palo Alto Networks's results here.

Tech stocks have been facing declining investor sentiment in 2022 and while some of the software stocks have fared somewhat better, they have not been spared, with share price declining 7.13% over the last month. ForgeRock is down 2.38% during the same time, and is heading into the earnings with analyst price target of $32.5, compared to share price of $13.9.

One way to find opportunities in the market is to watch for generational shifts in the economy. Almost every company is slowly finding itself becoming a technology company and facing cybersecurity risks and as a result, the demand for cloud-native cybersecurity is skyrocketing. This company is leading a massive technological shift in the industry and with revenue growth of 70% year on year and best-in-class SaaS metrics it should definitely be on your radar.

The author has no position in any of the stocks mentioned.