Ping Identity

0.54 (2.89%)

NYSE:PING | Last traded on 11-15-2019 4:02 PM

Market Reaction

Offer Price

$15.00

Today Open Price

$18.96

Change Since IPO

Market Cap

$1.5B

Day High

$19.50

Day Low

$18.28

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Featured Analysis

"Ping is seeking public capital while producing strong growth and solid operating metrics.The firm’s financials show a growing firm that is close to break-even and generating positive cash flow from operations. Sales and marketing expenses as a percentage of total revenue have been rising as the firm has scaled its operations but the dollar-based net retention rate of 115% at its most recent reporting date is quite impressive. This retention rate indicates the firm’s sales & marketing efforts are working well and that customers like its service enough to spend more money on it over time. The market opportunity for identity services is quite large and expected to grow at a strong rate in the coming years, so the firm enjoys a strong industry growth backdrop underpinning its efforts although the competition is significant. As a technology IPO, management’s valuation assumptions will be critical. The firm was acquired in 2016 at a reported price of $600 million and at an annual revenue run rate of $100 million.Given that the firm is now generating more than double that rate, it’s a good bet that management will seek a valuation of $2 billion or more." - Donovan Jones, CEO VentureDeal.com

Company Data

Location

Denver, CO

Valuation

$187.5M

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Founded

2002

Total Shares Offered

12,500,000

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Employees

900

IPO Date

2019-09-16

Background Information

Ping is pioneering Intelligent Identity. They enable secure access to any service, application or API from any device. Their platform is designed to detect anomalies and automatically insert additional security measures, such as multi-factor authentication, only when necessary, and can be deployed across cloud, hybrid and on-premise infrastructures, offers a comprehensive suite of turnkey integrations and is able to scale to millions of identities and thousands of cloud and on-premise applications in a single deployment. As of June 30, 2019, the platform secures over two billion identities globally across their customer base.

Financial Analysis

Years 2017 2018
Revenue growth -- 17%
Net profit margin 11%-7%
Valuation -- $1.2B
Revenue multiple -- 6x
Profit multiple ---92x

Financial Information

Income Statement ($M) 2017 2018
Revenue173202
Cost of goods sold3645
Gross profit137157
Total operating expense112141
EBIT2416
Pretax profit6(10)
Net income19(13)
Balance Sheet ($M) 2017 2018
Total current assets121201
Cash and cash equivalents2183
Total assets776857
Total current liabilities5262
Total liabilities256348
Total shareholder equity521509
Total liabilities and equity776857
Cash Flow Statement ($M) 20172018
Net cash from operating activities 3.423
Net cash from investing activities (6)(27)
Net cash from financing activities 0.10067
Net increase in cash and cash equivalents (2)63