OKTA - Ping Identity could have 50% upside BofA sees expansion on all fronts

In the wake of Ping Identity's (NYSE:PING) analyst day, Bank of America said the company showed how it could generate a billion dollars in revenue over the next few years, as it transitions to the cloud. Analyst Tal Liani maintained his buy rating and $35 price target on Ping Identity (PING), nearly 50% higher than where the stock is trading. Ping Identity (PING) shares were falling more than 2% to $22.70 on Thursday. Ping Identity (PING), which competes with other IT management companies such as Okta (NASDAQ:OKTA), said at its analyst day that it expects annual recurring revenue growth of 25% to 30% by 2024, overall revenue growth between 20% and 25% year-over-year, software-as-a-service compound annual revenue growth of 50%, with operating margins between 13% and 17%. The company also highlighted an expansion of its total addressable market to $50 billion, noting its Risk, Verify, Fraud, Authorize and Orchestration products, which have grown two-fold

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Ping Identity could have 50% upside, BofA sees expansion on all fronts