MNDT - Ping Identity rises as Stifel upgrade sees benefits from Okta fallout

Ping Identity Holding (NYSE:PING) shares rose on Thursday after Stifel upgraded the software company and raised its price target, noting it could benefit from the data breach at competitor Okta (OKTA). Analyst Adam Borg raised his rating to buy from hold and upped the price target to $30 from $25, noting that the firm has recently warmed to the stock for a number of factors, including the data breach. "Overall, Identity and Access Management is a foundational cybersecurity technology and Ping offers a leading enterprise-focused IAM platform for Workforce and Customer use cases," Borg wrote in a note to clients. Ping (PING) shares rose nearly 4% to $24.89 in premarket trading on Thursday. In addition, Borg noted that Ping has a broad software-as-a-service portfolio, is improving its execution and is growing its channel footprint. Ping (PING) also has an opportunity to grow in the federal market and with the potential for the

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Ping Identity rises as Stifel upgrade, sees benefits from Okta fallout