PING - Ping shares crash after revenue miss prompts Credit Suisse downgrade on 'caution flags'

Ping Identity (PING) shares are currently down 17.6% pre-market after yesterday's Q4 results missed revenue estimates, prompting a Credit Suisse downgrade.Revenue came in at $63.3M, down 7% on the year and $5.6M below consensus.“We delivered strong quarterly and annual financial results, even in the face of a challenging economic climate characterized by tempered enterprise spending. With ARR growth of 15%, 2020 cash flow from operations increasing $16.6 million year-over-year, and $10 million in full-year improvement in our Unlevered Free Cash Flow, we feel good about our ability to continue generating profitable growth. In 2021 we expect to put our cash to work investing into cloud and channel solutions that enable zero trust, seamless digital experiences, and passwordless authentication," says CFO Raj Dani.For the current quarter, Ping forecasts total ARR of $263-264M, unlevered FCF of $12-14M, and total revenue of $61.5-63.5M (consensus: $67.18M).The company reiterates its full-year forecast for revenue of $255-265M vs. the

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Ping shares crash after revenue miss prompts Credit Suisse downgrade on 'caution flags'