Ping Identity Holdings Corp (NYSE: PING) eased up slightly in Monday’s trading session to close the day at a loss of 2.90%. Nonetheless, the stock is still in huge gains since it went public in September. Its upside momentum has been driven by a number of positive news after IPO. For instance, in Mid-November, the company released its Q3 results and they were impressive.
It announced that the ending AAR for Q3 stood at $206.7 million. This was a 23% growth as compared to a similar period in the last financial year. On top of that, the company announced strong growth in revenues. Total revenues for the quarter stood at $61.8 million, representing a year-over-year growth of 45%. Subscription revenues increased significantly too, to hit $57.5 million. This represented a year-over-year growth rate of 49%. The company also reported that its dollar-based net retention rate for the quarter stood at 115%.
Besides the strong financial numbers, the company has also made a number of significant announcements since IPO. In late October, it announced that a top Australian financial services provider was leveraging its solutions to offer cloud services to over 400 franchisees. The system is enterprise-grade endpoint security done at scale.
This was followed by another announcement in Mid-November that, it was providing identity verification services to the State of Colorado. Through its Ping Intelligent Identity Platform, the company offers verification solutions to the State of Colorado’s mobile application. Through this application, residents can display a digital version of their driver’s license and other forms of identification through their smartphones.
Looking at the charts, PING’s overall momentum is up. In Monday’s session, the stock was trading between a high of $22.78 and a low of $21.05 before closing the day at $21.78. Volumes in the day stood at 869.9k.
About Ping Identity Holdings Corp
Ping Identity Holdings Corp is an intelligent identity solutions provider. The company has its headquarters in Denver, Colorado.