Baron Funds, an asset management firm, published its “Baron Discovery Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. In what turned out to be a challenging first quarter, Baron Discovery Fund (the “Fund”) decreased 16.30% (Institutional Shares), which was 3.67% below the Russell 2000 Growth Index (the “Benchmark”). Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.
In its Q1 2022 investor letter, Baron Discovery Fund mentioned Ping Identity Holding Corp. (NYSE:PING) and explained its insights for the company. Founded in 2016, Ping Identity Holding Corp. (NYSE:PING) is a Denver, Colorado-based software company with a $1.4 billion market capitalization. Ping Identity Holding Corp. (NYSE:PING) delivered a -27.32% return since the beginning of the year, while its 12-month returns are down by -26.45%. The stock closed at $16.63 per share on June 14, 2022.
Here is what Baron Discovery Fund has to say about Ping Identity Holding Corp. (NYSE:PING) in its Q1 2022 investor letter:
“Ping Identity Corporation (NYSE:PING) offers identity and access management security software. Shares appreciated due to strong fourth quarter financial results and upbeat guidance for 2022. Annual recurring revenue growth accelerated for a third straight quarter driven by strong adoption of Ping’s SaaS software products and cross selling new customer identity-focused products to existing customers. Management guided to further acceleration next year driven by healthy demand for the SaaS platform and for newer products such as online fraud detection, identity security orchestration, and Ping’s federal government solutions. Longer term, we maintain conviction in Ping due to growing demand for identity-oriented cybersecurity, Ping’s continued market share gains from legacy on-premise tools, and management’s focus on expanding distribution through new channel partners. Ping also trades at a reasonable valuation relative to other leading cybersecurity peers.”
Our calculations show that Ping Identity Holding Corp. (NYSE:PING) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Ping Identity Holding Corp. (NYSE:PING) was in 20 hedge fund portfolios at the end of the first quarter of 2022, compared to 22 funds in the previous quarter. Ping Identity Holding Corp. (NYSE:PING) delivered a -17.14% return in the past 3 months.
In September 2021, we also shared another hedge fund’s views on Ping Identity Holding Corp. (NYSE:PING) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.
Disclosure: None. This article is originally published at Insider Monkey.
