Should Now Buy ForgeRock (FORG) Shares?

Baron Funds, an asset management firm, published its “Baron Discovery Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. A quarterly return of 3.13% was delivered by the fund’s institutional shares for the fourth quarter of 2021, which was better than the Russell 2000 Growth Index’s 0.01% return, but below the S&P 500 Index’s gain of 11.03% for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Baron Discovery Fund, in its Q4 2021 investor letter, mentioned ForgeRock, Inc. (NYSE: FORG) and discussed its stance on the firm. ForgeRock, Inc. is a San Francisco, California-based identity-verification software company with a $1.2 billion market capitalization. FORG delivered a -42.24% return since the beginning of the year and it closed at $15.45 per share on January 20, 2022.

Here is what Baron Discovery Fund has to say about ForgeRock, Inc. in its Q4 2021 investor letter:

“In the fourth quarter, the Fund was down 3.13% versus the Russell 2000 Growth Index, which was roughly unchanged. For the full-year 2021, the Fund was up 4.89% and beat the 2.83% return of the Russell 2000 Growth Index by 2.06%. The lion’s share of the underperformance in the fourth quarter was due to stock selection in the Information Technology (IT) and Health Care sectors. In IT, there was a fairly even spread of winners and losers for the quarter, though IPO profit taking affected ForgeRock, Inc. after big third quarter gains.”

Our calculations show that ForgeRock, Inc. (NYSE: FORG) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. FORG was in 19 hedge fund portfolios at the end of the third quarter of 2021. ForgeRock, Inc. (NYSE: FORG) delivered a -51.98% return in the past 3 months.

You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.