What happened Shares of Ping Identity (NYSE: PING) are plunging today, down by 16% as of 12:10 p.m. EST, after the company reported third-quarter earnings. The results topped expectations and its outlook was mostly in line with analyst estimates. So what Revenue in the third quarter declined by 3% to $59.9 million, ahead of the $55.8 million in sales that Wall Street was looking for. That resulted in adjusted earnings per share of $0.11, compared to the consensus estimate of $0.02 per share in adjusted profits. The enterprise identity technology company finished the quarter with annual recurring revenue (ARR) of $242.6 million and reported a dollar-based net retention rate of 110%. Ping now has 252 customers that generate over $250,000 in ARR. Image source: Getty Images. "Identity remains at the nexus of both digital and security transformations," CEO Andre Durand said in a statement. "As we establish a new working norm, Ping Identity continues to partner closely with enterprises along their hybrid and multi-cloud journey." Now what After the quarter closed, the company acquired Symphonic, a leader in dynamic authorization technology. Ping issued outlook for the fourth quarter that calls for revenue of $67 million to $70 million, the midpoint of which is just slightly below the $68.75 million in sales that analysts are currently modeling for. ARR in the fourth quarter is forecast at $255 million to $257 million, while unlevered free cash flow should be negative $3 million to negative $5 million. Wall Street is expecting Ping to report adjusted earnings per share of $0.09 in the fourth quarter. 10 stocks we like better than Ping Identity Holding CorpWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Ping Identity Holding Corp wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool owns shares of Ping Identity Holding. The Motley Fool has a disclosure policy.Source