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Ping Identity stock slips as secondary offering announced

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Ping Identity Holding Corp. PING, +1.91% shares slipped in the extended session Monday after the cybersecurity company announced a secondary offering for existing shareholders to sell off stock. Ping shares declined 1.4% after hours, following a 1.1% rise in the regular session to close at $32.84. The company said shareholders registered 7.5 million shares for sale, with another 1.2 million to cover overallotments. About 80 million shares are outstanding, with Vista Equity Partners holding a 68% stake. Goldman Sachs, BofA Securities, RBC Capital Markets and Citigroup are among underwriters for the offering. Back in September, Ping launched its initial public offering, and shares are 119% above their $15 pricing.