Proofpoint Inc. (PFPT) Coverage Initiated by Analysts at DA Davidson
Several other research firms have also recently issued reports on PFPT. Wunderlich initiated coverage on Proofpoint in a research note on Tuesday, September 13th. They set a buy rating and a $90.00 target price for the company. Citigroup Inc. reaffirmed a buy rating and issued a $62.00 price objective on shares of Proofpoint in a research note on Monday, June 13th. Zacks Investment Research cut Proofpoint from a buy rating to a hold rating in a research note on Wednesday, September 21st. Wedbush reaffirmed a buy rating and issued a $78.00 price objective on shares of Proofpoint in a research note on Monday, July 11th. Finally, Deutsche Bank AG reaffirmed a buy rating and issued a $72.00 price objective on shares of Proofpoint in a research note on Thursday, June 9th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Proofpoint presently has a consensus rating of Buy and an average price target of $79.44.
Shares of Proofpoint (NASDAQ:PFPT) traded up 0.51% on Tuesday, reaching $74.56. The company had a trading volume of 29,005 shares. Proofpoint has a 52 week low of $35.56 and a 52 week high of $80.68. The company has a 50 day moving average of $76.35 and a 200-day moving average of $64.85. The company’s market capitalization is $3.13 billion.
Proofpoint (NASDAQ:PFPT) last posted its earnings results on Thursday, July 21st. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.13. The company earned $89.90 million during the quarter, compared to analysts’ expectations of $84.22 million. Proofpoint had a negative return on equity of 120.27% and a negative net margin of 41.46%. Analysts predict that Proofpoint will post $0.09 earnings per share for the current fiscal year.
In other Proofpoint news, SVP Robert Darren Lee sold 2,000 shares of the stock in a transaction on Monday, July 11th. The stock was sold at an average price of $68.99, for a total transaction of $137,980.00. Following the transaction, the senior vice president now owns 94 shares of the company’s stock, valued at approximately $6,485.06. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Tracey Newell sold 20,000 shares of the stock in a transaction on Monday, July 18th. The stock was sold at an average price of $66.93, for a total value of $1,338,600.00. Following the transaction, the executive vice president now directly owns 37,467 shares in the company, valued at approximately $2,507,666.31. The disclosure for this sale can be found here. Company insiders own 6.80% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of PFPT. Hunt Lane Capital LP acquired a new position in shares of Proofpoint during the first quarter worth $43,024,000. Jericho Capital Asset Management L.P. raised its position in shares of Proofpoint by 71.0% in the first quarter. Jericho Capital Asset Management L.P. now owns 1,406,938 shares of the company’s stock worth $75,665,000 after buying an additional 584,125 shares in the last quarter. Lord Abbett & CO. LLC acquired a new position in shares of Proofpoint during the second quarter worth $26,398,000. HHR Asset Management LLC acquired a new position in shares of Proofpoint during the second quarter worth $15,927,000. Finally, Thrax Management LLC raised its position in shares of Proofpoint by 204.5% in the first quarter. Thrax Management LLC now owns 347,058 shares of the company’s stock worth $18,665,000 after buying an additional 233,084 shares in the last quarter.
Proofpoint, Inc is a security-as-a-service provider that enables large and mid-sized organizations around the world. The Company’s security-as-a-service platform consists of a suite of on-demand data protection solutions, including threat protection, incident response, regulatory compliance, archiving, governance, eDiscovery and secure communication.
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