Proofpoint’s (PFPT) “Buy” Rating Reaffirmed at Deutsche Bank AG
Several other equities research analysts also recently issued reports on the stock. Wells Fargo & Co. reaffirmed a buy rating on shares of Proofpoint in a research note on Sunday, September 25th. Evercore ISI began coverage on shares of Proofpoint in a research report on Wednesday, June 29th. They issued a buy rating for the company. Zacks Investment Research raised shares of Proofpoint from a hold rating to a buy rating and set a $83.00 target price for the company in a research report on Wednesday, July 27th. Summit Redstone set a $90.00 target price on shares of Proofpoint and gave the stock a buy rating in a research report on Tuesday, August 16th. Finally, Macquarie began coverage on shares of Proofpoint in a research report on Friday, July 8th. They issued an outperform rating and a $75.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Proofpoint has an average rating of Buy and an average price target of $79.44.
Proofpoint (NASDAQ:PFPT) traded up 0.52% during mid-day trading on Friday, hitting $70.89. The stock had a trading volume of 53,846 shares. Proofpoint has a 52-week low of $35.56 and a 52-week high of $80.68. The firm has a 50-day moving average of $75.43 and a 200-day moving average of $65.70. The stock’s market cap is $2.98 billion.
Proofpoint (NASDAQ:PFPT) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.13. Proofpoint had a negative net margin of 41.46% and a negative return on equity of 120.27%. The firm had revenue of $89.90 million for the quarter, compared to the consensus estimate of $84.22 million. On average, analysts forecast that Proofpoint will post $0.09 EPS for the current fiscal year.
In related news, Chairman Eric Hahn sold 5,000 shares of the company’s stock in a transaction on Thursday, October 6th. The shares were sold at an average price of $72.90, for a total transaction of $364,500.00. Following the completion of the sale, the chairman now directly owns 121,215 shares of the company’s stock, valued at approximately $8,836,573.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP David Knight sold 10,000 shares of the company’s stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $70.20, for a total transaction of $702,000.00. Following the sale, the executive vice president now directly owns 15,889 shares of the company’s stock, valued at $1,115,407.80. The disclosure for this sale can be found here. 6.80% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the company. Hunt Lane Capital LP purchased a new stake in Proofpoint during the first quarter valued at about $43,024,000. Jericho Capital Asset Management L.P. increased its stake in 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 valued at $75,665,000 after buying an additional 584,125 shares in the last quarter. Lord Abbett & CO. LLC purchased a new stake in Proofpoint during the second quarter valued at about $26,398,000. HHR Asset Management LLC purchased a new stake in Proofpoint during the second quarter valued at about $15,927,000. Finally, Thrax Management LLC increased its stake in Proofpoint by 204.5% in the first quarter. Thrax Management LLC now owns 347,058 shares of the company’s stock valued at $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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