Wedbush Reaffirms Outperform Rating for Proofpoint Inc. (PFPT)
Proofpoint Inc. (NASDAQ:PFPT)‘s stock had its “outperform” rating reiterated by analysts at Wedbush in a research note issued to investors on Wednesday. They currently have a $83.00 price target on the stock. Wedbush’s price objective indicates a potential upside of 17.05% from the company’s current price.
A number of other research analysts also recently commented on the company. Wells Fargo & Co. reiterated a “buy” rating on shares of Proofpoint in a research report on Sunday, September 25th. Evercore ISI initiated coverage on Proofpoint in a research report on Wednesday, June 29th. They set a “buy” rating for the company. Zacks Investment Research upgraded 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 Proofpoint and gave the company a “buy” rating in a research report on Tuesday, August 16th. Finally, Macquarie began coverage on Proofpoint in a research report on Friday, July 8th. They set an “outperform” rating and a $75.00 target price for the company. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Proofpoint presently has an average rating of “Buy” and a consensus price target of $79.64.
Proofpoint (NASDAQ:PFPT) opened at 70.91 on Wednesday. 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 $75.05 and a 200 day moving average of $66.13. The stock’s market capitalization is $2.98 billion.
Proofpoint (NASDAQ:PFPT) last posted its earnings results on Thursday, July 21st. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.13. The firm earned $89.90 million during the quarter, compared to the consensus estimate of $84.22 million. Proofpoint had a negative return on equity of 120.27% and a negative net margin of 41.46%. Equities analysts expect that Proofpoint will post $0.09 EPS for the current fiscal year.
In other Proofpoint news, CEO Gary Steele sold 20,000 shares of the firm’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $76.10, for a total value of $1,522,000.00. Following the completion of the sale, the chief executive officer now owns 34,629 shares of the company’s stock, valued at $2,635,266.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Dana L. Evan sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $74.16, for a total value of $111,240.00. Following the completion of the sale, the director now directly owns 8,993 shares of the company’s stock, valued at approximately $666,920.88. The disclosure for this sale can be found here. 6.80% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of the company. US Bancorp DE increased its stake in shares of Proofpoint by 5.9% in the second quarter. US Bancorp DE now owns 2,067 shares of the company’s stock valued at $130,000 after buying an additional 115 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Proofpoint by 199.9% in the second quarter. BNP Paribas Arbitrage SA now owns 2,417 shares of the company’s stock valued at $152,000 after buying an additional 1,611 shares in the last quarter. BlackRock Inc. increased its stake in shares of Proofpoint by 122.6% in the first quarter. BlackRock Inc. now owns 2,684 shares of the company’s stock valued at $143,000 after buying an additional 1,478 shares in the last quarter. BOKF NA acquired a new stake in shares of Proofpoint during the second quarter valued at $193,000. Finally, Mizuho Asset Management Co. Ltd. acquired a new stake in shares of Proofpoint during the second quarter valued at $197,000.
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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