Proofpoint, Inc. (PFPT) Receives “Outperform” Rating from Wedbush
Wedbush reaffirmed their outperform rating on shares of Proofpoint, Inc. (NASDAQ:PFPT) in a research report report published on Friday, July 14th. Wedbush currently has a $93.00 price target on the software maker’s stock, down from their previous price target of $98.00.
Other analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of Proofpoint from a hold rating to a buy rating and set a $87.00 target price for the company in a research report on Monday, April 24th. Rosenblatt Securities reissued a buy rating and set a $95.00 target price on shares of Proofpoint in a research report on Sunday, April 23rd. Stifel Nicolaus reissued a buy rating and set a $90.00 target price on shares of Proofpoint in a research report on Sunday, April 23rd. Deutsche Bank AG reissued a buy rating and set a $90.00 target price (up previously from $85.00) on shares of Proofpoint in a research report on Sunday, April 23rd. Finally, Wunderlich restated a buy rating and issued a $93.00 price target on shares of Proofpoint in a report on Sunday, April 23rd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-two have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $92.78.
Proofpoint (PFPT) traded down 1.05% on Friday, hitting $86.88. 367,012 shares of the stock traded hands. The stock’s market cap is $3.86 billion. Proofpoint has a 12-month low of $68.04 and a 12-month high of $94.33. The firm’s 50-day moving average price is $87.58 and its 200-day moving average price is $82.26.
Proofpoint (NASDAQ:PFPT) last posted its earnings results on Thursday, July 27th. The software maker reported $0.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.05. The firm had revenue of $122.30 million during the quarter, compared to the consensus estimate of $119.58 million. Proofpoint had a negative net margin of 20.96% and a negative return on equity of 140.24%. The company’s revenue was up 36.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.06 EPS. On average, equities research analysts anticipate that Proofpoint will post $0.65 EPS for the current fiscal year.
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In related news, CFO Paul R. Auvil III sold 25,000 shares of the firm’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $86.08, for a total transaction of $2,152,000.00. Following the transaction, the chief financial officer now directly owns 120,478 shares in the company, valued at $10,370,746.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gary Steele sold 40,000 shares of the firm’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $80.38, for a total value of $3,215,200.00. Following the transaction, the chief executive officer now owns 61,780 shares in the company, valued at $4,965,876.40. The disclosure for this sale can be found here. Insiders have sold 186,299 shares of company stock worth $15,989,869 over the last 90 days. 6.80% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Sumitomo Mitsui Asset Management Company LTD raised its position in Proofpoint by 5.9% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 106,716 shares of the software maker’s stock valued at $7,935,000 after buying an additional 5,974 shares during the period. First Mercantile Trust Co. raised its position in Proofpoint by 13.5% in the first quarter. First Mercantile Trust Co. now owns 7,710 shares of the software maker’s stock valued at $573,000 after buying an additional 916 shares during the period. Renaissance Technologies LLC purchased a new position in Proofpoint during the fourth quarter valued at approximately $721,000. Norges Bank purchased a new position in Proofpoint during the fourth quarter valued at approximately $9,638,000. Finally, Fox Run Management L.L.C. purchased a new position in Proofpoint during the first quarter valued at approximately $416,000.
Proofpoint, Inc is a security-as-a-service provider that enables large and mid-sized organizations to defend, protect, archive and govern their sensitive data. The Company’s security-as-a-service platform consists of an integrated suite of on-demand data protection solutions, including threat protection, incident response, regulatory compliance, archiving, governance, eDiscovery and secure communication.
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