Proofpoint, Inc. (PFPT) Rating Increased to Buy at BidaskClub
Proofpoint, Inc. (NASDAQ:PFPT) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued on Friday.
Other research analysts also recently issued research reports about the stock. Northland Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Proofpoint in a report on Friday, June 30th. Stifel Nicolaus reiterated a “buy” rating on shares of Proofpoint in a report on Friday, June 23rd. Evercore ISI set a $105.00 price objective on shares of Proofpoint and gave the stock a “buy” rating in a report on Friday, July 28th. Needham & Company LLC started coverage on shares of Proofpoint in a report on Friday, July 21st. They set a “buy” rating and a $115.00 price objective on the stock. Finally, Piper Jaffray Companies set a $100.00 price objective on shares of Proofpoint and gave the stock a “buy” rating in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-one have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $93.43.
Shares of Proofpoint (NASDAQ PFPT) opened at 90.35 on Friday. Proofpoint has a 52 week low of $68.04 and a 52 week high of $94.33. The stock has a 50 day moving average price of $88.27 and a 200-day moving average price of $83.10. The firm’s market capitalization is $4.01 billion.
Proofpoint (NASDAQ:PFPT) last released its quarterly earnings data on Thursday, July 27th. The software maker reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.05. Proofpoint had a negative net margin of 20.96% and a negative return on equity of 140.24%. The business had revenue of $122.30 million during the quarter, compared to analyst estimates of $119.58 million. During the same quarter in the previous year, the business earned $0.06 EPS. Proofpoint’s quarterly revenue was up 36.0% compared to the same quarter last year. Equities analysts anticipate that Proofpoint will post $0.65 earnings per share for the current year.
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In related news, CEO Gary Steele sold 40,000 shares of the stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $87.11, for a total value of $3,484,400.00. Following the transaction, the chief executive officer now directly owns 88,551 shares in the company, valued at $7,713,677.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Paul R. Auvil III sold 25,000 shares of the stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $90.54, for a total transaction of $2,263,500.00. Following the completion of the transaction, the chief financial officer now owns 104,705 shares in the company, valued at $9,479,990.70. The disclosure for this sale can be found here. Insiders sold 156,299 shares of company stock worth $13,844,053 over the last 90 days. 6.80% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the stock. D.A. Davidson & CO. increased its stake in shares of Proofpoint by 57.9% in the second quarter. D.A. Davidson & CO. now owns 1,175 shares of the software maker’s stock valued at $102,000 after buying an additional 431 shares during the last quarter. Fortaleza Asset Management Inc. increased its stake in shares of Proofpoint by 22.4% in the second quarter. Fortaleza Asset Management Inc. now owns 1,696 shares of the software maker’s stock valued at $147,000 after buying an additional 310 shares during the last quarter. Creative Planning increased its stake in shares of Proofpoint by 7.4% in the second quarter. Creative Planning now owns 2,232 shares of the software maker’s stock valued at $194,000 after buying an additional 154 shares during the last quarter. Legato Capital Management LLC purchased a new stake in shares of Proofpoint during the second quarter valued at approximately $204,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Proofpoint during the second quarter valued at approximately $215,000.
Proofpoint Company Profile
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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