Evercore ISI Reaffirms “Buy” Rating for Proofpoint, Inc. (PFPT)
Proofpoint, Inc. (NASDAQ:PFPT)‘s stock had its “buy” rating reaffirmed by analysts at Evercore ISI in a research note issued to investors on Wednesday. They presently have a $105.00 target price on the software maker’s stock. Evercore ISI’s price target would suggest a potential upside of 14.65% from the company’s current price.
PFPT has been the topic of a number of other reports. Royal Bank Of Canada reissued a “buy” rating and issued a $103.00 price target on shares of Proofpoint in a research note on Thursday, August 31st. Wedbush reissued an “outperform” rating and issued a $104.00 price target (up from $98.00) on shares of Proofpoint in a research note on Friday, July 28th. FBN Securities began coverage on Proofpoint in a research note on Monday, May 22nd. They issued an “outperform” rating and a $95.00 price target on the stock. Piper Jaffray Companies set a $100.00 price target on Proofpoint and gave the stock a “buy” rating in a research note on Thursday, July 27th. Finally, Zacks Investment Research raised Proofpoint from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a research note on Tuesday, August 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-one have given a buy rating to the company’s stock. Proofpoint has an average rating of “Buy” and a consensus price target of $93.43.
Shares of Proofpoint (NASDAQ:PFPT) traded down 0.16% during mid-day trading on Wednesday, reaching $91.43. 159,772 shares of the company traded hands. The stock’s market capitalization is $4.06 billion. The company’s 50 day moving average is $89.07 and its 200 day moving average is $83.51. Proofpoint has a 52-week low of $68.04 and a 52-week high of $94.33.
Proofpoint (NASDAQ:PFPT) last issued its quarterly earnings results on Thursday, July 27th. The software maker reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.05. Proofpoint had a negative return on equity of 140.24% and a negative net margin of 20.96%. The firm had revenue of $122.30 million for the quarter, compared to analyst estimates of $119.58 million. During the same period last year, the company earned $0.06 EPS. The firm’s quarterly revenue was up 36.0% on a year-over-year basis. On average, equities analysts forecast that Proofpoint will post $0.65 earnings per share for the current year.
In other Proofpoint news, EVP David Knight sold 3,000 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $90.76, for a total transaction of $272,280.00. Following the completion of the transaction, the executive vice president now owns 16,874 shares in the company, valued at approximately $1,531,484.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Bhagwat Swaroop sold 5,000 shares of the business’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $85.17, for a total value of $425,850.00. Following the transaction, the executive vice president now owns 13,161 shares of the company’s stock, valued at approximately $1,120,922.37. The disclosure for this sale can be found here. Insiders have sold a total of 125,549 shares of company stock valued at $11,072,191 in the last 90 days. Insiders own 6.80% of the company’s stock.
A number of hedge funds have recently made changes to their positions in PFPT. Russell Investments Group Ltd. boosted its position in Proofpoint by 1.3% during the 1st quarter. Russell Investments Group Ltd. now owns 96,079 shares of the software maker’s stock worth $7,144,000 after acquiring an additional 1,220 shares during the period. DUPONT CAPITAL MANAGEMENT Corp acquired a new position in Proofpoint during the 1st quarter worth $351,000. Canada Pension Plan Investment Board acquired a new position in Proofpoint during the 1st quarter worth $535,000. Commerzbank Aktiengesellschaft FI acquired a new position in Proofpoint during the 1st quarter worth $220,000. Finally, First Trust Advisors LP boosted its position in Proofpoint by 7.8% during the 1st quarter. First Trust Advisors LP now owns 92,804 shares of the software maker’s stock worth $6,901,000 after acquiring an additional 6,690 shares during the period.
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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