Robert W. Baird Reaffirms Hold Rating for Proofpoint, Inc. (PFPT)
Robert W. Baird reaffirmed their hold rating on shares of Proofpoint, Inc. (NASDAQ:PFPT) in a research note issued to investors on Friday morning. They currently have a $95.00 price objective on the software maker’s stock.
“We attend Proofpoint’s analyst day in New York where management introduced a new 2020 outlook with higher revenue targets. Proofpoint continues to benefit from the proliferation of advanced email-bound attacks and the shift to public cloud. We view the latent cross-sell opportunity within Proofpoint’s customer base as significant.”,” Robert W. Baird’s analyst wrote.
Other equities research analysts have also recently issued reports about the stock. Needham & Company LLC assumed coverage on shares of Proofpoint in a report on Friday, July 21st. They set a buy rating and a $115.00 price target for the company. Zacks Investment Research upgraded shares of Proofpoint from a hold rating to a buy rating and set a $95.00 price target for the company in a report on Tuesday, August 1st. FBN Securities assumed coverage on shares of Proofpoint in a report on Monday, May 22nd. They set an outperform rating and a $95.00 price target for the company. Northland Securities restated a buy rating and set a $100.00 price target on shares of Proofpoint in a report on Friday, June 30th. Finally, Stifel Nicolaus restated a buy rating on shares of Proofpoint in a report on Friday, June 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. Proofpoint currently has a consensus rating of Buy and a consensus price target of $95.52.
Shares of Proofpoint (PFPT) opened at 91.94 on Friday. The stock’s 50 day moving average price is $89.04 and its 200-day moving average price is $83.68. The stock’s market capitalization is $4.08 billion. Proofpoint has a 12 month low of $68.04 and a 12 month high of $97.00.
Proofpoint (NASDAQ:PFPT) last released its quarterly earnings results on Thursday, July 27th. The software maker reported $0.17 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company had revenue of $122.30 million during the quarter, compared to analysts’ expectations of $119.58 million. During the same period in the prior year, the company earned $0.06 earnings per share. The business’s quarterly revenue was up 36.0% compared to the same quarter last year. Equities analysts forecast that Proofpoint will post $0.65 earnings per share for the current fiscal year.
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In related news, Chairman Eric Hahn sold 5,000 shares of the stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $91.09, for a total value of $455,450.00. Following the completion of the transaction, the chairman now owns 58,701 shares of the company’s stock, valued at $5,347,074.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Tracey Newell sold 8,183 shares of the stock in a transaction dated Monday, June 19th. The stock was sold at an average price of $87.69, for a total transaction of $717,567.27. Following the completion of the transaction, the executive vice president now directly owns 15,195 shares of the company’s stock, valued at approximately $1,332,449.55. The disclosure for this sale can be found here. Insiders sold 125,549 shares of company stock valued at $11,072,191 in the last three months. Company insiders own 6.80% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. D.A. Davidson & CO. increased its holdings in shares of Proofpoint by 57.9% during the second quarter. D.A. Davidson & CO. now owns 1,175 shares of the software maker’s stock worth $102,000 after buying an additional 431 shares in the last quarter. Fortaleza Asset Management Inc. increased its holdings in shares of Proofpoint by 22.4% during the second quarter. Fortaleza Asset Management Inc. now owns 1,696 shares of the software maker’s stock worth $147,000 after buying an additional 310 shares in the last quarter. Creative Planning increased its holdings in shares of Proofpoint by 7.4% during the second quarter. Creative Planning now owns 2,232 shares of the software maker’s stock worth $194,000 after buying an additional 154 shares in the last quarter. Legato Capital Management LLC acquired a new stake in shares of Proofpoint during the second quarter worth approximately $204,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Proofpoint during the second quarter worth 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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