Proofpoint Inc. (NASDAQ:PFPT) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Thursday. The brokerage presently has a $88.00 price target on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 17.29% from the company’s current price.
According to Zacks, “Proofpoint, Inc. is a leading security-as-a-service provider that focuses on cloud-based solutions for threat protection, compliance, archiving & governance, and secure communications. Organizations around the world depend on Proofpoint’s expertise, patented technologies, and on-demand delivery system to protect against phishing, malware and spam, safeguard privacy, encrypt sensitive information, and archive and govern messages and critical enterprise information. “
A number of other research firms also recently weighed in on PFPT. Wunderlich initiated coverage on Proofpoint in a report on Tuesday, September 13th. They issued a “buy” rating and a $90.00 target price on the stock. Deutsche Bank AG reissued a “buy” rating on shares of Proofpoint in a report on Friday, October 14th. Needham & Company LLC reissued a “buy” rating and issued a $88.00 target price on shares of Proofpoint in a report on Saturday, October 22nd. Piper Jaffray Cos. set a $90.00 target price on Proofpoint and gave the company a “buy” rating in a report on Friday, October 21st. Finally, Wedbush reissued a “buy” rating and issued a $78.00 target price on shares of Proofpoint in a report on Monday, July 11th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Proofpoint presently has an average rating of “Buy” and a consensus price target of $78.85.
Proofpoint (NASDAQ:PFPT) opened at 75.03 on Thursday. The stock’s market cap is $3.18 billion. Proofpoint has a one year low of $35.56 and a one year high of $80.68. The stock’s 50 day moving average price is $74.37 and its 200 day moving average price is $67.23.
Proofpoint (NASDAQ:PFPT) last posted its earnings results on Thursday, October 20th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.14. Proofpoint had a negative return on equity of 114.71% and a negative net margin of 34.83%. The company had revenue of $99.80 million for the quarter, compared to the consensus estimate of $94.27 million. During the same quarter in the prior year, the company earned ($0.06) earnings per share. Proofpoint’s revenue was up 44.4% on a year-over-year basis. Equities analysts predict that Proofpoint will post $0.32 earnings per share for the current fiscal year.
In related news, EVP Tracey Newell sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $75.00, for a total transaction of $1,500,000.00. Following the completion of the sale, the executive vice president now directly owns 36,217 shares of the company’s stock, valued at approximately $2,716,275. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dana L. Evan sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $75.32, for a total value of $338,940.00. Following the sale, the director now directly owns 3,743 shares of the company’s stock, valued at $281,922.76. The disclosure for this sale can be found here. Corporate insiders own 6.80% of the company’s stock.
Large investors have recently modified their holdings of the company. US Bancorp DE raised 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 worth $130,000 after buying an additional 115 shares in the last quarter. Geneva Advisors LLC raised its stake in shares of Proofpoint by 1.5% in the second quarter. Geneva Advisors LLC now owns 8,799 shares of the company’s stock worth $555,000 after buying an additional 127 shares during the period. Amalgamated Bank raised its stake in shares of Proofpoint by 4.0% in the second quarter. Amalgamated Bank now owns 4,314 shares of the company’s stock worth $324,000 after buying an additional 164 shares during the period. American International Group Inc. raised its stake in shares of Proofpoint by 0.7% in the second quarter. American International Group Inc. now owns 23,505 shares of the company’s stock worth $1,483,000 after buying an additional 165 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Proofpoint by 3.4% in the second quarter. Principal Financial Group Inc. now owns 5,461 shares of the company’s stock worth $345,000 after buying an additional 179 shares during the period.
Proofpoint Company Profile
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.