Wedbush Reaffirms Outperform Rating for Proofpoint Inc. (PFPT)
Proofpoint Inc. (NASDAQ:PFPT)‘s stock had its “outperform” rating restated by equities researchers at Wedbush in a research report issued to clients and investors on Wednesday. They currently have a $83.00 price objective on the stock. Wedbush’s price objective indicates a potential upside of 17.05% from the stock’s previous close.
A number of other analysts have also recently weighed in on PFPT. Zacks Investment Research cut Proofpoint from a “buy” rating to a “hold” rating in a research report on Wednesday, June 22nd. Evercore ISI initiated coverage on Proofpoint in a research report on Wednesday, June 29th. They set a “buy” rating for the company. Citigroup Inc. reaffirmed a “buy” rating on shares of Proofpoint in a research report on Wednesday, June 29th. Morgan Stanley reaffirmed an “overweight” rating on shares of Proofpoint in a research report on Wednesday, June 29th. Finally, Wunderlich reaffirmed a “buy” rating on shares of Proofpoint in a research report on Wednesday, July 6th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Proofpoint presently has a consensus rating of “Buy” and a consensus price target of $79.64.
Shares of Proofpoint (NASDAQ:PFPT) opened at 70.91 on Wednesday. The company’s 50 day moving average price is $75.05 and its 200 day moving average price is $66.13. The stock’s market capitalization is $2.98 billion. Proofpoint has a 12 month low of $35.56 and a 12 month high of $80.68.
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Proofpoint (NASDAQ:PFPT) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.13. Proofpoint had a negative return on equity of 120.27% and a negative net margin of 41.46%. The company earned $89.90 million during the quarter, compared to analysts’ expectations of $84.22 million. Equities analysts anticipate that Proofpoint will post $0.09 earnings per share for the current fiscal year.
In related news, EVP Tracey Newell sold 3,645 shares of Proofpoint stock in a transaction on Monday, October 17th. The stock was sold at an average price of $70.54, for a total value of $257,118.30. Following the transaction, the executive vice president now owns 30,078 shares in the company, valued at $2,121,702.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dana L. Evan sold 1,500 shares of Proofpoint stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $74.16, for a total value of $111,240.00. Following the completion of the transaction, the director now owns 8,993 shares in the company, valued at approximately $666,920.88. The disclosure for this sale can be found here. 6.80% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of PFPT. US Bancorp DE boosted its position 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 during the last quarter. Geneva Advisors LLC boosted its position 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 last quarter. Amalgamated Bank boosted its position 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 last quarter. American International Group Inc. boosted its position 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 last quarter. Finally, Principal Financial Group Inc. boosted its position 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 last quarter.
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.
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