Proofpoint, Inc. (NASDAQ:PFPT) Coverage Initiated by Analysts at Needham & Company LLC
Investment analysts at Needham & Company LLC began coverage on shares of Proofpoint, Inc. (NASDAQ:PFPT) in a research report issued to clients and investors on Friday. The firm set a “buy” rating and a $115.00 price target on the software maker’s stock. Needham & Company LLC’s price target would indicate a potential upside of 24.35% from the company’s previous close.
A number of other research firms have also commented on PFPT. Wedbush reissued an “outperform” rating and issued a $93.00 target price (down previously from $98.00) on shares of Proofpoint in a report on Friday, July 14th. ValuEngine raised Proofpoint from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Northland Securities reissued a “buy” rating and issued a $100.00 target price on shares of Proofpoint in a report on Friday, June 30th. Rosenblatt Securities reissued a “buy” rating and issued a $95.00 target price on shares of Proofpoint in a report on Sunday, April 23rd. Finally, Piper Jaffray Companies set a $90.00 target price on Proofpoint and gave the stock a “buy” rating in a report on Friday, April 21st. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-one have issued a buy rating to the company’s stock. Proofpoint has a consensus rating of “Buy” and an average target price of $89.87.
Shares of Proofpoint (NASDAQ:PFPT) opened at 92.48 on Friday. Proofpoint has a 12-month low of $67.50 and a 12-month high of $94.33. The company’s market cap is $4.04 billion. The stock’s 50 day moving average price is $87.91 and its 200 day moving average price is $81.52.
Proofpoint (NASDAQ:PFPT) last posted its earnings results on Thursday, April 20th. The software maker reported $0.12 EPS for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.03. The business had revenue of $113.30 million during the quarter, compared to analyst estimates of $110.60 million. Proofpoint had a negative return on equity of 126.46% and a negative net margin of 25.63%. The company’s quarterly revenue was up 43.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.09) EPS. On average, analysts forecast that Proofpoint will post $0.59 EPS for the current year.
In related news, EVP David Knight sold 3,000 shares of Proofpoint stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $92.45, for a total transaction of $277,350.00. Following the transaction, the executive vice president now directly owns 16,874 shares in the company, valued at $1,560,001.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gary Steele sold 40,000 shares of Proofpoint stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $80.38, for a total value of $3,215,200.00. Following the transaction, the chief executive officer now owns 61,780 shares in the company, valued at $4,965,876.40. The disclosure for this sale can be found here. Insiders have sold 189,549 shares of company stock worth $16,234,464 over the last quarter. 6.80% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Ladenburg Thalmann Financial Services Inc. increased its position in Proofpoint by 242.3% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,578 shares of the software maker’s stock valued at $113,000 after buying an additional 1,117 shares during the period. DekaBank Deutsche Girozentrale increased its position in Proofpoint by 400.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 2,500 shares of the software maker’s stock valued at $185,000 after buying an additional 2,000 shares during the period. Creative Planning increased its position in 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 period. Legato Capital Management LLC bought a new position in Proofpoint during the second quarter valued at $204,000. Finally, Envestnet Asset Management Inc. increased its position in Proofpoint by 18.2% in the first quarter. Envestnet Asset Management Inc. now owns 2,897 shares of the software maker’s stock valued at $215,000 after buying an additional 446 shares during the period.
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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