Proofpoint, Inc. (PFPT) Price Target Raised to $100.00
Proofpoint, Inc. (NASDAQ:PFPT) had its price objective boosted by stock analysts at Deutsche Bank AG to $100.00 in a research note issued to investors on Friday. The firm currently has a “buy” rating on the software maker’s stock. Deutsche Bank AG’s price objective would indicate a potential upside of 9.10% from the stock’s previous close.
A number of other research firms have also weighed in on PFPT. Cowen and Company started coverage on Proofpoint in a research report on Thursday, August 17th. They set an “outperform” rating and a $105.00 price objective for the company. Wedbush reiterated an “outperform” rating and set a $93.00 target price (down from $98.00) on shares of Proofpoint in a research note on Friday, July 14th. ValuEngine upgraded Proofpoint from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Northland Securities restated a “buy” rating and issued a $100.00 price target on shares of Proofpoint in a research note on Friday, June 30th. Finally, Needham & Company LLC started coverage on Proofpoint in a research note on Friday, July 21st. They issued a “buy” rating and a $115.00 price target on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-one have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $94.65.
Shares of Proofpoint (NASDAQ PFPT) traded up 2.0337% during trading on Friday, hitting $93.5241. The stock had a trading volume of 790,953 shares. The firm has a 50-day moving average price of $89.05 and a 200 day moving average price of $83.62. The company’s market capitalization is $4.15 billion. Proofpoint has a 52 week low of $68.04 and a 52 week high of $97.00.
Proofpoint (NASDAQ:PFPT) last released its quarterly earnings results on Thursday, July 27th. The software maker reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.05. The business had revenue of $122.30 million during the quarter, compared to analyst estimates of $119.58 million. Proofpoint had a negative return on equity of 140.24% and a negative net margin of 20.96%. During the same quarter in the prior year, the company posted $0.06 EPS. Proofpoint’s quarterly revenue was up 36.0% compared to the same quarter last year. Equities analysts anticipate that Proofpoint will post $0.65 earnings per share for the current year.
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In other news, EVP Bhagwat Swaroop sold 5,000 shares of Proofpoint stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $85.17, for a total value of $425,850.00. Following the sale, the executive vice president now directly owns 13,161 shares of the company’s stock, valued at $1,120,922.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Tracey Newell sold 8,183 shares of Proofpoint stock in a transaction dated Monday, June 19th. The stock was sold at an average price of $87.69, for a total value of $717,567.27. Following the completion of the sale, the executive vice president now directly owns 15,195 shares in the company, valued at $1,332,449.55. The disclosure for this sale can be found here. Insiders sold 125,549 shares of company stock worth $11,072,191 over the last ninety days. Insiders own 6.80% of the company’s stock.
Several hedge funds have recently modified their holdings of PFPT. BlackRock Inc. increased its holdings in shares of Proofpoint by 22,439.7% in the first quarter. BlackRock Inc. now owns 3,193,429 shares of the software maker’s stock worth $237,464,000 after purchasing an additional 3,179,261 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of Proofpoint by 161.6% in the first quarter. Artisan Partners Limited Partnership now owns 2,313,715 shares of the software maker’s stock worth $172,048,000 after purchasing an additional 1,429,192 shares during the last quarter. TIAA CREF Investment Management LLC increased its holdings in shares of Proofpoint by 249.7% in the second quarter. TIAA CREF Investment Management LLC now owns 823,521 shares of the software maker’s stock worth $71,506,000 after purchasing an additional 588,015 shares during the last quarter. ETF Managers Group LLC bought a new stake in shares of Proofpoint in the second quarter worth about $43,157,000. Finally, Teachers Advisors LLC increased its holdings in shares of Proofpoint by 86.8% in the second quarter. Teachers Advisors LLC now owns 549,680 shares of the software maker’s stock worth $47,729,000 after purchasing an additional 255,391 shares during the last quarter.
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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