Proofpoint (PFPT) Upgraded at BidaskClub

BidaskClub upgraded shares of Proofpoint (NASDAQ:PFPT) from a hold rating to a buy rating in a report released on Thursday.

Other analysts also recently issued research reports about the stock. KeyCorp increased their price objective on shares of Proofpoint from $120.00 to $136.00 and gave the company an overweight rating in a report on Monday, February 25th. Zacks Investment Research upgraded shares of Proofpoint from a hold rating to a buy rating and set a $130.00 price objective for the company in a report on Monday, February 11th. Guggenheim began coverage on shares of Proofpoint in a report on Monday, December 10th. They issued a buy rating and a $110.00 price objective for the company. Needham & Company LLC reiterated a buy rating and issued a $135.00 price objective (up previously from $130.00) on shares of Proofpoint in a report on Tuesday. Finally, Morgan Stanley increased their price objective on shares of Proofpoint from $120.00 to $132.00 and gave the company an overweight rating in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Proofpoint has a consensus rating of Buy and an average target price of $124.26.

PFPT stock traded up $1.49 during mid-day trading on Thursday, reaching $123.50. The company’s stock had a trading volume of 9,349 shares, compared to its average volume of 644,416. The company has a market cap of $6.75 billion, a price-to-earnings ratio of -107.54 and a beta of 1.83. Proofpoint has a fifty-two week low of $75.92 and a fifty-two week high of $130.27.

Proofpoint (NASDAQ:PFPT) last released its quarterly earnings data on Thursday, January 31st. The software maker reported ($0.20) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.35) by $0.15. The company had revenue of $198.48 million during the quarter, compared to the consensus estimate of $192.92 million. Proofpoint had a negative net margin of 14.47% and a negative return on equity of 12.20%. As a group, analysts anticipate that Proofpoint will post -1.18 earnings per share for the current year.

In other news, SVP Robert Darren Lee sold 8,031 shares of the stock in a transaction that occurred on Thursday, February 7th. The shares were sold at an average price of $114.43, for a total value of $918,987.33. Following the completion of the sale, the senior vice president now owns 6,698 shares of the company’s stock, valued at approximately $766,452.14. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Bhagwat Swaroop sold 1,000 shares of the stock in a transaction that occurred on Thursday, February 14th. The shares were sold at an average price of $118.09, for a total transaction of $118,090.00. Following the completion of the sale, the executive vice president now directly owns 3,451 shares of the company’s stock, valued at approximately $407,528.59. The disclosure for this sale can be found here. In the last three months, insiders sold 16,782 shares of company stock valued at $1,910,979. Corporate insiders own 3.37% of the company’s stock.

Several institutional investors have recently bought and sold shares of PFPT. TIAA CREF Investment Management LLC boosted its position in shares of Proofpoint by 149.9% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 1,812,611 shares of the software maker’s stock worth $192,735,000 after purchasing an additional 1,087,297 shares during the period. Norges Bank purchased a new position in shares of Proofpoint during the 4th quarter worth approximately $39,840,000. Teachers Advisors LLC boosted its position in shares of Proofpoint by 111.0% during the 3rd quarter. Teachers Advisors LLC now owns 849,483 shares of the software maker’s stock worth $90,326,000 after purchasing an additional 446,817 shares during the period. Neuberger Berman Group LLC boosted its position in shares of Proofpoint by 143.0% during the 3rd quarter. Neuberger Berman Group LLC now owns 734,917 shares of the software maker’s stock worth $78,144,000 after purchasing an additional 432,467 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Proofpoint by 67.2% during the 4th quarter. Bank of New York Mellon Corp now owns 925,102 shares of the software maker’s stock worth $77,534,000 after purchasing an additional 371,864 shares during the period. 95.99% of the stock is owned by institutional investors and hedge funds.

About Proofpoint

Proofpoint, Inc operates as a security-as-a-service (SaaS) provider that enables large and mid-sized organizations to defend, protect, archive, and govern their sensitive data worldwide. It offers protection against advanced and targeted threats, including malicious attachments, polymorphic threats, zero-day exploits, user-transparent ‘drive-by' downloads, malicious Web links, hybrid threats, malware free attacks, and other penetration tactics.

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Analyst Recommendations for Proofpoint (NASDAQ:PFPT)

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