Robert W. Baird set a $145.00 target price on Proofpoint (NASDAQ:PFPT) in a research note issued to investors on Friday, AnalystRatings.com reports. The brokerage currently has a buy rating on the software maker’s stock.
“We recently had the road to meet with investors. Proofpoint’s bundling strategy, while still relatively new, appears to be gaining momentum and may help simplify the purchasing process for customers. Products beyond core email security are also growing in importance and becoming a greater driver to growth as messaging security continues to shift beyond securing email. We come away from our meetings remaining confident in the Proofpoint story, and believe the company is well positioned for continued growth.”,” the firm’s analyst commented.
PFPT has been the topic of a number of other research reports. Northland Securities reaffirmed a buy rating and issued a $160.00 price target on shares of Proofpoint in a research report on Friday, July 26th. Mizuho increased their price target on Proofpoint from $120.00 to $128.00 and gave the company a neutral rating in a research report on Friday, July 26th. Royal Bank of Canada set a $150.00 price target on Proofpoint and gave the company a buy rating in a research report on Friday, July 26th. Morgan Stanley raised their target price on Proofpoint from $142.00 to $148.00 and gave the stock an overweight rating in a research report on Friday, July 26th. Finally, Cowen assumed coverage on Proofpoint in a research report on Thursday, May 23rd. They set an outperform rating and a $140.00 target price on the stock. Two analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Proofpoint presently has an average rating of Buy and an average target price of $139.26.
Proofpoint (NASDAQ:PFPT) last posted its earnings results on Thursday, July 25th. The software maker reported ($0.27) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.07). Proofpoint had a negative return on equity of 11.24% and a negative net margin of 14.31%. The firm had revenue of $214.40 million for the quarter, compared to analyst estimates of $211.33 million. During the same period in the previous year, the company posted $0.26 EPS. Proofpoint’s revenue was up 24.7% on a year-over-year basis. On average, research analysts forecast that Proofpoint will post -0.79 earnings per share for the current year.
In other Proofpoint news, CEO Gary Steele sold 20,000 shares of Proofpoint stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $124.80, for a total value of $2,496,000.00. Following the transaction, the chief executive officer now directly owns 95,148 shares in the company, valued at approximately $11,874,470.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bhagwat Swaroop sold 1,200 shares of Proofpoint stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $125.06, for a total value of $150,072.00. Following the completion of the transaction, the executive vice president now owns 726 shares in the company, valued at $90,793.56. The disclosure for this sale can be found here. Insiders have sold a total of 85,470 shares of company stock worth $10,425,432 in the last 90 days. 2.93% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of the stock. River & Mercantile Asset Management LLP purchased a new stake in shares of Proofpoint in the second quarter valued at approximately $4,051,000. Treasurer of the State of North Carolina boosted its stake in shares of Proofpoint by 9.7% in the second quarter. Treasurer of the State of North Carolina now owns 22,887 shares of the software maker’s stock valued at $2,752,000 after buying an additional 2,025 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Proofpoint by 9.8% in the second quarter. BlackRock Inc. now owns 2,685,991 shares of the software maker’s stock valued at $322,991,000 after buying an additional 240,427 shares in the last quarter. Natixis acquired a new position in Proofpoint during the second quarter worth $2,267,000. Finally, Chartwell Investment Partners LLC raised its holdings in Proofpoint by 65.9% during the second quarter. Chartwell Investment Partners LLC now owns 60,954 shares of the software maker’s stock worth $7,330,000 after purchasing an additional 24,205 shares during the last quarter. Hedge funds and other institutional investors own 94.16% of the company’s stock.
Proofpoint, Inc operates as a security-as-a-service 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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