Zacks Investment Research upgraded shares of Proofpoint (NASDAQ:PFPT) from a hold rating to a buy rating in a report issued on Wednesday, December 27th. They currently have $102.00 target price on the software maker’s stock.
According to Zacks, “The cybersecurity company, Proofpoint has outperformed the industry to which it belongs to on a year-to-date basis. The company’s sustained focus on launching new products, acquisitions with the likes of FireLayers and partnerships have helped it to register approximately 35% revenue growth continuously for the last few quarters. The company also maintains a high renewal rate of more than 90% which signifies that it has a better product portfolio and stickier customers. A high renewal rate indicates more predictable revenues and a lesser selling cost. Nonetheless, the company’s somewhat pessimistic outlook for the next year makes us slightly cautious about its long-term growth prospect. Moreover, since it continues to invest in sales and marketing, we anticipate this to remain a drag on the company’s bottom line in the near term. Intensifying competition and an uncertain macroeconomic environment add to its woes.”
Several other research analysts also recently weighed in on PFPT. Royal Bank of Canada reaffirmed a buy rating and set a $103.00 price objective on shares of Proofpoint in a research note on Thursday, August 31st. Macquarie reaffirmed an outperform rating and set a $103.00 price objective on shares of Proofpoint in a research note on Tuesday, September 26th. BTIG Research reaffirmed a buy rating and set a $110.00 price objective on shares of Proofpoint in a research note on Monday, September 11th. Piper Jaffray Companies set a $100.00 price target on shares of Proofpoint and gave the company a buy rating in a research note on Sunday, September 10th. Finally, BidaskClub raised shares of Proofpoint from a hold rating to a buy rating in a research note on Friday, December 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the stock. The company has a consensus rating of Buy and an average price target of $102.48.
Proofpoint (NASDAQ:PFPT) opened at $99.11 on Wednesday. The stock has a market cap of $4,440.00, a price-to-earnings ratio of -44.85 and a beta of 1.32. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 11.57. Proofpoint has a 1-year low of $70.30 and a 1-year high of $99.80.
Proofpoint (NASDAQ:PFPT) last posted its earnings results on Thursday, October 19th. The software maker reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.07. The company had revenue of $134.30 million during the quarter, compared to the consensus estimate of $131.48 million. Proofpoint had a negative net margin of 20.19% and a negative return on equity of 158.19%. The firm’s quarterly revenue was up 34.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.19 earnings per share. sell-side analysts anticipate that Proofpoint will post -0.88 EPS for the current fiscal year.
In related news, EVP Tracey Newell sold 8,183 shares of the firm’s stock in a transaction dated Tuesday, October 17th. The shares were sold at an average price of $94.82, for a total value of $775,912.06. Following the completion of the sale, the executive vice president now owns 25,001 shares in the company, valued at $2,370,594.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David Knight sold 3,000 shares of the firm’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $88.99, for a total transaction of $266,970.00. Following the completion of the sale, the executive vice president now owns 16,874 shares of the company’s stock, valued at approximately $1,501,617.26. The disclosure for this sale can be found here. In the last ninety days, insiders sold 165,549 shares of company stock worth $14,886,352. Insiders own 5.96% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. acquired a new position in Proofpoint during the second quarter worth about $253,000. JPMorgan Chase & Co. raised its position in Proofpoint by 133.9% during the third quarter. JPMorgan Chase & Co. now owns 870,784 shares of the software maker’s stock worth $76,551,000 after acquiring an additional 498,462 shares during the last quarter. Federated Investors Inc. PA raised its position in Proofpoint by 63.8% during the second quarter. Federated Investors Inc. PA now owns 85,435 shares of the software maker’s stock worth $7,419,000 after acquiring an additional 33,290 shares during the last quarter. Artisan Partners Limited Partnership raised its position in Proofpoint by 20.4% during the second quarter. Artisan Partners Limited Partnership now owns 2,786,122 shares of the software maker’s stock worth $241,919,000 after acquiring an additional 472,407 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC raised its position in Proofpoint by 126.4% during the third quarter. Campbell & CO Investment Adviser LLC now owns 8,328 shares of the software maker’s stock worth $726,000 after acquiring an additional 4,650 shares during the last quarter.
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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