Wedbush Reaffirms Outperform Rating for Proofpoint, Inc. (NASDAQ:PFPT)

Proofpoint, Inc. (NASDAQ:PFPT)‘s stock had its “outperform” rating reaffirmed by investment analysts at Wedbush in a research report issued on Friday, September 8th. They currently have a $104.00 price objective on the software maker’s stock. Wedbush’s target price indicates a potential upside of 16.23% from the stock’s previous close.

Several other equities analysts have also weighed in on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $102.00 target price (up from $97.00) on shares of Proofpoint in a report on Thursday, July 20th. Stifel Nicolaus reiterated a “buy” rating on shares of Proofpoint in a report on Friday, June 23rd. Northland Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Proofpoint in a report on Friday, June 30th. FBN Securities initiated coverage on shares of Proofpoint in a report on Monday, May 22nd. They issued an “outperform” rating and a $95.00 target price on the stock. Finally, ValuEngine raised shares of Proofpoint from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-one have given a buy rating to the company. Proofpoint presently has an average rating of “Buy” and an average price target of $98.91.

Shares of Proofpoint (PFPT) traded up 1.90% during trading on Friday, reaching $89.48. The company’s stock had a trading volume of 643,055 shares. The company’s market capitalization is $3.98 billion. The firm’s 50-day moving average price is $88.91 and its 200-day moving average price is $83.97. Proofpoint has a one year low of $68.04 and a one year high of $97.00.

Proofpoint (NASDAQ:PFPT) last posted its earnings results on Thursday, July 27th. The software maker reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.05. The company had revenue of $122.30 million for the quarter, compared to analyst estimates of $119.58 million. Proofpoint had a negative net margin of 20.96% and a negative return on equity of 140.24%. Proofpoint’s revenue was up 36.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.06 EPS. On average, equities analysts anticipate that Proofpoint will post $0.65 earnings per share for the current year.

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In other Proofpoint news, Chairman Eric Hahn sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $90.53, for a total value of $452,650.00. Following the sale, the chairman now directly owns 53,701 shares of the company’s stock, valued at approximately $4,861,551.53. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP David Knight sold 3,000 shares of the company’s stock in a transaction on Tuesday, July 11th. The shares were sold at an average price of $84.54, for a total transaction of $253,620.00. Following the completion of the transaction, the executive vice president now owns 16,874 shares of the company’s stock, valued at approximately $1,426,527.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 130,549 shares of company stock worth $11,524,841. Insiders own 6.80% of the company’s stock.

Several institutional investors have recently modified their holdings of PFPT. Russell Investments Group Ltd. boosted its holdings in shares of Proofpoint by 1.3% in the 1st quarter. Russell Investments Group Ltd. now owns 96,079 shares of the software maker’s stock valued at $7,144,000 after buying an additional 1,220 shares in the last quarter. DUPONT CAPITAL MANAGEMENT Corp acquired a new position in shares of Proofpoint in the 1st quarter valued at $351,000. Canada Pension Plan Investment Board acquired a new position in shares of Proofpoint in the 1st quarter valued at $535,000. Commerzbank Aktiengesellschaft FI acquired a new position in shares of Proofpoint in the 1st quarter valued at $220,000. Finally, First Trust Advisors LP boosted its holdings in shares of Proofpoint by 7.8% in the 1st quarter. First Trust Advisors LP now owns 92,804 shares of the software maker’s stock valued at $6,901,000 after buying an additional 6,690 shares in 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.

Analyst Recommendations for Proofpoint (NASDAQ:PFPT)

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