Robert W. Baird lowered shares of Proofpoint Inc (NASDAQ:PFPT) from an outperform rating to a neutral rating in a report issued on Thursday. The brokerage currently has $77.00 price objective on the software maker’s stock, down from their previous price objective of $92.00.
“We continue to view the shift to Microsoft Office 365 as a catalyst to move off a legacy incumbent. International revenue is only 16 percent of the total and represents a meaningful long-term opportunity but one that could take time to fully exploit,” the firm added.Best-In-Class Leader In SecurityAlong with the downgrade, the firm also lowered its price target for the shares to $77 from $92.”We would look to get constructive on the stock again in the event of a pullback or less concern regarding sales execution. We continue to believe Proofpoint is one of the best-in-class leaders in network security,,” Robert W. Baird’s analyst commented.
A number of other research firms have also weighed in on PFPT. Zacks Investment Research raised shares of Proofpoint from a sell rating to a hold rating in a research note on Friday, January 27th. Dougherty & Co upped their price objective on shares of Proofpoint from $88.00 to $90.00 and gave the stock a buy rating in a research note on Friday, January 27th. Wedbush upped their price objective on shares of Proofpoint from $87.00 to $90.00 and gave the stock an outperform rating in a research note on Friday, January 27th. Royal Bank of Canada upped their price objective on shares of Proofpoint from $85.00 to $92.00 and gave the stock an outperform rating in a research note on Friday, January 27th. Finally, DA Davidson reaffirmed a neutral rating and issued a $79.00 price objective on shares of Proofpoint in a research note on Tuesday, January 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-two have assigned a buy rating to the company’s stock. Proofpoint has a consensus rating of Buy and an average target price of $83.86.
Shares of Proofpoint (NASDAQ:PFPT) traded up 9.06% during midday trading on Thursday, reaching $77.43. 3,359,592 shares of the company’s stock traded hands. The company has a 50-day moving average of $76.61 and a 200-day moving average of $77.09. The company’s market capitalization is $3.35 billion. Proofpoint has a one year low of $52.03 and a one year high of $88.00.
Proofpoint (NASDAQ:PFPT) last released its quarterly earnings data on Thursday, April 20th. The software maker reported $0.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.03. Proofpoint had a negative net margin of 29.62% and a negative return on equity of 110.22%. The company earned $113.30 million during the quarter, compared to analyst estimates of $110.60 million. During the same period in the prior year, the firm earned ($0.09) earnings per share. The firm’s revenue for the quarter was up 43.4% compared to the same quarter last year. Equities research analysts anticipate that Proofpoint will post $0.52 EPS for the current year.
WARNING: “Proofpoint Inc (PFPT) Downgraded to “Neutral” at Robert W. Baird” was first reported by Sports Perspectives and is the sole property of of Sports Perspectives. If you are accessing this article on another website, it was copied illegally and reposted in violation of international copyright legislation. The original version of this article can be read at https://sportsperspectives.com/2017/04/21/proofpoint-inc-pfpt-downgraded-to-neutral-at-robert-w-baird.html.
In related news, CEO Gary Steele sold 40,000 shares of the stock in a transaction that occurred on Monday, March 20th. The shares were sold at an average price of $80.63, for a total value of $3,225,200.00. Following the completion of the transaction, the chief executive officer now directly owns 73,432 shares of the company’s stock, valued at approximately $5,920,822.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Tracey Newell sold 3,645 shares of the stock in a transaction that occurred on Friday, February 17th. The shares were sold at an average price of $81.19, for a total transaction of $295,937.55. Following the completion of the transaction, the executive vice president now directly owns 37,513 shares of the company’s stock, valued at $3,045,680.47. The disclosure for this sale can be found here. Insiders sold a total of 139,011 shares of company stock valued at $10,819,257 over the last ninety days. 6.80% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in PFPT. 1832 Asset Management L.P. bought a new position in shares of Proofpoint during the third quarter valued at approximately $54,501,000. Two Sigma Advisers LP increased its position in shares of Proofpoint by 2,765.4% in the third quarter. Two Sigma Advisers LP now owns 370,092 shares of the software maker’s stock valued at $27,701,000 after buying an additional 357,176 shares during the period. Norges Bank acquired a new position in shares of Proofpoint during the fourth quarter valued at $9,638,000. BlackRock Institutional Trust Company N.A. increased its position in shares of Proofpoint by 13.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,153,759 shares of the software maker’s stock valued at $86,359,000 after buying an additional 133,224 shares during the period. Finally, Macquarie Group Ltd. increased its position in shares of Proofpoint by 17.0% in the fourth quarter. Macquarie Group Ltd. now owns 852,205 shares of the software maker’s stock valued at $60,208,000 after buying an additional 123,655 shares during the period.
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.
Receive News & Ratings for Proofpoint Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Proofpoint Inc and related companies with MarketBeat.com's FREE daily email newsletter.