Proofpoint (NASDAQ:PFPT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm presently has a $103.00 price objective on the software maker’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.08% from the company’s current price.
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 equities research analysts have also weighed in on PFPT. BidaskClub upgraded shares of Proofpoint from a “hold” rating to a “buy” rating in a report on Friday, August 25th. Royal Bank of Canada reiterated a “buy” rating and issued a $103.00 target price on shares of Proofpoint in a report on Thursday, August 31st. ValuEngine upgraded shares of Proofpoint from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Evercore ISI restated a “buy” rating and set a $105.00 price objective on shares of Proofpoint in a report on Wednesday, September 6th. Finally, Northland Securities restated a “buy” rating and set a $100.00 price objective on shares of Proofpoint in a report on Thursday, September 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the stock. Proofpoint currently has a consensus rating of “Buy” and an average target price of $102.43.
Proofpoint (NASDAQ:PFPT) last announced its quarterly earnings data 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 firm had revenue of $134.30 million for the quarter, compared to analysts’ expectations of $131.48 million. Proofpoint had a negative net margin of 20.19% and a negative return on equity of 158.19%. The business’s revenue for the quarter was up 34.6% on a year-over-year basis. During the same period last year, the firm earned $0.19 earnings per share. equities analysts anticipate that Proofpoint will post -0.88 earnings per share for the current year.
In other Proofpoint news, EVP David Knight sold 3,000 shares of Proofpoint stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $88.99, for a total value of $266,970.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gary Steele sold 40,000 shares of Proofpoint stock in a transaction dated Friday, October 6th. The stock was sold at an average price of $92.35, for a total transaction of $3,694,000.00. The disclosure for this sale can be found here. Insiders sold a total of 168,549 shares of company stock valued at $15,141,422 in the last quarter. Corporate insiders own 5.96% of the company’s stock.
Several large investors have recently modified their holdings of the company. Comerica Bank raised its position in shares of Proofpoint by 0.4% in the 2nd quarter. Comerica Bank now owns 13,207 shares of the software maker’s stock valued at $1,210,000 after buying an additional 51 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Proofpoint by 5.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,902 shares of the software maker’s stock valued at $339,000 after buying an additional 200 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Proofpoint by 3.8% in the 2nd quarter. Principal Financial Group Inc. now owns 5,976 shares of the software maker’s stock valued at $519,000 after buying an additional 216 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of Proofpoint by 1.0% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 22,631 shares of the software maker’s stock valued at $1,965,000 after buying an additional 222 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised its position in shares of Proofpoint by 6.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,771 shares of the software maker’s stock valued at $327,000 after buying an additional 245 shares in 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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