Sophos Group PLC (LON:SOPH) dropped 23.4% during trading on Wednesday after Deutsche Bank lowered their price target on the stock from GBX 530 to GBX 370. Deutsche Bank currently has a hold rating on the stock. Sophos Group traded as low as GBX 281 ($3.67) and last traded at GBX 349.80 ($4.57). Approximately 2,095,224 shares traded hands during mid-day trading, a decline of 3% from the average daily volume of 2,150,000 shares. The stock had previously closed at GBX 456.60 ($5.97).
A number of other equities research analysts also recently issued reports on SOPH. Numis Securities upgraded Sophos Group to an “add” rating in a research report on Monday, July 30th. Credit Suisse Group decreased their price objective on Sophos Group from GBX 750 ($9.80) to GBX 713 ($9.32) and set an “outperform” rating on the stock in a research report on Thursday, August 23rd. UBS Group restated a “buy” rating on shares of Sophos Group in a research report on Friday, September 14th. JPMorgan Chase & Co. decreased their price objective on Sophos Group from GBX 690 ($9.02) to GBX 600 ($7.84) and set an “overweight” rating on the stock in a research report on Thursday, October 11th. Finally, Panmure Gordon started coverage on Sophos Group in a research report on Friday, October 12th. They set a “hold” rating and a GBX 425 ($5.55) price objective on the stock. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of GBX 553.67 ($7.23).
In other news, insider Nick Bray sold 1,910 shares of the company’s stock in a transaction that occurred on Monday, September 3rd. The stock was sold at an average price of GBX 526 ($6.87), for a total transaction of £10,046.60 ($13,127.66).
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About Sophos Group (LON:SOPH)
Sophos Group plc, through its subsidiaries, provides cloud-enabled end-user and network security solutions. The company offers XG Firewall, a next-generation firewall protection for network, users, and applications from new control center; SG UTM, a user interface to protect network and users; Secure Wi-Fi, a wireless access point; Secure Web Gateway for Web security; Secure Email Gateway solutions; and Phish Threat, an email phishing test simulation and training product.
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