Proofpoint Inc (PFPT) Upgraded at DA Davidson

DA Davidson upgraded shares of Proofpoint Inc (NASDAQ:PFPT) from a neutral rating to a buy rating in a research note issued to investors on Wednesday morning. They currently have $90.00 target price on the software maker’s stock, up from their previous target price of $83.00.

PFPT has been the subject of several other research reports. Wunderlich reiterated a buy rating and set a $93.00 price target (up previously from $90.00) on shares of Proofpoint in a research note on Sunday, January 29th. Goldman Sachs Group Inc downgraded Proofpoint from a neutral rating to a sell rating and set a $69.00 price target for the company. in a research note on Thursday, March 23rd. BTIG Research reiterated a buy rating on shares of Proofpoint in a research note on Tuesday, January 24th. Zacks Investment Research upgraded Proofpoint from a sell rating to a hold rating in a research note on Friday, January 27th. Finally, Wedbush increased their price target on Proofpoint from $87.00 to $90.00 and gave the stock an outperform rating in a research note on Friday, January 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $84.55.

Proofpoint (NASDAQ:PFPT) opened at 77.77 on Wednesday. The firm’s market cap is $3.39 billion. The firm’s 50-day moving average price is $76.58 and its 200 day moving average price is $77.12. Proofpoint has a 52 week low of $52.05 and a 52 week high of $88.00.

Proofpoint (NASDAQ:PFPT) last announced its quarterly earnings data on Thursday, April 20th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.03. The firm earned $113.30 million during the quarter, compared to the consensus estimate of $110.60 million. Proofpoint had a negative return on equity of 110.22% and a negative net margin of 29.62%. The business’s revenue for the quarter was up 43.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.09) EPS. Equities analysts forecast that Proofpoint will post $0.52 earnings per share for the current fiscal year.

TRADEMARK VIOLATION WARNING: This piece of content was originally reported by BBNS and is the property of of BBNS. If you are reading this piece of content on another website, it was copied illegally and republished in violation of United States and international copyright & trademark law. The original version of this piece of content can be read at https://baseballnewssource.com/2017/05/24/proofpoint-inc-pfpt-upgraded-at-da-davidson-updated/651695.html.

In other news, EVP Tracey Newell sold 3,645 shares of Proofpoint stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $81.19, for a total value of $295,937.55. Following the sale, the executive vice president now directly owns 37,513 shares in the company, valued at approximately $3,045,680.47. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Gary Steele sold 40,000 shares of Proofpoint stock in a transaction that occurred on Monday, March 20th. The stock was sold at an average price of $80.63, for a total value of $3,225,200.00. Following the completion of the sale, the chief executive officer now owns 73,432 shares in the company, valued at $5,920,822.16. The disclosure for this sale can be found here. Insiders sold a total of 139,011 shares of company stock worth $10,819,257 over the last ninety days. Insiders own 6.80% of the company’s stock.

Several large investors have recently modified their holdings of the company. BlackRock Institutional Trust Company N.A. raised its stake 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 worth $86,359,000 after buying an additional 133,224 shares in the last quarter. BlackRock Fund Advisors raised its stake in shares of Proofpoint by 5.0% in the third quarter. BlackRock Fund Advisors now owns 1,144,021 shares of the software maker’s stock worth $85,630,000 after buying an additional 54,878 shares in the last quarter. Macquarie Group Ltd. raised its stake 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 worth $60,208,000 after buying an additional 123,655 shares in the last quarter. State Street Corp raised its stake in shares of Proofpoint by 0.4% in the fourth quarter. State Street Corp now owns 765,926 shares of the software maker’s stock worth $54,114,000 after buying an additional 3,380 shares in the last quarter. Finally, 1832 Asset Management L.P. acquired a new stake in shares of Proofpoint during the third quarter worth $54,501,000.

About Proofpoint

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.