Zacks Investment Research downgraded shares of Proofpoint, Inc. (NASDAQ:PFPT) from a hold rating to a sell rating in a report published on Thursday morning.
According to Zacks, “Proofpoint, Inc. is a leading security-as-a-service provider that focuses on cloud-based solutions for threat protection, compliance, archiving & governance, and secure communications. Organizations around the world depend on Proofpoint’s expertise, patented technologies, and on-demand delivery system to protect against phishing, malware and spam, safeguard privacy, encrypt sensitive information, and archive and govern messages and critical enterprise information. “
Several other equities research analysts have also recently weighed in on PFPT. DA Davidson reiterated a neutral rating and set a $165.00 price objective (down from $186.00) on shares of Proofpoint in a research report on Wednesday, December 21st. Needham & Company LLC reiterated a buy rating and set a $88.00 price objective on shares of Proofpoint in a research report on Wednesday, December 21st. BTIG Research reissued a buy rating and set a $32.00 target price on shares of Proofpoint in a research note on Friday, October 21st. Robert W. Baird assumed coverage on shares of Proofpoint in a research note on Monday, November 14th. They set an outperform rating and a $92.00 target price on the stock. Finally, Nomura increased their target price on shares of Proofpoint from $84.00 to $90.00 and gave the stock a buy rating in a research note on Friday, October 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $82.48.
Shares of Proofpoint (NASDAQ:PFPT) opened at 79.57 on Thursday. The firm has a 50-day moving average of $74.10 and a 200 day moving average of $74.89. Proofpoint has a 52 week low of $35.56 and a 52 week high of $88.00. The firm’s market capitalization is $3.38 billion.
Proofpoint (NASDAQ:PFPT) last posted its quarterly earnings data on Thursday, October 20th. The company reported $0.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.14. Proofpoint had a negative net margin of 34.83% and a negative return on equity of 119.85%. The company earned $99.80 million during the quarter, compared to analysts’ expectations of $94.27 million. During the same period in the prior year, the company posted ($0.06) earnings per share. Proofpoint’s revenue for the quarter was up 44.4% compared to the same quarter last year. On average, equities analysts predict that Proofpoint will post $0.31 earnings per share for the current fiscal year.
In related news, Chairman Eric Hahn sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 21st. The shares were sold at an average price of $70.46, for a total transaction of $352,300.00. Following the completion of the transaction, the chairman now owns 121,215 shares of the company’s stock, valued at $8,540,808.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Gary Steele sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 23rd. The shares were sold at an average price of $84.07, for a total transaction of $1,681,400.00. Following the transaction, the chief executive officer now directly owns 34,629 shares of the company’s stock, valued at approximately $2,911,260.03. The disclosure for this sale can be found here. Corporate insiders own 6.80% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. BlackRock Japan Co. Ltd boosted its position in shares of Proofpoint by 360.2% in the third quarter. BlackRock Japan Co. Ltd now owns 1,919 shares of the company’s stock valued at $144,000 after buying an additional 1,502 shares in the last quarter. US Bancorp DE boosted its position in shares of Proofpoint by 5.9% in the second quarter. US Bancorp DE now owns 2,067 shares of the company’s stock valued at $130,000 after buying an additional 115 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Proofpoint by 199.9% in the second quarter. BNP Paribas Arbitrage SA now owns 2,417 shares of the company’s stock valued at $152,000 after buying an additional 1,611 shares in the last quarter. BOKF NA purchased a new position in shares of Proofpoint during the second quarter valued at approximately $193,000. Finally, Mizuho Asset Management Co. Ltd. purchased a new position in shares of Proofpoint during the second quarter valued at approximately $197,000.
Proofpoint Company Profile
Proofpoint, Inc is a security-as-a-service provider that enables large and mid-sized organizations around the world. The Company’s security-as-a-service platform consists of a suite of on-demand data protection solutions, including threat protection, incident response, regulatory compliance, archiving, governance, eDiscovery and secure communication.
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