Proofpoint (PFPT) Upgraded by Goldman Sachs Group to “Buy”

Share on StockTwits

Goldman Sachs Group upgraded shares of Proofpoint (NASDAQ:PFPT) from a neutral rating to a buy rating in a report released on Monday, Marketbeat Ratings reports. Goldman Sachs Group currently has $114.00 price objective on the software maker’s stock.

Other analysts have also issued reports about the company. BidaskClub raised Proofpoint from a hold rating to a buy rating in a research note on Thursday, August 9th. Stifel Nicolaus raised their price objective on Proofpoint to $130.00 and gave the company a buy rating in a research note on Friday, July 27th. Monness Crespi & Hardt raised their price objective on Proofpoint from $135.00 to $140.00 and gave the company a buy rating in a research note on Friday, July 27th. Deutsche Bank lowered Proofpoint from a buy rating to a hold rating and reduced their price objective for the company from $125.00 to $95.00 in a research note on Friday. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $140.00 price objective on shares of Proofpoint in a research note on Friday, July 27th. Six investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $125.05.

NASDAQ:PFPT opened at $89.78 on Monday. The stock has a market capitalization of $4.28 billion, a P/E ratio of -68.53 and a beta of 1.25. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.69. Proofpoint has a twelve month low of $75.92 and a twelve month high of $130.27.

Proofpoint (NASDAQ:PFPT) last released its quarterly earnings data on Thursday, October 25th. The software maker reported $0.40 earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.73. The business had revenue of $184.18 million for the quarter, compared to analyst estimates of $181.69 million. Proofpoint had a negative return on equity of 14.27% and a negative net margin of 14.08%. Equities analysts predict that Proofpoint will post -1.18 EPS for the current fiscal year.

In other news, CEO Gary Steele sold 50,000 shares of the firm’s stock in a transaction dated Thursday, October 4th. The stock was sold at an average price of $98.64, for a total transaction of $4,932,000.00. Following the completion of the transaction, the chief executive officer now directly owns 154,960 shares in the company, valued at $15,285,254.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Bhagwat Swaroop sold 1,634 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $117.93, for a total value of $192,697.62. Following the transaction, the executive vice president now owns 2,291 shares of the company’s stock, valued at $270,177.63. The disclosure for this sale can be found here. Insiders have sold 288,560 shares of company stock worth $27,215,422 over the last three months. Insiders own 3.37% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of PFPT. Dimensional Fund Advisors LP raised its position in shares of Proofpoint by 19.6% during the first quarter. Dimensional Fund Advisors LP now owns 68,368 shares of the software maker’s stock worth $7,770,000 after acquiring an additional 11,212 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Proofpoint by 42.5% during the first quarter. Principal Financial Group Inc. now owns 7,404 shares of the software maker’s stock worth $841,000 after acquiring an additional 2,210 shares during the last quarter. Commonwealth Equity Services LLC bought a new position in shares of Proofpoint during the first quarter worth about $216,000. Legal & General Group Plc raised its position in shares of Proofpoint by 843.3% during the first quarter. Legal & General Group Plc now owns 194,464 shares of the software maker’s stock worth $22,101,000 after acquiring an additional 173,849 shares during the last quarter. Finally, Xact Kapitalforvaltning AB raised its position in shares of Proofpoint by 37.3% during the first quarter. Xact Kapitalforvaltning AB now owns 6,630 shares of the software maker’s stock worth $753,000 after acquiring an additional 1,800 shares during the last quarter. Institutional investors own 95.54% of the company’s stock.

Proofpoint Company Profile

Proofpoint, Inc operates as a security-as-a-service (SaaS) provider that enables large and mid-sized organizations to defend, protect, archive, and govern their sensitive data worldwide. It offers protection against advanced and targeted threats, including malicious attachments, polymorphic threats, zero-day exploits, user-transparent ‘drive-by' downloads, malicious Web links, hybrid threats, malware free attacks, and other penetration tactics.

Further Reading: What are the benefits of buying treasury bonds?

Analyst Recommendations for Proofpoint (NASDAQ:PFPT)

Receive News & Ratings for Proofpoint Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Proofpoint and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply