Proofpoint, Inc. (PFPT) Stock Rating Reaffirmed by Evercore ISI
Proofpoint, Inc. (NASDAQ:PFPT)‘s stock had its “buy” rating restated by research analysts at Evercore ISI in a research report issued on Wednesday. They currently have a $105.00 target price on the software maker’s stock. Evercore ISI’s price objective suggests a potential upside of 14.82% from the company’s current price.
The analysts wrote, “We believe that Cloudmark’s threat intelligence platform correlates threat data for 12% of the world’s internet users and view this as a logical extension of Proofpoint’s business to the service provider space. Similar to Return Path (which Proofpoint acquired last year), Cloudmark is built on DMARC authentication, which leads us to believe that the technical integration should be reasonably smooth. The acquisition is expected to contribute ~$20-25M in both revenue and billings to F18, which implies a 4.4-5.5x sales multiple. Though this is the largest acquisition Proofpoint has done, we believe this demonstrates that the company remains committed to prudent M&A. We continue to view Proofpoint’s M&A efforts as one of the company’s core competencies. We have updated our 2018 forecast to reflect the Transaction details: Proofpoint has acquired Cloudmark for $110M in .””
Several other equities analysts have also issued reports on the company. Northland Securities set a $100.00 price objective on Proofpoint and gave the stock a “buy” rating in a report on Thursday, August 3rd. Piper Jaffray Companies set a $100.00 price objective on Proofpoint and gave the stock a “buy” rating in a report on Thursday, July 27th. Stifel Nicolaus reaffirmed a “buy” rating and set a $90.00 price objective on shares of Proofpoint in a report on Tuesday, July 25th. Dougherty & Co raised their price objective on Proofpoint from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, July 28th. Finally, Zacks Investment Research raised Proofpoint from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $101.70.
Proofpoint (PFPT) opened at $91.45 on Wednesday. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 11.57. Proofpoint has a twelve month low of $69.19 and a twelve month high of $97.92.
Proofpoint (NASDAQ:PFPT) last posted its earnings results on Thursday, October 19th. The software maker reported $0.25 EPS for the quarter, beating the consensus estimate of $0.18 by $0.07. The firm had revenue of $134.30 million for the quarter, compared to analyst estimates of $131.48 million. Proofpoint had a negative return on equity of 158.19% and a negative net margin of 20.19%. Proofpoint’s revenue for the quarter was up 34.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.19 earnings per share. sell-side analysts anticipate that Proofpoint will post -0.88 EPS for the current year.
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In other news, EVP Tracey Newell sold 8,183 shares of Proofpoint stock in a transaction that occurred on Tuesday, October 17th. The shares were sold at an average price of $94.82, for a total transaction of $775,912.06. Following the completion of the sale, the executive vice president now directly owns 25,001 shares in the company, valued at approximately $2,370,594.82. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP David Knight sold 3,000 shares of Proofpoint stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $91.19, for a total transaction of $273,570.00. Following the sale, the executive vice president now owns 16,874 shares of the company’s stock, valued at $1,538,740.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 168,549 shares of company stock valued at $15,277,790. 5.96% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the company. TIAA CREF Investment Management LLC increased its stake in shares of Proofpoint by 249.7% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 823,521 shares of the software maker’s stock worth $71,506,000 after purchasing an additional 588,015 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Proofpoint by 133.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 870,784 shares of the software maker’s stock worth $76,551,000 after purchasing an additional 498,462 shares in the last quarter. ETF Managers Group LLC purchased a new position in shares of Proofpoint during the 2nd quarter worth approximately $43,157,000. Artisan Partners Limited Partnership increased its stake in shares of Proofpoint by 20.4% during the 2nd quarter. Artisan Partners Limited Partnership now owns 2,786,122 shares of the software maker’s stock worth $241,919,000 after purchasing an additional 472,407 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Proofpoint by 9.7% during the 2nd quarter. BlackRock Inc. now owns 3,503,427 shares of the software maker’s stock worth $304,204,000 after purchasing an additional 309,998 shares in the last quarter.
Proofpoint Company Profile
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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