Proofpoint (NASDAQ:PFPT) had its target price increased by equities research analysts at Needham & Company LLC to $138.00 in a research report issued to clients and investors on Tuesday, The Fly reports. The brokerage presently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price target would indicate a potential upside of 13.06% from the stock’s current price. The analysts noted that the move was a valuation call.
Several other analysts have also issued reports on PFPT. Monness Crespi & Hardt upped their target price on shares of Proofpoint from $120.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday. Citigroup upped their target price on shares of Proofpoint from $118.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, April 16th. Cowen reiterated a “buy” rating and issued a $125.00 target price on shares of Proofpoint in a research note on Friday. Goldman Sachs upgraded shares of Proofpoint from a “sell” rating to a “neutral” rating and set a $112.00 target price for the company in a research note on Tuesday, April 10th. Finally, TheStreet upgraded shares of Proofpoint from a “d” rating to a “c-” rating in a research note on Wednesday, February 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $120.36.
PFPT opened at $122.06 on Tuesday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.06 and a current ratio of 1.07. Proofpoint has a 1-year low of $74.42 and a 1-year high of $127.35. The firm has a market cap of $6,204.57, a price-to-earnings ratio of -93.18 and a beta of 1.18.
In related news, EVP Bhagwat Swaroop sold 1,000 shares of the stock in a transaction dated Wednesday, April 18th. The shares were sold at an average price of $125.61, for a total transaction of $125,610.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gary Steele sold 40,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $102.40, for a total transaction of $4,096,000.00. Following the transaction, the chief executive officer now owns 94,203 shares of the company’s stock, valued at approximately $9,646,387.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 86,303 shares of company stock valued at $9,007,666. 3.37% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of PFPT. Carillon Tower Advisers Inc. bought a new position in Proofpoint during the fourth quarter valued at about $56,177,000. TIAA CREF Investment Management LLC boosted its position in Proofpoint by 25.2% during the fourth quarter. TIAA CREF Investment Management LLC now owns 1,348,936 shares of the software maker’s stock worth $119,799,000 after purchasing an additional 271,581 shares during the period. Renaissance Technologies LLC boosted its position in Proofpoint by 66.5% during the fourth quarter. Renaissance Technologies LLC now owns 291,700 shares of the software maker’s stock worth $25,906,000 after purchasing an additional 116,500 shares during the period. Castleark Management LLC bought a new position in Proofpoint during the fourth quarter worth about $7,439,000. Finally, Alliancebernstein L.P. boosted its position in Proofpoint by 13.4% during the fourth quarter. Alliancebernstein L.P. now owns 672,156 shares of the software maker’s stock worth $59,694,000 after purchasing an additional 79,595 shares during the period.
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.
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