Proofpoint (NASDAQ:PFPT) Downgraded by BidaskClub to “Strong Sell”

BidaskClub downgraded shares of Proofpoint (NASDAQ:PFPT) from a sell rating to a strong sell rating in a report issued on Tuesday, BidAskClub reports.

Other research analysts have also recently issued reports about the stock. Royal Bank of Canada reiterated a buy rating on shares of Proofpoint in a report on Thursday, July 23rd. Piper Sandler increased their target price on shares of Proofpoint from $140.00 to $150.00 and gave the stock an overweight rating in a report on Friday, July 31st. Oppenheimer reiterated a hold rating on shares of Proofpoint in a report on Friday, July 31st. BTIG Research reiterated a buy rating and set a $151.00 target price on shares of Proofpoint in a report on Friday, June 19th. Finally, Morgan Stanley upgraded shares of Proofpoint from an equal weight rating to an overweight rating and increased their target price for the stock from $131.00 to $134.00 in a report on Wednesday, August 19th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Proofpoint presently has a consensus rating of Buy and an average price target of $142.61.

PFPT stock opened at $102.03 on Tuesday. The company has a market capitalization of $5.88 billion, a PE ratio of -34.12 and a beta of 1.25. Proofpoint has a 12 month low of $83.81 and a 12 month high of $133.58. The firm’s 50-day moving average is $110.27 and its 200 day moving average is $111.86. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.65 and a quick ratio of 1.65.

Proofpoint (NASDAQ:PFPT) last posted its quarterly earnings results on Thursday, July 30th. The software maker reported $0.51 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.27) by $0.78. Proofpoint had a negative net margin of 17.35% and a negative return on equity of 7.11%. The company had revenue of $258.44 million for the quarter, compared to the consensus estimate of $252.95 million. Sell-side analysts forecast that Proofpoint will post -0.65 EPS for the current fiscal year.

In other news, CFO Paul R. Auvil III sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $125.02, for a total value of $3,125,500.00. Following the completion of the transaction, the chief financial officer now directly owns 103,149 shares in the company, valued at $12,895,687.98. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Bhagwat Swaroop sold 5,345 shares of the company’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $120.00, for a total value of $641,400.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 63,847 shares of company stock worth $7,602,366. 2.38% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. CFM Wealth Partners LLC raised its holdings in shares of Proofpoint by 0.3% during the first quarter. CFM Wealth Partners LLC now owns 28,047 shares of the software maker’s stock worth $2,877,000 after purchasing an additional 86 shares during the last quarter. CSat Investment Advisory L.P. grew its position in Proofpoint by 51.0% during the 2nd quarter. CSat Investment Advisory L.P. now owns 305 shares of the software maker’s stock worth $34,000 after purchasing an additional 103 shares during the period. Global Retirement Partners LLC grew its position in Proofpoint by 35.6% during the 2nd quarter. Global Retirement Partners LLC now owns 411 shares of the software maker’s stock worth $46,000 after purchasing an additional 108 shares during the period. Trillium Asset Management LLC raised its stake in shares of Proofpoint by 0.6% during the 2nd quarter. Trillium Asset Management LLC now owns 18,625 shares of the software maker’s stock valued at $2,070,000 after buying an additional 113 shares during the last quarter. Finally, Comerica Bank lifted its holdings in shares of Proofpoint by 5.6% in the 1st quarter. Comerica Bank now owns 2,287 shares of the software maker’s stock valued at $277,000 after buying an additional 121 shares during the period. 93.32% of the stock is currently owned by institutional investors and hedge funds.

About Proofpoint

Proofpoint, Inc operates as a security-as-a-service 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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Analyst Recommendations for Proofpoint (NASDAQ:PFPT)

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