Bank of America Initiates Coverage on Proofpoint (PFPT)

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Bank of America assumed coverage on shares of Proofpoint (NASDAQ:PFPT) in a research note issued to investors on Friday morning, Benzinga’s Daily Ratings Newsletter reports. The firm issued a buy rating and a $155.00 price objective on the software maker’s stock.

Other equities research analysts have also issued research reports about the company. Piper Jaffray Companies raised their price objective on Proofpoint from $120.00 to $136.00 and gave the company an overweight rating in a research note on Monday, April 8th. BidaskClub upgraded Proofpoint from a buy rating to a strong-buy rating in a research note on Wednesday, April 10th. KeyCorp raised their price objective on Proofpoint from $120.00 to $136.00 and gave the company an overweight rating in a research note on Monday, February 25th. Zacks Investment Research upgraded Proofpoint from a hold rating to a buy rating and set a $130.00 price objective for the company in a research note on Monday, February 11th. Finally, Needham & Company LLC restated a buy rating and set a $135.00 price objective (up previously from $130.00) on shares of Proofpoint in a research note on Tuesday, March 12th. Three investment analysts have rated the stock with a hold rating, twenty-one have given 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 target price of $126.68.

PFPT stock opened at $122.90 on Friday. Proofpoint has a 1 year low of $75.92 and a 1 year high of $130.27. The stock has a market capitalization of $6.78 billion, a PE ratio of -106.87 and a beta of 1.83.

Proofpoint (NASDAQ:PFPT) last issued its quarterly earnings data on Thursday, January 31st. The software maker reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.15. Proofpoint had a negative return on equity of 12.20% and a negative net margin of 14.47%. The firm had revenue of $198.48 million during the quarter, compared to analyst estimates of $192.92 million. Analysts expect that Proofpoint will post -1.18 EPS for the current year.

In other Proofpoint news, EVP David Knight sold 1,500 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $122.16, for a total transaction of $183,240.00. Following the transaction, the executive vice president now owns 18,089 shares of the company’s stock, valued at approximately $2,209,752.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Gary Steele sold 20,000 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $122.16, for a total value of $2,443,200.00. Following the transaction, the chief executive officer now directly owns 162,209 shares in the company, valued at approximately $19,815,451.44. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 102,958 shares of company stock worth $12,333,570. 3.37% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the business. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Proofpoint in the 4th quarter worth approximately $75,000. Mondrian Capital Management LLC bought a new stake in shares of Proofpoint in the 4th quarter worth approximately $84,000. AdvisorNet Financial Inc lifted its holdings in shares of Proofpoint by 88.7% in the 4th quarter. AdvisorNet Financial Inc now owns 1,170 shares of the software maker’s stock worth $98,000 after purchasing an additional 550 shares during the last quarter. Commerzbank Aktiengesellschaft FI bought a new stake in shares of Proofpoint in the 4th quarter worth approximately $210,000. Finally, Brandywine Managers LLC lifted its holdings in shares of Proofpoint by 8.3% in the 4th quarter. Brandywine Managers LLC now owns 2,600 shares of the software maker’s stock worth $218,000 after purchasing an additional 200 shares during the last quarter. 95.85% of the stock is currently owned by institutional investors.

Proofpoint Company Profile

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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