Proofpoint (NASDAQ:PFPT) had its price objective raised by Morgan Stanley from $124.00 to $135.00 in a research note published on Thursday. Morgan Stanley currently has an overweight rating on the software maker’s stock.
Other research analysts have also issued research reports about the stock. Dougherty & Co raised their price objective on shares of Proofpoint from $108.00 to $118.00 and gave the company a buy rating in a report on Wednesday, February 7th. Stifel Nicolaus raised their price objective on shares of Proofpoint from $100.00 to $115.00 and gave the company a buy rating in a report on Wednesday, February 7th. TheStreet upgraded shares of Proofpoint from a d rating to a c- rating in a report on Wednesday, February 7th. Monness Crespi & Hardt restated a buy rating and set a $120.00 price target (up previously from $115.00) on shares of Proofpoint in a report on Friday, March 2nd. Finally, Wedbush restated an outperform rating and set a $106.00 price target (down previously from $108.00) on shares of Proofpoint in a report on Tuesday, December 5th. Six investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and an average target price of $113.04.
Proofpoint stock opened at $115.75 on Thursday. Proofpoint has a fifty-two week low of $70.30 and a fifty-two week high of $123.87. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.07 and a quick ratio of 1.06.
In other news, CEO Gary Steele sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $92.06, for a total transaction of $3,682,400.00. Following the completion of the sale, the chief executive officer now owns 88,551 shares of the company’s stock, valued at approximately $8,152,005.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Bhagwat Swaroop sold 900 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $98.86, for a total transaction of $88,974.00. Following the sale, the executive vice president now directly owns 4,077 shares of the company’s stock, valued at approximately $403,052.22. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 136,120 shares of company stock valued at $13,359,684. Insiders own 5.96% of the company’s stock.
Several hedge funds have recently made changes to their positions in PFPT. Carillon Tower Advisers Inc. acquired a new stake in shares of Proofpoint during the 4th quarter worth approximately $56,177,000. JPMorgan Chase & Co. grew its position 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 buying an additional 498,462 shares during the period. TIAA CREF Investment Management LLC grew its position in shares of Proofpoint by 25.2% during the 4th quarter. TIAA CREF Investment Management LLC now owns 1,348,936 shares of the software maker’s stock worth $119,799,000 after buying an additional 271,581 shares during the period. Artisan Partners Limited Partnership grew its position in shares of Proofpoint by 8.1% during the 3rd quarter. Artisan Partners Limited Partnership now owns 3,012,092 shares of the software maker’s stock worth $262,715,000 after buying an additional 225,970 shares during the period. Finally, Elk Creek Partners LLC acquired a new stake in Proofpoint in the 3rd quarter valued at $10,787,000.
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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