Proofpoint Inc. (PFPT) Sees Large Volume Increase
Shares of Proofpoint Inc. (NASDAQ:PFPT) saw unusually-strong trading volume on Monday . Approximately 1,064,862 shares traded hands during trading, an increase of 32% from the previous session’s volume of 808,981 shares.The stock last traded at $69.02 and had previously closed at $68.03.
A number of equities research analysts have issued reports on PFPT shares. Goldman Sachs Group Inc. started coverage on Proofpoint in a research note on Monday, March 21st. They set a “neutral” rating and a $58.00 price target for the company. Zacks Investment Research downgraded Proofpoint from a “hold” rating to a “sell” rating in a research note on Tuesday, March 29th. Wedbush restated an “outperform” rating and set a $77.00 price target on shares of Proofpoint in a research note on Tuesday, April 12th. BTIG Research restated a “buy” rating and set a $82.00 price target on shares of Proofpoint in a research note on Sunday, April 24th. Finally, Piper Jaffray Cos. restated a “buy” rating on shares of Proofpoint in a research note on Saturday, April 23rd. Two equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $73.24.
The firm’s 50 day moving average is $61.74 and its 200-day moving average is $55.03. The company’s market cap is $2.87 billion.
Proofpoint (NASDAQ:PFPT) last issued its quarterly earnings data on Thursday, April 21st. The company reported ($0.09) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.05. During the same period in the previous year, the firm posted ($0.09) earnings per share. The firm earned $79 million during the quarter, compared to analyst estimates of $76.31 million. The company’s quarterly revenue was up 36.8% compared to the same quarter last year. Equities research analysts forecast that Proofpoint Inc. will post ($0.13) earnings per share for the current fiscal year.
In related news, CEO Gary Steele sold 20,000 shares of the business’s stock in a transaction on Tuesday, June 21st. The stock was sold at an average price of $63.85, for a total transaction of $1,277,000.00. Following the completion of the transaction, the chief executive officer now directly owns 31,163 shares of the company’s stock, valued at approximately $1,989,757.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Eric Hahn sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 24th. The stock was sold at an average price of $54.46, for a total value of $272,300.00. Following the transaction, the chairman now directly owns 118,164 shares of the company’s stock, valued at $6,435,211.44. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have added to or reduced their stakes in the company. Engineers Gate Manager LP acquired a new position in Proofpoint during the fourth quarter valued at about $4,522,000. Russell Frank Co boosted its position in Proofpoint by 1.6% in the fourth quarter. Russell Frank Co now owns 234,830 shares of the company’s stock valued at $15,527,000 after buying an additional 3,607 shares in the last quarter. Zweig DiMenna Associates LLC acquired a new position in Proofpoint during the fourth quarter valued at about $21,434,000. Turner Investments L.P. boosted its position in Proofpoint by 25.6% in the fourth quarter. Turner Investments L.P. now owns 93,950 shares of the company’s stock valued at $6,108,000 after buying an additional 19,160 shares in the last quarter. Finally, EAM Investors LLC boosted its position in Proofpoint by 2.6% in the fourth quarter. EAM Investors LLC now owns 56,323 shares of the company’s stock valued at $3,662,000 after buying an additional 1,404 shares in the last quarter.
Proofpoint, Inc is a security-as-a-service provider that enables large and mid-sized organizations around the world. The Company’s security-as-a-service platform consists of a suite of on-demand data protection solutions, including threat protection, incident response, regulatory compliance, archiving, governance, eDiscovery and secure communication.
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