In a report released yesterday, SMBC Nikko from SMBC Nikko initiated coverage with a Buy rating on Proofpoint (PFPT) and a price target of $122.00. The company’s shares closed last Tuesday at $100.53.
Proofpoint has an analyst consensus of Strong Buy, with a price target consensus of $132.36, which is a 30.9% upside from current levels. In a report issued on November 2, FBN Securities also maintained a Buy rating on the stock with a $125.00 price target.
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Based on Proofpoint’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $267 million and GAAP net loss of $31.88 million. In comparison, last year the company earned revenue of $227 million and had a GAAP net loss of $44.34 million.
Based on the recent corporate insider activity of 64 insiders, corporate insider sentiment is neutral on the stock. Last month, Kevin Harvey, a Director at PFPT bought 12,500 shares for a total of $61,000.
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Proofpoint, Inc. is a cybersecurity company. It engages in the provision of cloud-based solutions. The firm’s security and compliance platform comprises of an integrated suite of threat protection, information protection, and brand protection solutions. Its solutions also includes email protection, advanced threat protection, email authentication, data loss prevention, SaaS application protection, response orchestration and automation, digital risk, web browser isolation, email encryption, archiving, eDiscovery, supervision, secure communication, phishing simulation and security awareness computer-based training. The company was founded by Eric Hahn in May 2002 and is headquartered in Sunnyvale, CA.
