Fred Alger Management Inc. lifted its stake in Proofpoint, Inc. (NASDAQ:PFPT) by 12.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 396,556 shares of the software maker’s stock after buying an additional 42,624 shares during the quarter. Fred Alger Management Inc. owned approximately 0.89% of Proofpoint worth $34,433,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PFPT. D.A. Davidson & CO. grew its holdings in Proofpoint by 57.9% during the second quarter. D.A. Davidson & CO. now owns 1,175 shares of the software maker’s stock worth $102,000 after acquiring an additional 431 shares during the period. Fortaleza Asset Management Inc. raised its position in Proofpoint by 22.4% during the second quarter. Fortaleza Asset Management Inc. now owns 1,696 shares of the software maker’s stock valued at $147,000 after acquiring an additional 310 shares in the last quarter. Creative Planning raised its position in Proofpoint by 7.4% during the second quarter. Creative Planning now owns 2,232 shares of the software maker’s stock valued at $194,000 after acquiring an additional 154 shares in the last quarter. Legato Capital Management LLC purchased a new position in Proofpoint during the second quarter valued at approximately $204,000. Finally, Envestnet Asset Management Inc. raised its position in Proofpoint by 18.2% during the first quarter. Envestnet Asset Management Inc. now owns 2,897 shares of the software maker’s stock valued at $215,000 after acquiring an additional 446 shares in the last quarter.

Shares of Proofpoint, Inc. (PFPT) traded down 0.44% during midday trading on Wednesday, hitting $89.22. 49,304 shares of the stock were exchanged. Proofpoint, Inc. has a 12-month low of $68.04 and a 12-month high of $97.00. The firm’s market cap is $3.96 billion. The firm has a 50-day moving average price of $89.90 and a 200 day moving average price of $84.92.

Proofpoint (NASDAQ:PFPT) last issued its quarterly earnings data on Thursday, July 27th. The software maker reported $0.17 EPS for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.05. Proofpoint had a negative net margin of 20.96% and a negative return on equity of 140.24%. The firm had revenue of $122.30 million for the quarter, compared to analysts’ expectations of $119.58 million. During the same period in the prior year, the company earned $0.06 EPS. The firm’s revenue was up 36.0% on a year-over-year basis. Analysts predict that Proofpoint, Inc. will post $0.65 earnings per share for the current fiscal year.

Several research firms have commented on PFPT. FBN Securities restated an “outperform” rating and issued a $105.00 price objective (up previously from $100.00) on shares of Proofpoint in a research report on Saturday, September 9th. Cowen and Company assumed coverage on shares of Proofpoint in a report on Thursday, August 17th. They set an “outperform” rating and a $105.00 target price for the company. Wedbush reiterated an “outperform” rating and issued a $93.00 target price (down from $98.00) on shares of Proofpoint in a research note on Friday, July 14th. Needham & Company LLC reiterated a “buy” rating and issued a $115.00 target price on shares of Proofpoint in a research note on Monday, September 11th. Finally, Deutsche Bank AG boosted their target price on shares of Proofpoint from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, September 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-two have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $99.08.

ILLEGAL ACTIVITY NOTICE: This report was first posted by Marea Informative and is the property of of Marea Informative. If you are accessing this report on another publication, it was stolen and reposted in violation of U.S. & international copyright laws. The correct version of this report can be read at http://www.mareainformativa.com/fred-alger-management-inc-buys-42624-shares-of-proofpoint-inc-pfpt/115202/.

In other news, EVP Tracey Newell sold 8,183 shares of the business’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $90.30, for a total value of $738,924.90. Following the completion of the transaction, the executive vice president now directly owns 20,170 shares of the company’s stock, valued at $1,821,351. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP David Knight sold 3,000 shares of the business’s stock in a transaction on Tuesday, July 11th. The stock was sold at an average price of $84.54, for a total value of $253,620.00. Following the completion of the transaction, the executive vice president now directly owns 16,874 shares of the company’s stock, valued at $1,426,527.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 173,549 shares of company stock valued at $15,363,769. 6.80% of the stock is currently owned by company insiders.

Proofpoint 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.

Institutional Ownership by Quarter for Proofpoint (NASDAQ:PFPT)

Receive News & Stock Ratings for Proofpoint Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Proofpoint Inc. and related stocks with our FREE daily email newsletter.