Fred Alger Management Inc. Buys 42,624 Shares of Proofpoint, Inc. (PFPT)
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.
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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, 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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