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PFPT

Proofpoint

$131.35

3.56 (2.79%)

07:36
04/26/19
04/26
07:36
04/26/19
07:36

Proofpoint price target raised to $154 from $136 at KeyBanc

KeyBanc analyst Rob Owens raised his price target for Proofpoint to $154 from $136 following the company's Q1 results, saying he is "encouraged" on many fronts as the company did increase its annual billings outlook, held the forward revenue outlook, increased its free cash flow outlook for the year, and further, is seeing early traction with its new solutions bundles. Owens contends that Proofpoint is setting the standard for security SaaS in terms of continued consistent growth and profitability, and that shares still have upside from current levels, and backed an Overweight rating on the shares.

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PFPT Proofpoint
$131.35

3.56 (2.79%)

03/26/19
MZHO
03/26/19
INITIATION
MZHO
Mizuho initiates security software with top picks Palo Alto, CyberArk, Rapid7
Mizuho analyst Gregg Moskowitz initiated coverage of nine Security Software companies. In his industry update note, titled "Welcome to the New Age of Software - Part II," he noted that "macro concerns remain very prevalent and 4Q tech fundamentals were uneven," but added that he expects "security companies will navigate these issues well, due in part to the fact that cybersecurity consistently ranks at or near the top of IT spending priorities by CIOs." The analyst concluded that "while hardly immune, we would expect security spend to be relatively resilient." Moskowitz noted that global security revenue is currently well in excess of $40B, and growing at a roughly high-single digit CAGR. However, Moskowitz also noted that the security market is very fragmented and contains many sub-segments. He sees four security themes that he believes will become increasingly important, and should help to underpin healthy growth in the sector in the coming years -- Zero Trust, Identity Management, Next-gen Endpoint, and Machine Learning/Automation. The analyst expects to see "generally similar levels of security M&A activity in 2019," although he noted that one variable that could cause this to skew higher would be a large security vendor takeout, which is a historical rarity. Moskowitz initiated three stocks with Buy ratings -- Palo Alto Networks (PANW), CyberArk Software (CYBR), and Rapid7 (RPD) -- and six stocks with Neutral ratings -- Check Point Software (CHKP), FireEye (FEYE), Fortinet (FTNT), Okta (OKTA), Proofpoint (PFPT), and Symantec (SYMC).
04/08/19
PIPR
04/08/19
NO CHANGE
Target $136
PIPR
Overweight
Proofpoint price target raised to $136 from $120 at Piper Jaffray
Piper Jaffray analyst Andrew Nowinski raised his price target for Proofpoint to $136 from $120 after his Q1 security reseller survey showed strong demand trends for the company. 26% of Proofpoint resellers reported "above plan" results and no resellers were "below plan," Nowinski tells investors in a research note. He keeps an Overweight rating on the shares.
04/12/19
BOFA
04/12/19
INITIATION
Target $155
BOFA
Buy
Proofpoint initiated with a Buy at BofA/Merrill
BofA/Merrill analyst Daniel Bartus initiated Proofpoint with a Buy and $155 price target citing attractive valuation and a SaaS secuirty leader. Bartus said is positive on ProofPoin's leadership position in a high-growth market, a $12B+ TAM expansion opportunity with high growth emerging products, and a high, stable recurring revenue model.
04/26/19
PIPR
04/26/19
NO CHANGE
Target $140
PIPR
Overweight
Proofpoint price target raised to $140 after 'solid' Q1 at Piper Jaffray
Piper Jaffray analyst Andrew Nowinski raised his price target for Proofpoint to $140 from $136 saying the company reported "solid" Q1 results, beating the high-end of revenue and billings guidance. . However, the stock traded down 6%, likely due to a reduction in the fiscal 2019 earnings guidance due to a new tax law and Q2 billings guidance that was modestly below consensus, Nowinski tells investors in a post-earnings research note. The analyst, however, believes the prior consensus billings estimate for Q2 was "mis-modeled by many on the sell-side and was higher than management's original guidance." As such, he does not view the new Q2 guidance as a guide down and says it "was actually a raise." He reiterates an Overweight rating on Proofpoint.

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