Could Proofpoint, Inc. (PFPT) Recover After Forming a Bullish Multiple Top?

August 10, 2018 - By Robert Shackelford

Proofpoint, Inc. (NASDAQ:PFPT) Logo

Investors sentiment decreased to 0.84 in 2018 Q1. Its down 0.49, from 1.33 in 2017Q4. It worsened, as 31 investors sold Proofpoint, Inc. shares while 100 reduced holdings. 45 funds opened positions while 65 raised stakes. 49.43 million shares or 0.21% less from 49.53 million shares in 2017Q4 were reported.
420,613 were reported by Victory Cap. Angelo Gordon Commerce Lp holds 0.31% or 51,500 shares. Goldman Sachs Grp Inc Incorporated reported 0.03% of its portfolio in Proofpoint, Inc. (NASDAQ:PFPT). Parametric Assoc Llc reported 0.01% in Proofpoint, Inc. (NASDAQ:PFPT). Millennium Mngmt Ltd Llc reported 140,693 shares stake. Fuller And Thaler Asset Mngmt holds 0.15% of its portfolio in Proofpoint, Inc. (NASDAQ:PFPT) for 112,320 shares. Nuveen Asset Management Limited Liability Corp, Illinois-based fund reported 26,378 shares. Falcon Point Limited Com has invested 2.74% in Proofpoint, Inc. (NASDAQ:PFPT). Great West Life Assurance Can holds 0% or 5,247 shares. Crow Point Partners Limited Liability Corporation reported 0.01% stake. Bluestein R H And owns 2,500 shares for 0.02% of their portfolio. Polar Capital Llp owns 349,047 shares. Artisan Prtn Limited Partnership holds 2.90 million shares or 0.67% of its portfolio. Price T Rowe Assocs Md invested in 3.74 million shares. Zurcher Kantonalbank (Zurich Cantonalbank) owns 13,720 shares for 0.01% of their portfolio.

Since February 14, 2018, it had 0 insider purchases, and 14 sales for $15.17 million activity. On Wednesday, April 18 Swaroop Bhagwat sold $125,610 worth of Proofpoint, Inc. (NASDAQ:PFPT) or 1,000 shares. $579,307 worth of stock was sold by Lee Robert Darren on Wednesday, June 6. The insider Steele Gary sold $4.10M. Another trade for 8,187 shares valued at $870,702 was made by Newell Tracey on Tuesday, February 20. Knight David also sold $945,171 worth of Proofpoint, Inc. (NASDAQ:PFPT) shares. Shares for $4.71M were sold by Auvil Paul R. III on Tuesday, July 10.

The stock of Proofpoint, Inc. (PFPT) shows a multiple tops pattern with $127.45 target or 8.00 % above today’s $118.01 share price. The 9 months chart pattern indicates low risk for the $6.05 billion company. It was reported on Aug, 10 by Finviz.com. If the $127.45 price target is reached, the company will be worth $484.08 million more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock increased 0.19% or $0.22 during the last trading session, reaching $118.01. About 441,548 shares traded. Proofpoint, Inc. (NASDAQ:PFPT) has risen 38.74% since August 10, 2017 and is uptrending. It has outperformed by 26.17% the S&P500.

Analysts await Proofpoint, Inc. (NASDAQ:PFPT) to report earnings on October, 18. They expect $-0.33 EPS, down 10.00 % or $0.03 from last year’s $-0.3 per share. After $-0.39 actual EPS reported by Proofpoint, Inc. for the previous quarter, Wall Street now forecasts -15.38 % EPS growth.

Proofpoint, Inc. (NASDAQ:PFPT) Ratings Coverage

Among 14 analysts covering Proofpoint Inc (NASDAQ:PFPT), 13 have Buy rating, 0 Sell and 1 Hold. Therefore 93% are positive. Proofpoint Inc had 20 analyst reports since March 1, 2018 according to SRatingsIntel. The stock of Proofpoint, Inc. (NASDAQ:PFPT) earned “Buy” rating by Cowen & Co on Thursday, March 1. The company was maintained on Friday, April 27 by Wedbush. The stock has “Buy” rating by Stifel Nicolaus on Friday, July 27. The company was maintained on Friday, July 27 by Morgan Stanley. The stock of Proofpoint, Inc. (NASDAQ:PFPT) earned “Buy” rating by Piper Jaffray on Friday, March 9. Citigroup maintained the stock with “Buy” rating in Monday, April 16 report. Morgan Stanley maintained Proofpoint, Inc. (NASDAQ:PFPT) on Thursday, March 22 with “Overweight” rating. Deutsche Bank maintained Proofpoint, Inc. (NASDAQ:PFPT) rating on Friday, March 16. Deutsche Bank has “Buy” rating and $140 target. The rating was maintained by BTIG Research on Monday, March 5 with “Buy”. Cowen & Co maintained Proofpoint, Inc. (NASDAQ:PFPT) on Friday, April 20 with “Buy” rating.

More notable recent Proofpoint, Inc. (NASDAQ:PFPT) news were published by: Seekingalpha.com which released: “Proofpoint: Mixed Earnings But Great Entry Point” on July 29, 2018, also Globenewswire.com with their article: “Proofpoint to Present at Upcoming Conferences” published on July 31, 2018, Nasdaq.com published: “Proofpoint Launches Three People-centric Cybersecurity Innovations: TAP Isolation, Enhanced Threat Detection, and …” on August 08, 2018. More interesting news about Proofpoint, Inc. (NASDAQ:PFPT) were released by: Seekingalpha.com and their article: “Illinois Tool Works Is Doing Better Than The Stock Indicates – Cramer’s Lightning Round (7/17/18)” published on July 18, 2018 as well as Nasdaq.com‘s news article titled: “Proofpoint Announces Second Quarter 2018 Financial Results” with publication date: July 26, 2018.

Proofpoint, Inc. operates as a security-as-a-service well-known provider that enables large and mid-sized organizations to defend, protect, archive, and govern their sensitive data worldwide. The company has market cap of $6.05 billion. It offers threat protection, incident response, regulatory compliance, archiving, governance, eDiscovery, and secure communication solutions. It currently has negative earnings. The firm provides email security products that include Enterprise Protection secure email gateway, Email Fraud Defense, Email Continuity, and Proofpoint Essentials, which are design to protect customers' mission-critical messaging infrastructure from outside threats, enable enterprises to authenticate their email to reduce consumer phishing, fight business email compromise attacks, and keep email operational in the event of a service well-known provider outage.

Proofpoint, Inc. (NASDAQ:PFPT) Institutional Positions Chart

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