Proofpoint (PFPT) Still the Name to Own Following Q3 Results; BTIG Affirms at 'Buy'

October 21, 2016 7:42 AM EDT
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Price: $80.61 -0.3%

Rating Summary:
    26 Buy, 3 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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BTIG affirms Proofpoint (Nasdaq: PFPT) at Buy with a price target of $32 following solid Q3 results on Thursday night.

Analyst Joel P. Fishbein commented today: Proofpoint posted another strong beat and raise quarter. All metrics beat across the board and revenue was particularly impressive growing 44% y/y (vs. Street’s 36% y/y). The quarter was further evidence that Proofpoint’s secular backdrop is increasingly favorable, with no macro issues, a benign competitive environment and continued enterprise transition to Office 365. Moreover, the cross-sell opportunity is trending well (emerging products grew over 50% in the quarter), while the McAfee transition and other ecosystem partnerships are beginning to contribute to the top line. Strong execution again this quarter is a big step towards the 2020 goals of $1 billion in revenues and 14% operating margin, and we see numerous catalysts that should make these achievable.

For an analyst ratings summary and ratings history on Proofpoint click here. For more ratings news on Proofpoint click here.y.

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