Proofpoint (PFPT): Second Best Quarter Ever - Piper Jaffray

Piper Jaffray analyst, Andrew Nowinski, reiterated his Overweight rating on shares of Proofpoint (NASDAQ: PFPT) with a price target of $85.00. Proofpoint reported the second best quarter in company history, exceeding the high end of guidance by 6.4% and reported earnings profitability two quarters earlier than expected. Looking ahead, management expects earnings to remain positive. Management also provided a preliminary outlook for FY17, which calls for revenue growth of 28% and billings growth of 31%. The analyst believes Proofpoint still has many growth drivers (McAfee, partnerships with Palo Alto and others) that have yet to be factored into guidance.

No change to Overweight rating but raising the price target to $85 from $76. The analyst believes the company can continue delivering consistent beat-and-raise results.

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

Shares of Proofpoint closed at $65.27 yesterday.

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