Wedbush Raises Price Target on Proofpoint, Inc. (PFPT) Following 3Q Results
Wedbush reiterated an Outperform rating on Proofpoint (NASDAQ: PFPT), and raised the price target to $82.00 (from $80.00), following the company's 3Q15 earnings results.
Analyst Steve Koenig commented, "PFPT’s 3Q results and guidance are best described by superlatives. However, a simple recitation of numbers proves the point that the quarter was very good: subscription revenues grew 39% Y/Y, driving a $3M revenue beat; billings of $85M (+37% Y/Y) were $7M above the top end of guidance; FY15 revenue guidance was raised by $7M at the high end; initial FY16 revenue growth guidance was pegged at 29-30%, above consensus of 27%; and FY16 billings growth is expected to be “a few points higher” than revenue growth."
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 $55.41 yesterday.