The stock of Proofpoint, Inc. (NASDAQ:PFPT) is now priced at $115.39 and the shares are 5.72 points up or 5.22% higher compared to its previous closing price of $109.67. The stock had 1.064 million contracts set over the past session. PFPT shares’ daily volume is compared to its average trading volume at 0.737 million shares. However, it has a float of 56.79 million and although its performance was 1.88% over the week, it’s one to watch. Analysts have given the PFPT stock a yearly average price target of $144.17 per share. It means the stock’s upside potential is 24.94% with the PFPT share price recently placing at $110.28 to $116.5. However, some brokerage firms have priced the stock below the average, including one that has called $123.
The shorts are running away from the Proofpoint, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the PFPT shares have declined. Short interest in the stock represents just 4.12% of its float, but the volume has dropped by -373772. The volume of shorted shares dropped to 2.341 million from 2.714 million shares over the last two weeks. The average intraday trading volume has been 680726 shares, which means that days to cover moved to roughly 3.438497.
In the last trading session, Proofpoint, Inc. (NASDAQ:PFPT) raised by $2.13 over the week and lost -$0.58 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $133.58. The stock recorded its established 52-week high on 10/14/19.
Since 03/16/20, the stock has traded to a low of $83.81 at 37.68%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.27. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Proofpoint, Inc.’s two-week RSI is 57.31. This suggests that the stock is neutral at the moment and that PFPT shares’ price movement remains stable. The stochastic readings are equally revealing at 71.31% meaning the PFPT share price is currently in oversold territory.
The technical chart shows that the PFPT stock will likely settle at between $117.83 and $120.28 per share. However, if the stock dips below $111.61, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $107.84.
Currently, the stock is trading in the green of MACD, with a reading of 0.34. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned PFPT a rating of Outperform in their resuming review released on August 26. Morgan Stanley analysts upgraded their recommendation of the stock from Equal-Weight to Overweight while keeping its target price at $134 in a flash note released to investors on August 19. BTIG Research analysts see the stock as Buy when the analysts resumed the share price coverage on March 27, placing it at $125.
The average rating for the PFPT equity is 1.89 and is currently gathering a bullish momentum. Of 26 analysts tracking Proofpoint, Inc. polled by Reuters, 4 rated PFPT as a hold. The remaining 22 analysts were split evenly. However, the split wasn’t equal as a majority (22) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the PFPT stock price is 57.01X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 40.9. Proofpoint, Inc. has its P/E ratio at 11.5, which means that the stock is currently trading at a discount relative to the 13.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Proofpoint, Inc. (NASDAQ:PFPT) will decrease by about -99.9%, which will see them reach $261 million. The company’s full-year revenues are, however, expected to increase by about 17.09%, up from $888 million to $1040 million. PFPT’s expected adjusted earnings should drop almost -20.41% to end up at $0.39 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -5.08% to record $1.68/share.