Analysts Are Bullish on These Technology Stocks: Proofpoint Inc (PFPT), Paycom (PAYC)

By Jason Carr

There’s a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on Proofpoint Inc (PFPTResearch Report) and Paycom (PAYCResearch Report) with bullish sentiments.

Proofpoint Inc (PFPT)

Northland Securities analyst Tim Klasell maintained a Buy rating on Proofpoint Inc today and set a price target of $160. The company’s shares closed yesterday at $122.48, close to its 52-week high of $131.43.

Klasell commented:

“We also note that the training product is included in the P2 bundle the company recently began offering. The level of interest/discussion here provides an opportunity to sell bundles, particularly with customers already using multiple products although the potential uplift from such customers is fuzzy. We also note other products such as CASB and archiving as strong performers.”

According to TipRanks.com, Klasell is a 5-star analyst with an average return of 18.3% and a 70.8% success rate. Klasell covers the Technology sector, focusing on stocks such as ServiceSource International Inc, Tyler Technologies, and Zix Corporation.

Currently, the analyst consensus on Proofpoint Inc is a Strong Buy with an average price target of $142.83, representing a 16.6% upside. In a report issued on June 24, Robert W. Baird also maintained a Buy rating on the stock with a $145 price target.

See today’s analyst top recommended stocks >>

Paycom (PAYC)

Northland Securities analyst Robert Breza maintained a Buy rating on Paycom today and set a price target of $275. The company’s shares closed yesterday at $239.06, close to its 52-week high of $241.15.

Breza said:

“We believe the company will be able to drive revenue growth closer to 30%y/y vs the mid point of guidance at 27%. We expect the company will continue to exhibit best in class EBITDA margins of 51% combined with upside has us increasing our price target to $275.”

According to TipRanks.com, Breza is a 5-star analyst with an average return of 13.5% and a 61.8% success rate. Breza covers the Technology sector, focusing on stocks such as Coupa Software Inc, MobileIron, Inc., and Salesforce.com.

Currently, the analyst consensus on Paycom is a Strong Buy with an average price target of $216.75.

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