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Proofpoint (NASDAQ:PFPT) was downgraded by stock analysts at Sterne Agee from an “outperform” rating to an “in-line” rating in a report issued on Thursday. They currently have a $40.00 price target on the stock. Sterne Agee’s price target indicates a potential upside of 8.75% from the company’s current price.

The analysts wrote, “We are downgrading our rating on PFPT shares to In-Line from Outperform based on valuation and maintaining our one-year price target of $40. While we expect continued strong growth and share gains over the coming quarters, we see modest near-term appreciation potential given current valuation multiples. We advise investors to seek a more attractive entry point into the stock or await improved visibility on acceleration of the company’s newer offerings, with potential upside from significant archiving opportunities, especially social media compliance.”

In other Proofpoint news, EVP David Knight sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, June 19th. The stock was sold at an average price of $37.18, for a total value of $223,080.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Proofpoint (NASDAQ:PFPT) opened at 36.78 on Thursday. Proofpoint has a one year low of $23.12 and a one year high of $45.66. The stock has a 50-day moving average of $33.81 and a 200-day moving average of $35.13. The company’s market cap is $1.361 billion.

Proofpoint (NASDAQ:PFPT) last released its earnings data on Wednesday, April 30th. The company reported ($0.12) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.18) by $0.06. The company had revenue of $42.70 million for the quarter, compared to the consensus estimate of $40.70 million. Analysts expect that Proofpoint will post $-0.43 EPS for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Proofpoint in a research note on Wednesday, May 21st. They now have a $45.00 price target on the stock. Separately, analysts at Imperial Capital cut their price target on shares of Proofpoint from $45.00 to $40.00 in a research note on Friday, May 2nd. They now have an “outperform” rating on the stock. Finally, analysts at Citigroup Inc. initiated coverage on shares of Proofpoint in a research note on Friday, April 4th. They set a “buy” rating and a $46.00 price target on the stock. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Proofpoint currently has an average rating of “Buy” and a consensus price target of $43.91.

Proofpoint, Inc (NASDAQ:PFPT) is a security-as-a-service vendor that delivers data protection solutions, which helps medium- and large-sized organizations worldwide.

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