Proofpoint Inc. (NASDAQ:PFPT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “Proofpoint, Inc. is a leading security-as-a-service provider that focuses on cloud-based solutions for threat protection, compliance, archiving & governance, and secure communications. Organizations around the world depend on Proofpoint’s expertise, patented technologies, and on-demand delivery system to protect against phishing, malware and spam, safeguard privacy, encrypt sensitive information, and archive and govern messages and critical enterprise information. “

A number of other research analysts also recently weighed in on the company. Evercore ISI initiated coverage on Proofpoint in a research note on Wednesday, June 29th. They issued a “buy” rating on the stock. Summit Redstone set a $90.00 price target on Proofpoint and gave the company a “buy” rating in a research note on Tuesday, August 16th. Macquarie initiated coverage on Proofpoint in a research note on Friday, July 8th. They issued an “outperform” rating and a $75.00 price target on the stock. Credit Suisse Group AG reissued a “buy” rating and issued a $85.00 price target on shares of Proofpoint in a research note on Thursday, June 9th. Finally, Citigroup Inc. reaffirmed a “buy” rating on shares of Proofpoint in a research note on Wednesday, June 29th. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Proofpoint presently has an average rating of “Buy” and an average target price of $79.42.

Analyst Recommendations for Proofpoint (NASDAQ:PFPT)

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Shares of Proofpoint (NASDAQ:PFPT) traded up 1.50% during midday trading on Wednesday, hitting $75.76. The stock had a trading volume of 645,012 shares. The stock’s market capitalization is $3.18 billion. Proofpoint has a 52 week low of $35.56 and a 52 week high of $80.68. The stock has a 50 day moving average price of $76.08 and a 200-day moving average price of $63.17.

Proofpoint (NASDAQ:PFPT) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.13. The company had revenue of $89.90 million for the quarter, compared to the consensus estimate of $84.22 million. Proofpoint had a negative return on equity of 120.27% and a negative net margin of 41.46%. Equities research analysts anticipate that Proofpoint will post $0.09 earnings per share for the current year.

In other news, Director Dana L. Evan sold 1,500 shares of Proofpoint stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $74.16, for a total value of $111,240.00. Following the completion of the sale, the director now directly owns 8,993 shares in the company, valued at $666,920.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Tracey Newell sold 20,000 shares of Proofpoint stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $66.93, for a total transaction of $1,338,600.00. Following the completion of the sale, the executive vice president now owns 37,467 shares of the company’s stock, valued at $2,507,666.31. The disclosure for this sale can be found here. Insiders own 6.80% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Proofpoint during the fourth quarter worth $12,236,000. Parametrica Management Ltd acquired a new stake in Proofpoint during the first quarter worth $233,000. TIAA CREF Investment Management LLC increased its stake in Proofpoint by 10.9% in the first quarter. TIAA CREF Investment Management LLC now owns 510,545 shares of the company’s stock worth $27,457,000 after buying an additional 50,052 shares during the last quarter. Teachers Advisors Inc. increased its stake in Proofpoint by 9.4% in the first quarter. Teachers Advisors Inc. now owns 448,581 shares of the company’s stock worth $24,125,000 after buying an additional 38,648 shares during the last quarter. Finally, Prudential Financial Inc. acquired a new stake in Proofpoint during the first quarter worth $375,000.

Proofpoint Company Profile

Proofpoint, Inc is a security-as-a-service provider that enables large and mid-sized organizations around the world. The Company’s security-as-a-service platform consists of a suite of on-demand data protection solutions, including threat protection, incident response, regulatory compliance, archiving, governance, eDiscovery and secure communication.

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