Proofpoint Inc. (NASDAQ:PFPT) shares shot up 4.2% during mid-day trading on Friday . The stock traded as high as $68.23 and last traded at $67.36, with a volume of 588,815 shares traded. The stock had previously closed at $64.66.

Several research firms have recently issued reports on PFPT. Wedbush reaffirmed a “buy” rating and set a $78.00 price target (up previously from $77.00) on shares of Proofpoint in a research note on Saturday, April 23rd. Piper Jaffray Cos. reaffirmed a “buy” rating on shares of Proofpoint in a research note on Saturday, April 23rd. Pacific Crest reiterated a “buy” rating on shares of Proofpoint in a research report on Sunday, May 22nd. Macquarie assumed coverage on Proofpoint in a research report on Friday. They set an “outperform” rating and a $75.00 price objective for the company. Finally, Imperial Capital lifted their price objective on Proofpoint from $68.00 to $69.00 and gave the stock an “outperform” rating in a research report on Monday, April 25th. Two investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. Proofpoint currently has an average rating of “Buy” and an average target price of $73.24.

The stock’s 50-day moving average price is $61.33 and its 200 day moving average price is $55.16. The firm’s market cap is $2.82 billion.

Proofpoint (NASDAQ:PFPT) last announced its quarterly earnings data on Thursday, April 21st. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.05. During the same period in the prior year, the company posted ($0.09) earnings per share. The business earned $79 million during the quarter, compared to analysts’ expectations of $76.31 million. The firm’s revenue was up 36.8% on a year-over-year basis. On average, equities research analysts anticipate that Proofpoint Inc. will post ($0.13) earnings per share for the current year.

In related news, Director Dana L. Evan sold 1,250 shares of the stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $57.56, for a total value of $71,950.00. Following the completion of the sale, the director now directly owns 6,442 shares of the company’s stock, valued at approximately $370,801.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Gary Steele sold 1,900 shares of the stock in a transaction dated Friday, April 15th. The stock was sold at an average price of $52.00, for a total value of $98,800.00. Following the completion of the sale, the chief executive officer now directly owns 13,063 shares of the company’s stock, valued at $679,276. The disclosure for this sale can be found here.

A number of hedge funds and institutional investors have recently modified their holdings of the company. Engineers Gate Manager LP purchased a new position in shares of Proofpoint during the fourth quarter valued at $4,522,000. Russell Frank Co raised its position in shares of Proofpoint by 1.6% in the fourth quarter. Russell Frank Co now owns 234,830 shares of the company’s stock valued at $15,527,000 after buying an additional 3,607 shares during the last quarter. Zweig DiMenna Associates LLC purchased a new position in shares of Proofpoint during the fourth quarter valued at $21,434,000. Turner Investments L.P. raised its position in shares of Proofpoint by 25.6% in the fourth quarter. Turner Investments L.P. now owns 93,950 shares of the company’s stock valued at $6,108,000 after buying an additional 19,160 shares during the last quarter. Finally, EAM Investors LLC raised its position in shares of Proofpoint by 2.6% in the fourth quarter. EAM Investors LLC now owns 56,323 shares of the company’s stock valued at $3,662,000 after buying an additional 1,404 shares during the last quarter.

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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