Proofpoint Inc. (NASDAQ:PFPT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note 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. “

Other research analysts have also recently issued research reports about the stock. Needham & Company LLC started coverage on shares of Proofpoint in a report on Monday, August 1st. They issued a “buy” rating and a $88.00 price objective for the company. Wunderlich lifted their price objective on shares of Proofpoint from $67.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, June 9th. FBR & Co reaffirmed an “outperform” rating on shares of Proofpoint in a report on Thursday, August 25th. Summit Redstone started coverage on shares of Proofpoint in a report on Tuesday, August 16th. They issued a “buy” rating and a $90.00 price objective for the company. Finally, Citigroup Inc. reaffirmed a “buy” rating on shares of Proofpoint in a report on Wednesday, June 29th. Two analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Proofpoint presently has a consensus rating of “Buy” and a consensus target price of $79.42.

Analyst Recommendations for Proofpoint (NASDAQ:PFPT)

Proofpoint (NASDAQ:PFPT) opened at 76.08 on Wednesday. The company has a 50 day moving average of $76.09 and a 200-day moving average of $63.26. The company’s market cap is $3.20 billion. Proofpoint has a one year low of $35.56 and a one year high of $80.68.

Proofpoint (NASDAQ:PFPT) last posted its earnings results on Thursday, July 21st. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.13. The company earned $89.90 million during the quarter, compared to the consensus estimate of $84.22 million. Proofpoint had a negative net margin of 41.46% and a negative return on equity of 120.27%. On average, equities analysts expect that Proofpoint will post $0.09 earnings per share for the current fiscal year.

In other news, CEO Gary Steele sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 12th. The shares were sold at an average price of $67.45, for a total value of $1,349,000.00. Following the transaction, the chief executive officer now directly owns 34,629 shares in the company, valued at approximately $2,335,726.05. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Tracey Newell sold 9,892 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $76.99, for a total transaction of $761,585.08. Following the completion of the transaction, the executive vice president now owns 36,325 shares in the company, valued at $2,796,661.75. The disclosure for this sale can be found here. 6.80% of the stock is currently owned by company insiders.

Several institutional investors have recently modified their holdings of the company. US Bancorp DE raised its position in shares of Proofpoint by 5.9% in the second quarter. US Bancorp DE now owns 2,067 shares of the company’s stock valued at $130,000 after buying an additional 115 shares in the last quarter. Geneva Advisors LLC raised its position in shares of Proofpoint by 1.5% in the second quarter. Geneva Advisors LLC now owns 8,799 shares of the company’s stock valued at $555,000 after buying an additional 127 shares in the last quarter. Amalgamated Bank raised its position in shares of Proofpoint by 4.0% in the second quarter. Amalgamated Bank now owns 4,314 shares of the company’s stock valued at $324,000 after buying an additional 164 shares in the last quarter. American International Group Inc. raised its position in shares of Proofpoint by 0.7% in the second quarter. American International Group Inc. now owns 23,505 shares of the company’s stock valued at $1,483,000 after buying an additional 165 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Proofpoint by 3.4% in the second quarter. Principal Financial Group Inc. now owns 5,461 shares of the company’s stock valued at $345,000 after buying an additional 179 shares in the last quarter.

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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