Imperial Capital assumed coverage on shares of Proofpoint (NASDAQ:PFPT) in a research note issued on Wednesday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating and a $33.00 price target on the stock. Imperial Capital’s price target would indicate a potential upside of 14.23% from the stock’s previous close.
The analysts wrote, “We are initiating coverage with an Outperform rating and one-year price target of $33, about 14% above the recent share price. We believe PFPT is strongly positioned in the data security market based on its proven cloud platform and integrated suite of protection, privacy, archiving, and governance solutions, with potential upside from new solutions aimed at addressing targeted attacks and advanced malware.”
Proofpoint (NASDAQ:PFPT) traded up 0.83% on Wednesday, hitting $29.13. Proofpoint has a 52-week low of $9.77 and a 52-week high of $29.66. The stock’s 50-day moving average is currently $25.92. The company’s market cap is $1.023 billion.
One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $24.64.
In other Proofpoint news, CFO Paul Auvil III sold 15,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $27.50, for a total value of $412,500.00. Following the completion of the transaction, the chief financial officer now directly owns 461,938 shares in the company. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Proofpoint, Inc (NASDAQ:PFPT) is a security-as-a-service vendor that delivers data protection solutions, which helps medium- and large-sized organizations worldwide.