RBC Capital Believes Proofpoint Inc (NASDAQ: PFPT) Still Has Room to Grow

By Austin Angelo

RBC Capital analyst Matthew Hedberg reiterated a Buy rating on Proofpoint Inc (NASDAQ: PFPT) yesterday and set a price target of $103. The company’s shares closed yesterday at $91.53, close to its 52-week high of $94.33.

According to TipRanks.com, Hedberg is a top 25 analyst with an average return of 24.8% and a 76.5% success rate. Hedberg covers the Technology sector, focusing on stocks such as Automatic Data Processing, Interactive Intelligence, and Verint Systems Inc.

Currently, the analyst consensus on Proofpoint Inc is Strong Buy and the average price target is $101.14, representing a 10.5% upside.

In a report issued on August 17, Cowen & Co. also initiated coverage with a Buy rating on the stock with a $105 price target.

The company has a one year high of $94.33 and a one year low of $68.04. Currently, Proofpoint Inc has an average volume of 561.6K.

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Proofpoint, Inc. is a security and compliance company, which engages in the provision of cloud-based solutions. Its security-as-a-service platform comprises of on-demand data protection solutions, including threat protection, incident response, regulatory compliance, archiving, governance, eDiscovery, and secure communication.