Proofpoint (PFPT) Received its Third Buy in a Row

By Ryan Adsit

After Needham and Evercore ISI gave Proofpoint (NASDAQ: PFPT) a Buy rating last month, the company received another Buy, this time from Robert W. Baird. Analyst Jonathan Ruykhaver maintained a Buy rating on Proofpoint today and set a price target of $145.00. The company’s shares closed last Monday at $116.20.

According to TipRanks.com, Ruykhaver is a 5-star analyst with an average return of 16.8% and a 69.5% success rate. Ruykhaver covers the Technology sector, focusing on stocks such as Forescout Technologies, Varonis Systems, and NortonLifeLock.

Currently, the analyst consensus on Proofpoint is a Strong Buy with an average price target of $145.73, which is a 27.1% upside from current levels. In a report issued on November 4, Northland Securities also assigned a Buy rating to the stock with a $160.00 price target.

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The company has a one-year high of $133.58 and a one-year low of $78.69. Currently, Proofpoint has an average volume of 728.6K.

Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PFPT in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Proofpoint, Inc. is a cybersecurity company, which engages in the provision of cloud-based solutions. Its security-and compliance platform is comprises of an integrated suite of threat protection, information protection, and brand protection solutions, including email protection, advanced threat protection, email authentication, data loss prevention, SaaS application protection, response orchestration and automation, digital risk, web browser isolation, email encryption, archiving, eDiscovery, supervision, secure communication, phishing simulation and security awareness computer-based training. The company was founded by Eric Hahn in June 2002 and is headquartered in Sunnyvale, CA.