FBR sees strong secular trends, penetration/cross-sellings ops for Proofpoint

|By:, SA News Editor

Shares of Proofpoint (PFPT +3.5%) move up after FBR capital initiates the security/compliance SaaS solutions provider at Outperform with a PT of $37.

Analyst Daniel Ives observes that Proofpoint has "benefited from the combination of strong secular trends, such as cloud and big data growth, and the evolving threat landscape that continues to add pressure to IT departments seeking to protect enterprises from data loss and targeted attacks while remaining compliant with internal/industry regulatory requirements."

Of particular importance to future growth is further penetration and cross-selling within the existing customer base. "[A] solid set of offerings should enable" Proofpoint to succeed in those regards, Ives believes.