Why ProofPoint's Stock Is Rallying Today

Proofpoint PFPT shares are trading higher after the company reported better-than-expected EPS and sales results. The company also announced that Thoma Bravo wants to acquire the company for $176 per share in cash for a total of $12.3 billion.

"Today's announcement is a testament to the strength of Proofpoint's people-centric approach to cybersecurity and compliance and underscores our important role preventing, defending and responding to today's threats," said Gary Steele, Chairman and CEO of Proofpoint.

Proofpoint is a provider of cloud-based security solutions to large- and mid-sized organizations in a wide range of industries. The firm's solutions are delivered through its security-as-a-service platform, which hosts an integrated set of on-demand data protection applications.

Proofpoint shares were trading 31.7% higher at $173.50 per share at the time of writing. The stock has a 52 week high of $174.25 and a 52 week low of $91.60.

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