Pacific Crest downgraded Proofpoint (NASDAQ: PFPT) from Overweight to Sector Weight. Analyst Rob Owens doesn't recommend purchasing shares at current levels.

"Consistent with checks, Proofpoint had stronger-than-expected results, topping all of our quarterly expectations. But as PFPT shares have meaningfully "squeezed" beyond our price target in the aftermarket, we are not recommending purchase at the current time and are subsequently downgrading shares to Sector Weight," said the analyst.

For an analyst ratings summary and ratings history on Proofpoint click here. For more ratings news on Proofpoint click here.

Shares of Proofpoint closed at $65.27 yesterday.