After short selling research blog Muddy Waters published a critical report on Proofpoint, RBC Capital thinks the report "was more noise than anything and misinformed on several points." The firm disagrees with Muddy Waters' content that email security is not related to cybersecurity, and RBC reacts to Muddy Waters' disputes about the size of Proofpoint's total available market by saying that the company has plenty of room for growth. RBC also disagrees with Mussy Waters' contention that the company has looked to overstate its organic revenue through acquisitions and does not agree that Proofpoint's insider selling is a cause for concern, saying that such sales are taking place under 10b5-1 plans. RBC keeps an Outperform rating on Proofpoint.