Mimecast (MIME) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Mimecast (NASDAQ:MIME) from a hold rating to a buy rating in a research note issued to investors on Friday morning. They currently have $40.00 target price on the technology company’s stock.
According to Zacks, “Mimecast Limited offers cloud security and risk management services for corporate information and email primarily in the United States, the United Kingdom and South Africa. The Company offers email management services that protect the organization against spam, viruses, malware, emerging threats, and other challenges. Mimecast Limited is headquartered in London, the United Kingdom. “
Other analysts have also recently issued research reports about the stock. SunTrust Banks initiated coverage on shares of Mimecast in a report on Tuesday, September 18th. They set a buy rating and a $54.00 target price on the stock. Monness Crespi & Hardt raised Mimecast from a neutral rating to a buy rating and set a $48.00 price target for the company in a research report on Thursday, September 13th. BidaskClub raised Mimecast from a hold rating to a buy rating in a research report on Wednesday, September 12th. Deutsche Bank lifted their price target on Mimecast to $50.00 and gave the stock a buy rating in a research report on Friday, August 10th. Finally, Summit Insights lowered Mimecast from a buy rating to a hold rating in a research report on Monday, October 29th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Mimecast presently has a consensus rating of Buy and a consensus price target of $45.17.
Mimecast (NASDAQ:MIME) last announced its earnings results on Thursday, November 8th. The technology company reported ($0.02) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.03. Mimecast had a negative net margin of 5.44% and a negative return on equity of 10.33%. The firm had revenue of $82.17 million for the quarter, compared to analysts’ expectations of $80.77 million. The business’s revenue for the quarter was up 30.2% on a year-over-year basis. As a group, analysts expect that Mimecast will post -0.03 earnings per share for the current year.
In other news, Director Christopher Fitzgerald sold 6,000 shares of Mimecast stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $40.98, for a total value of $245,880.00. Following the completion of the transaction, the director now owns 27,821 shares of the company’s stock, valued at approximately $1,140,104.58. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Peter Bauer sold 7,500 shares of Mimecast stock in a transaction dated Wednesday, November 14th. The stock was sold at an average price of $35.00, for a total value of $262,500.00. Following the completion of the transaction, the chief executive officer now directly owns 101,250 shares of the company’s stock, valued at approximately $3,543,750. The disclosure for this sale can be found here. In the last ninety days, insiders sold 250,084 shares of company stock valued at $9,703,745. 29.00% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. DekaBank Deutsche Girozentrale raised its position in Mimecast by 131.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 2,661 shares of the technology company’s stock worth $110,000 after buying an additional 1,511 shares during the last quarter. Simplex Trading LLC purchased a new position in Mimecast in the 3rd quarter worth about $183,000. First Republic Investment Management Inc. purchased a new position in Mimecast in the 3rd quarter worth about $203,000. PEAK6 Investments LLC purchased a new position in Mimecast in the 3rd quarter worth about $210,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in Mimecast in the 2nd quarter worth about $215,000. 67.88% of the stock is owned by hedge funds and other institutional investors.
Mimecast Company Profile
Mimecast Limited, a email and data security company, provides cloud security and risk management services for corporate information and email. The company offers Mimecast Email Security services, including targeted threat protection services, such as URL Protect that addresses the threat from emails containing malicious links; Attachment Protect that reduces threat from weaponized or malware-laden attachments used in spear-phishing and other attacks; Impersonation Protect that gives protection from malware-less social engineering attacks; and Internal Email Protect, which allows customers to monitor, detect, and remediate security threats that originate from within their internal email systems.
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