Mimecast (MIME) Upgraded by Summit Insights to “Buy”

Summit Insights upgraded shares of Mimecast (NASDAQ:MIME) from a hold rating to a buy rating in a report released on Tuesday, The Fly reports.

Other equities research analysts have also issued reports about the stock. Jefferies Financial Group boosted their target price on shares of Mimecast to $55.00 and gave the stock a buy rating in a research report on Tuesday. Needham & Company LLC restated a buy rating and set a $52.00 target price (up from $49.00) on shares of Mimecast in a research report on Tuesday. Monness Crespi & Hardt restated a buy rating and set a $52.00 target price (up from $45.00) on shares of Mimecast in a research report on Tuesday. Wedbush restated a neutral rating and set a $47.00 target price (up from $40.00) on shares of Mimecast in a research report on Tuesday. Finally, BMO Capital Markets boosted their target price on shares of Mimecast from $43.00 to $52.00 and gave the stock an outperform rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $49.79.

Shares of MIME opened at $48.69 on Tuesday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.28 and a current ratio of 1.28. The firm has a market capitalization of $2.54 billion, a price-to-earnings ratio of -256.26 and a beta of 1.00. Mimecast has a 1 year low of $29.67 and a 1 year high of $51.66.

Mimecast (NASDAQ:MIME) last issued its earnings results on Monday, February 11th. The technology company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.04). The company had revenue of $87.61 million for the quarter, compared to analysts’ expectations of $84.80 million. Mimecast had a negative return on equity of 10.33% and a negative net margin of 5.44%. As a group, equities research analysts expect that Mimecast will post -0.03 EPS for the current year.

In related news, insider Neil Murray sold 25,000 shares of the business’s stock in a transaction dated Friday, November 23rd. The shares were sold at an average price of $35.58, for a total value of $889,500.00. Following the sale, the insider now directly owns 2,406,665 shares in the company, valued at approximately $85,629,140.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Peter Andrew James Campbell sold 92,706 shares of the business’s stock in a transaction dated Monday, February 4th. The stock was sold at an average price of $39.33, for a total transaction of $3,646,126.98. Following the completion of the sale, the chief financial officer now owns 215,000 shares in the company, valued at $8,455,950. The disclosure for this sale can be found here. Insiders sold a total of 244,909 shares of company stock worth $8,756,616 over the last quarter. Insiders own 29.00% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. purchased a new position in Mimecast in the 4th quarter valued at about $72,000. DekaBank Deutsche Girozentrale lifted its holdings in Mimecast by 131.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 2,661 shares of the technology company’s stock valued at $110,000 after purchasing an additional 1,511 shares in the last quarter. Simplex Trading LLC purchased a new position in Mimecast in the 3rd quarter valued at about $183,000. First Republic Investment Management Inc. purchased a new position in Mimecast in the 3rd quarter valued at about $203,000. Finally, PEAK6 Investments LLC purchased a new position in Mimecast in the 3rd quarter valued at about $210,000. Institutional investors own 71.42% of the company’s stock.

About Mimecast

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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