Mimecast (NASDAQ:MIME) Lifted to “Buy” at BidaskClub

BidaskClub upgraded shares of Mimecast (NASDAQ:MIME) from a hold rating to a buy rating in a research report released on Friday, BidAskClub reports.

MIME has been the subject of several other research reports. ValuEngine downgraded Mimecast from a strong-buy rating to a buy rating in a research report on Tuesday, May 14th. Imperial Capital reissued an outperform rating and set a $55.00 price target (up previously from $52.00) on shares of Mimecast in a research report on Tuesday, May 14th. Bank of America assumed coverage on Mimecast in a research report on Friday, April 12th. They set a buy rating and a $60.00 price target for the company. BMO Capital Markets raised their price target on Mimecast from $52.00 to $55.00 and gave the stock an outperform rating in a research report on Tuesday, May 14th. Finally, Cowen assumed coverage on Mimecast in a research report on Thursday, May 23rd. They set an outperform rating and a $60.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Mimecast presently has an average rating of Buy and an average target price of $54.31.

NASDAQ MIME opened at $46.63 on Friday. Mimecast has a 1-year low of $29.67 and a 1-year high of $54.57. The company has a market capitalization of $2.86 billion, a P/E ratio of -666.14, a PEG ratio of 56.52 and a beta of 1.23. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.75.

Mimecast (NASDAQ:MIME) last released its quarterly earnings data on Monday, May 13th. The technology company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.02). The firm had revenue of $92.20 million during the quarter, compared to analysts’ expectations of $91.34 million. Mimecast had a negative net margin of 2.06% and a negative return on equity of 2.72%. The business’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.05) earnings per share. On average, equities research analysts expect that Mimecast will post 0.04 EPS for the current fiscal year.

In other news, COO Edward Vincent Jennings sold 11,000 shares of the firm’s stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $47.95, for a total transaction of $527,450.00. Following the sale, the chief operating officer now owns 12,251 shares in the company, valued at $587,435.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Neil Murray sold 235,000 shares of the firm’s stock in a transaction on Wednesday, June 19th. The stock was sold at an average price of $45.98, for a total value of $10,805,300.00. Following the sale, the director now owns 2,139,188 shares in the company, valued at approximately $98,359,864.24. The disclosure for this sale can be found here. Insiders have sold 469,996 shares of company stock worth $21,833,436 in the last 90 days. Insiders own 29.00% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. First Mercantile Trust Co. boosted its holdings in shares of Mimecast by 223.4% during the first quarter. First Mercantile Trust Co. now owns 1,035 shares of the technology company’s stock worth $49,000 after purchasing an additional 715 shares during the last quarter. Marshall Wace LLP acquired a new position in Mimecast in the first quarter valued at $49,000. NumerixS Investment Technologies Inc boosted its holdings in Mimecast by 19.5% in the first quarter. NumerixS Investment Technologies Inc now owns 2,390 shares of the technology company’s stock valued at $114,000 after acquiring an additional 390 shares during the last quarter. Penserra Capital Management LLC acquired a new position in Mimecast in the first quarter valued at $188,000. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in Mimecast in the fourth quarter valued at $192,000. Institutional investors and hedge funds own 71.70% 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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Analyst Recommendations for Mimecast (NASDAQ:MIME)

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