Mimecast’s (NASDAQ:MIME) Buy Rating Reiterated at Needham & Company LLC

Mimecast (NASDAQ:MIME)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report released on Monday, May 6th, Marketbeat Ratings reports. They currently have a $65.00 price objective on the technology company’s stock, up from their previous price objective of $52.00. Needham & Company LLC’s price objective would indicate a potential upside of 43.17% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Wedbush lifted their price target on shares of Mimecast from $40.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, February 12th. ValuEngine raised shares of Mimecast from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, February 13th. Zacks Investment Research raised shares of Mimecast from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a research report on Friday, February 15th. BidaskClub raised shares of Mimecast from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 16th. Finally, Oppenheimer lifted their price target on shares of Mimecast from $45.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, February 12th. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Mimecast has an average rating of “Buy” and an average price target of $53.88.

Shares of MIME traded down $1.24 during trading hours on Monday, reaching $45.40. The company had a trading volume of 405,150 shares, compared to its average volume of 614,544. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 1.20. Mimecast has a 12-month low of $29.67 and a 12-month high of $54.57. The company has a market capitalization of $2.75 billion, a PE ratio of -648.57, a P/E/G ratio of 25.82 and a beta of 1.10.

Mimecast (NASDAQ:MIME) last posted its earnings results on Monday, May 13th. The technology company reported ($0.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by ($0.02). The business had revenue of $92.20 million for 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 2.85%. The business’s revenue was up 25.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) earnings per share. On average, research analysts anticipate that Mimecast will post 0.09 EPS for the current year.

In related news, Director Neil Murray sold 139,496 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $46.64, for a total value of $6,506,093.44. Following the completion of the sale, the director now owns 2,281,665 shares of the company’s stock, valued at $106,416,855.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Peter Bauer sold 18,750 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $46.84, for a total transaction of $878,250.00. Following the completion of the sale, the chief executive officer now directly owns 46,000 shares of the company’s stock, valued at $2,154,640. The disclosure for this sale can be found here. In the last quarter, insiders have sold 278,746 shares of company stock valued at $13,090,676. 29.00% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of MIME. Advisor Group Inc. lifted its holdings in Mimecast by 33.6% in the 1st quarter. Advisor Group Inc. now owns 970 shares of the technology company’s stock valued at $46,000 after acquiring an additional 244 shares during the last quarter. First Mercantile Trust Co. raised its holdings in Mimecast by 223.4% during the 1st quarter. First Mercantile Trust Co. now owns 1,035 shares of the technology company’s stock worth $49,000 after buying an additional 715 shares during the period. Marshall Wace LLP acquired a new stake in Mimecast during the 1st quarter worth about $49,000. Oppenheimer Asset Management Inc. acquired a new stake in Mimecast during the 4th quarter worth about $72,000. Finally, NumerixS Investment Technologies Inc raised its holdings in Mimecast by 19.5% during the 1st quarter. NumerixS Investment Technologies Inc now owns 2,390 shares of the technology company’s stock worth $114,000 after buying an additional 390 shares during the period. 72.80% of the stock is owned by 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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Analyst Recommendations for Mimecast (NASDAQ:MIME)

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