Zacks Investment Research Downgrades MINDBODY, Inc. (MB) to Hold

MINDBODY, Inc. (NASDAQ:MB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

According to Zacks, “MINDBODY, Inc. develops cloud-based business management software and payments platform for the wellness services industry. Its platform enables businesses to manage class and appointment schedules, staff members, client information, online bookings, inventory, payroll and retail sales for yoga, Pilates, barre, indoor cycling, personal training, martial arts and dance exercise, as well as spas, salons, music instruction studios, dance studios, childrens activity center and integrative health centers. MINDBODY, Inc. is headquartered in San Luis Obispo, California. “

MB has been the subject of several other reports. KeyCorp reiterated a “buy” rating and issued a $32.00 target price on shares of MINDBODY in a report on Sunday, October 22nd. Roth Capital reiterated a “buy” rating and issued a $31.50 target price on shares of MINDBODY in a report on Thursday, September 28th. BidaskClub upgraded shares of MINDBODY from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Craig Hallum reiterated a “buy” rating and issued a $30.00 target price on shares of MINDBODY in a report on Monday, September 25th. Finally, Jefferies Group LLC assumed coverage on shares of MINDBODY in a report on Thursday, August 24th. They issued a “hold” rating and a $26.00 target price for the company. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. MINDBODY has a consensus rating of “Buy” and a consensus target price of $30.95.

MINDBODY (NASDAQ:MB) last posted its quarterly earnings data on Thursday, October 26th. The technology company reported $0.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.05. MINDBODY had a negative net margin of 9.26% and a negative return on equity of 9.70%. The company had revenue of $46.60 million during the quarter, compared to analyst estimates of $45.59 million. During the same quarter last year, the firm posted ($0.09) EPS. The business’s revenue for the quarter was up 32.0% on a year-over-year basis.

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In other MINDBODY news, CFO Brett T. White sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $24.00, for a total transaction of $240,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Richard Lee Stollmeyer sold 17,739 shares of the stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $23.71, for a total value of $420,591.69. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 955,594 shares of company stock worth $25,273,140 and have sold 168,717 shares worth $4,684,727. 8.22% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. acquired a new position in MINDBODY during the second quarter valued at approximately $37,529,000. Federated Investors Inc. PA grew its stake in shares of MINDBODY by 112.3% in the second quarter. Federated Investors Inc. PA now owns 401,845 shares of the technology company’s stock worth $10,930,000 after acquiring an additional 212,537 shares during the last quarter. Bank of America Corp DE grew its stake in shares of MINDBODY by 5.2% in the first quarter. Bank of America Corp DE now owns 35,657 shares of the technology company’s stock worth $979,000 after acquiring an additional 1,762 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of MINDBODY by 19.4% in the first quarter. Vanguard Group Inc. now owns 904,161 shares of the technology company’s stock worth $24,820,000 after acquiring an additional 146,816 shares during the last quarter. Finally, State of Wisconsin Investment Board acquired a new stake in shares of MINDBODY in the second quarter worth $6,664,000. Institutional investors own 84.67% of the company’s stock.

About MINDBODY

MINDBODY, Inc is a provider of cloud-based business management software for the wellness services industry and operates as a consumer marketplace with local business subscribers on its platform. The Company’s subscribers provide a range of wellness services to active consumers. Its integrated software and payments platform helps business owners in the wellness services industry run, market and build their businesses.

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