Wedbush Begins Coverage on Mimecast (MIME)

Wedbush assumed coverage on shares of Mimecast (NASDAQ:MIME) in a report issued on Thursday morning, Marketbeat Ratings reports. The firm issued a neutral rating and a $40.00 price target on the technology company’s stock.

MIME has been the subject of a number of other research reports. Zacks Investment Research raised shares of Mimecast from a sell rating to a hold rating in a research report on Friday, September 28th. BidaskClub raised Mimecast from a hold rating to a buy rating in a report on Thursday, September 27th. Deutsche Bank upped their price target on Mimecast to $50.00 and gave the company a buy rating in a report on Friday, August 10th. BMO Capital Markets cut their price target on Mimecast from $47.00 to $43.00 and set an outperform rating for the company in a report on Thursday, November 1st. Finally, JPMorgan Chase & Co. upped their price target on Mimecast from $44.00 to $46.00 and gave the company a neutral rating in a report on Friday, August 10th. Four investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Mimecast currently has a consensus rating of Buy and a consensus price target of $44.77.

NASDAQ:MIME opened at $33.99 on Thursday. The firm has a market cap of $2.04 billion, a P/E ratio of -178.89 and a beta of 0.83. Mimecast has a one year low of $26.50 and a one year high of $46.87. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.20.

Mimecast (NASDAQ:MIME) last released its earnings results on Thursday, November 8th. The technology company reported ($0.02) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.03. The firm had revenue of $82.17 million during the quarter, compared to analysts’ expectations of $80.77 million. Mimecast had a negative net margin of 5.44% and a negative return on equity of 10.33%. The firm’s revenue was up 30.2% on a year-over-year basis. As a group, analysts forecast that Mimecast will post -0.03 earnings per share for the current fiscal year.

In other Mimecast news, CFO Peter Andrew James Campbell sold 1,044 shares of the stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $38.00, for a total transaction of $39,672.00. Following the completion of the transaction, the chief financial officer now directly owns 220,800 shares in the company, valued at $8,390,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Edward Vincent Jennings sold 7,500 shares of the stock in a transaction on Monday, September 24th. The stock was sold at an average price of $41.83, for a total value of $313,725.00. Following the transaction, the chief operating officer now owns 7,500 shares of the company’s stock, valued at $313,725. The disclosure for this sale can be found here. Insiders sold 162,934 shares of company stock valued at $6,039,989 in the last three months. Company insiders own 29.00% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in MIME. DekaBank Deutsche Girozentrale increased its position in shares of Mimecast by 131.4% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 2,661 shares of the technology company’s stock worth $110,000 after purchasing an additional 1,511 shares in the last quarter. Simplex Trading LLC acquired a new stake in shares of Mimecast during the third quarter worth approximately $183,000. First Republic Investment Management Inc. acquired a new stake in shares of Mimecast during the third quarter worth approximately $203,000. PEAK6 Investments LLC acquired a new stake in shares of Mimecast during the third quarter worth approximately $210,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Mimecast during the second quarter worth approximately $215,000. Hedge funds and other institutional investors own 70.61% of the company’s stock.

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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