MINDBODY (MB) Cut to “Market Perform” at Wells Fargo & Co

MINDBODY (NASDAQ:MB) was downgraded by equities researchers at Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Monday, The Fly reports.

Other analysts have also issued reports about the stock. DA Davidson set a $33.00 price objective on shares of MINDBODY and gave the stock a “buy” rating in a report on Wednesday, November 7th. KeyCorp restated a “buy” rating and issued a $38.00 price objective on shares of MINDBODY in a report on Wednesday, November 7th. BidaskClub upgraded shares of MINDBODY from a “hold” rating to a “buy” rating in a report on Tuesday, October 30th. ValuEngine upgraded shares of MINDBODY from a “hold” rating to a “buy” rating in a report on Wednesday, November 28th. Finally, TheStreet upgraded shares of MINDBODY from a “d+” rating to a “c-” rating in a report on Thursday, January 24th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. MINDBODY presently has an average rating of “Hold” and an average target price of $36.29.

MB traded down $0.05 on Monday, hitting $36.46. The company had a trading volume of 124,826 shares, compared to its average volume of 1,437,768. The company has a debt-to-equity ratio of 0.89, a current ratio of 9.45 and a quick ratio of 9.45. MINDBODY has a 52-week low of $21.61 and a 52-week high of $45.50. The firm has a market capitalization of $1.75 billion, a PE ratio of -121.53 and a beta of -0.35.

In other news, major shareholder Luxor Capital Group, Lp acquired 1,976,868 shares of the firm’s stock in a transaction that occurred on Thursday, February 7th. The stock was bought at an average cost of $36.48 per share, for a total transaction of $72,116,144.64. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Richard Lee Stollmeyer sold 17,739 shares of the business’s stock in a transaction that occurred on Monday, December 3rd. The stock was sold at an average price of $27.85, for a total transaction of $494,031.15. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,427 shares of company stock valued at $1,936,999. 6.02% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in MB. Bank of Montreal Can grew its position in MINDBODY by 147.9% in the 4th quarter. Bank of Montreal Can now owns 1,014 shares of the technology company’s stock worth $37,000 after purchasing an additional 605 shares during the period. AdvisorNet Financial Inc bought a new stake in MINDBODY in the 4th quarter worth approximately $36,000. TIAA CREF Investment Management LLC grew its position in MINDBODY by 0.7% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 170,167 shares of the technology company’s stock worth $6,917,000 after purchasing an additional 1,099 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in MINDBODY by 6.0% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 31,443 shares of the technology company’s stock worth $1,278,000 after purchasing an additional 1,774 shares during the period. Finally, Parallel Advisors LLC grew its position in MINDBODY by 15.3% in the 4th quarter. Parallel Advisors LLC now owns 13,980 shares of the technology company’s stock worth $508,000 after purchasing an additional 1,850 shares during the period.

About MINDBODY

MINDBODY, Inc operates a cloud-based business management software and payments platform for the small and medium-sized businesses in the wellness services industry. Its platform enables businesses to run, market, and build scheduling and online booking, performance tracking, staff management, client relationship management, integrated payment processing, retail point-of-sale, purchase tracking, inventory, hardware integration, analytics and reporting, branded Web, mobility, social integration, client acquisition dashboard, security and compliance, and integration with other cloud-based partners for yoga, Pilates, indoor cycling, group and personal training, boutique fitness, salons, spas, and integrative health businesses.

See Also: Coverage Ratio

The Fly

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