Mimecast Ltd (NASDAQ:MIME) Sees Significant Increase in Short Interest

Mimecast Ltd (NASDAQ:MIME) was the target of a significant increase in short interest during the month of August. As of August 15th, there was short interest totalling 679,600 shares, an increase of 27.8% from the July 15th total of 531,900 shares. Based on an average daily volume of 439,000 shares, the days-to-cover ratio is presently 1.5 days. Currently, 1.3% of the shares of the company are sold short.

A number of equities research analysts have recently issued reports on MIME shares. Wedbush lowered their price target on shares of Mimecast from $50.00 to $46.00 and set a “neutral” rating on the stock in a report on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price target (up from $52.00) on shares of Mimecast in a report on Monday, May 6th. BidaskClub downgraded shares of Mimecast from a “buy” rating to a “hold” rating in a report on Wednesday, August 14th. ValuEngine downgraded shares of Mimecast from a “buy” rating to a “hold” rating in a report on Monday, August 12th. Finally, BMO Capital Markets increased their price target on shares of Mimecast from $52.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday, May 14th. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $55.56.

In other news, Director Neil Murray sold 235,000 shares of the stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $45.98, for a total value of $10,805,300.00. Following the sale, the director now directly owns 2,139,188 shares of the company’s stock, valued at $98,359,864.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John J. Walsh, Jr. sold 5,882 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $42.01, for a total transaction of $247,102.82. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 608,882 shares of company stock worth $27,297,528. Insiders own 11.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Whale Rock Capital Management LLC grew its holdings in shares of Mimecast by 90.8% in the second quarter. Whale Rock Capital Management LLC now owns 3,797,844 shares of the technology company’s stock worth $177,397,000 after purchasing an additional 1,807,096 shares during the last quarter. Waddell & Reed Financial Inc. lifted its position in Mimecast by 3.3% during the second quarter. Waddell & Reed Financial Inc. now owns 2,091,838 shares of the technology company’s stock valued at $97,710,000 after buying an additional 66,585 shares during the period. Holocene Advisors LP lifted its position in Mimecast by 52.8% during the second quarter. Holocene Advisors LP now owns 1,567,953 shares of the technology company’s stock valued at $73,239,000 after buying an additional 541,714 shares during the period. Wells Fargo & Company MN lifted its position in Mimecast by 10.9% during the second quarter. Wells Fargo & Company MN now owns 1,535,998 shares of the technology company’s stock valued at $71,747,000 after buying an additional 151,521 shares during the period. Finally, FMR LLC increased its holdings in shares of Mimecast by 17.1% during the first quarter. FMR LLC now owns 1,320,416 shares of the technology company’s stock valued at $62,522,000 after acquiring an additional 193,185 shares in the last quarter. Institutional investors and hedge funds own 69.48% of the company’s stock.

Shares of MIME stock traded down $3.18 during trading on Wednesday, hitting $40.15. The company had a trading volume of 826,872 shares, compared to its average volume of 535,778. Mimecast has a 52 week low of $29.67 and a 52 week high of $54.57. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.49. The stock’s 50-day moving average is $45.90 and its two-hundred day moving average is $46.94. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of -573.57, a price-to-earnings-growth ratio of 41.49 and a beta of 1.12.

Mimecast (NASDAQ:MIME) last issued its quarterly earnings results on Monday, August 5th. The technology company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.11. Mimecast had a negative net margin of 2.09% and a negative return on equity of 2.63%. The business had revenue of $99.23 million for the quarter, compared to analysts’ expectations of $97.32 million. During the same period last year, the business earned $0.04 earnings per share. The business’s quarterly revenue was up 26.6% on a year-over-year basis. On average, research analysts predict that Mimecast will post 0.05 EPS for the current fiscal year.

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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