Needham & Company LLC Reiterates “Buy” Rating for Mimecast (NASDAQ:MIME)

Needham & Company LLC restated their buy rating on shares of Mimecast (NASDAQ:MIME) in a report issued on Friday morning, AnalystRatings.com reports. They currently have a $65.00 price target on the technology company’s stock.

Several other analysts have also recently commented on the company. ValuEngine upgraded Mimecast from a sell rating to a hold rating in a report on Saturday, October 19th. Wedbush reduced their target price on Mimecast from $50.00 to $46.00 and set a neutral rating on the stock in a report on Tuesday, August 6th. Robert W. Baird set a $58.00 target price on Mimecast and gave the company a buy rating in a report on Sunday, September 15th. BidaskClub upgraded Mimecast from a sell rating to a hold rating in a report on Thursday, October 3rd. Finally, BMO Capital Markets reiterated an outperform rating and issued a $53.00 target price on shares of Mimecast in a report on Friday. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The company has a consensus rating of Buy and an average price target of $55.19.

Shares of NASDAQ:MIME traded up $0.37 during midday trading on Friday, hitting $43.57. 558,814 shares of the stock were exchanged, compared to its average volume of 560,595. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of -622.43, a P/E/G ratio of 63.81 and a beta of 1.18. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.20 and a current ratio of 1.20. The business’s 50-day moving average price is $38.76 and its 200 day moving average price is $44.00. Mimecast has a 12 month low of $29.67 and a 12 month high of $54.57.

Mimecast (NASDAQ:MIME) last released its quarterly earnings results on Thursday, November 7th. The technology company reported $0.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.11. The company had revenue of $103.36 million for the quarter, compared to analysts’ expectations of $101.63 million. Mimecast had a negative return on equity of 2.63% and a negative net margin of 2.09%. The business’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.06 earnings per share. As a group, sell-side analysts expect that Mimecast will post 0.03 EPS for the current year.

In other Mimecast news, insider John J. Walsh, Jr. sold 5,882 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $42.01, for a total value of $247,102.82. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Neil Murray sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $42.13, for a total value of $1,474,550.00. Following the completion of the transaction, the director now directly owns 1,951,665 shares in the company, valued at $82,223,646.45. The disclosure for this sale can be found here. Over the last three months, insiders sold 333,572 shares of company stock worth $13,863,674. Insiders own 11.60% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Macnealy Hoover Investment Management Inc. lifted its stake in Mimecast by 1.8% in the third quarter. Macnealy Hoover Investment Management Inc. now owns 18,075 shares of the technology company’s stock valued at $645,000 after buying an additional 325 shares during the period. Zions Bancorporation N.A. raised its position in shares of Mimecast by 7.2% during the second quarter. Zions Bancorporation N.A. now owns 5,193 shares of the technology company’s stock worth $243,000 after purchasing an additional 349 shares during the period. Advisor Group Inc. raised its position in shares of Mimecast by 39.1% during the second quarter. Advisor Group Inc. now owns 1,349 shares of the technology company’s stock worth $64,000 after purchasing an additional 379 shares during the period. Juncture Wealth Strategies LLC raised its position in shares of Mimecast by 3.4% during the third quarter. Juncture Wealth Strategies LLC now owns 12,000 shares of the technology company’s stock worth $428,000 after purchasing an additional 395 shares during the period. Finally, Steward Partners Investment Advisory LLC acquired a new position in shares of Mimecast during the second quarter worth approximately $32,000. 72.02% of the stock is currently owned by hedge funds and other 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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