Select Equity Group L.P. Reduces Position in Mimecast Limited (NASDAQ:MIME)

Select Equity Group L.P. cut its stake in shares of Mimecast Limited (NASDAQ:MIME) by 42.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,187 shares of the technology company’s stock after selling 4,523 shares during the quarter. Select Equity Group L.P.’s holdings in Mimecast were worth $249,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MIME. Institutional & Family Asset Management LLC purchased a new stake in Mimecast in the first quarter valued at approximately $31,000. Marshall Wace LLP purchased a new stake in Mimecast in the first quarter valued at approximately $49,000. Eaton Vance Management purchased a new stake in Mimecast in the first quarter valued at approximately $74,000. Lazard Asset Management LLC boosted its position in Mimecast by 80.7% in the first quarter. Lazard Asset Management LLC now owns 2,886 shares of the technology company’s stock valued at $116,000 after buying an additional 1,289 shares during the last quarter. Finally, Diametric Capital LP purchased a new stake in Mimecast in the fourth quarter valued at approximately $202,000. 79.88% of the stock is currently owned by hedge funds and other institutional investors.

Mimecast stock traded up $0.23 during midday trading on Thursday, reaching $56.27. The company had a trading volume of 28 shares, compared to its average volume of 427,716. The company has a market capitalization of $3.67 billion, a P/E ratio of 124.53, a P/E/G ratio of 2.50 and a beta of 1.30. Mimecast Limited has a 12-month low of $37.03 and a 12-month high of $59.48. The business has a fifty day moving average of $51.99. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.26.

Mimecast (NASDAQ:MIME) last issued its quarterly earnings results on Tuesday, May 11th. The technology company reported $0.28 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.05. The firm had revenue of $133.90 million for the quarter, compared to analyst estimates of $131.19 million. Mimecast had a net margin of 5.93% and a return on equity of 10.01%. Mimecast’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period last year, the company posted $0.15 EPS. On average, research analysts forecast that Mimecast Limited will post 0.64 earnings per share for the current fiscal year.

In other Mimecast news, CEO Peter Bauer sold 17,500 shares of the firm’s stock in a transaction on Monday, April 26th. The stock was sold at an average price of $44.53, for a total value of $779,275.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John J. Walsh, Jr. sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, April 26th. The stock was sold at an average price of $45.50, for a total transaction of $182,000.00. Following the completion of the transaction, the insider now directly owns 15,642 shares in the company, valued at $711,711. The disclosure for this sale can be found here. Insiders sold a total of 264,381 shares of company stock worth $13,030,667 in the last 90 days. 9.50% of the stock is currently owned by insiders.

MIME has been the topic of several recent research reports. Needham & Company LLC upped their price target on shares of Mimecast from $65.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, July 14th. Stephens upped their price target on shares of Mimecast from $57.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, May 12th. Monness Crespi & Hardt upped their price objective on Mimecast from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, May 12th. Zacks Investment Research upgraded Mimecast from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research report on Wednesday, July 14th. Finally, Barclays upped their price objective on Mimecast from $56.00 to $61.00 and gave the stock an “overweight” rating in a research report on Thursday, July 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $56.73.

About Mimecast

Mimecast Limited provides cloud security and risk management services for corporate information and email. The company offers Mimecast Email Security solution, which protects against the delivery of malware, malicious URLs and attachments, spam, viruses, impersonation attacks, phishing, and spear-phishing attacks, including business email compromise, identity theft, extortion, fraud, and other attacks, while also preventing data leaks and other internal threats, as well as provides awareness training services.

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Institutional Ownership by Quarter for Mimecast (NASDAQ:MIME)

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