Mimecast (MIME) Sets New 12-Month High on Earnings Beat

Mimecast Ltd (NASDAQ:MIME)’s share price reached a new 52-week high during trading on Monday following a stronger than expected earnings report. The stock traded as high as $33.11 and last traded at $31.87, with a volume of 433400 shares traded. The stock had previously closed at $31.87.

The technology company reported $0.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.01. The business had revenue of $67.30 million for the quarter, compared to analysts’ expectations of $64.92 million. Mimecast had a negative return on equity of 10.16% and a negative net margin of 3.51%. Mimecast’s revenue was up 39.3% on a year-over-year basis.

MIME has been the topic of a number of analyst reports. Dougherty & Co boosted their price target on Mimecast from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. Royal Bank of Canada reissued a “buy” rating and issued a $33.00 price target on shares of Mimecast in a research report on Wednesday, October 18th. Oppenheimer reissued a “buy” rating and issued a $35.00 price target (up from $32.00) on shares of Mimecast in a research report on Thursday, November 9th. Jefferies Group reissued a “buy” rating and issued a $38.00 price target on shares of Mimecast in a research report on Friday, November 10th. Finally, Deutsche Bank initiated coverage on Mimecast in a research report on Tuesday, December 19th. They issued a “buy” rating and a $35.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. Mimecast has an average rating of “Buy” and a consensus price target of $36.00.

Institutional investors and hedge funds have recently modified their holdings of the company. Invictus RG purchased a new position in Mimecast in the 3rd quarter worth approximately $143,000. Bronfman E.L. Rothschild L.P. purchased a new position in Mimecast in the 3rd quarter worth approximately $200,000. Cubist Systematic Strategies LLC purchased a new position in Mimecast in the 2nd quarter worth approximately $290,000. Goldman Sachs Group Inc. purchased a new position in Mimecast in the 2nd quarter worth approximately $327,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Mimecast in the 3rd quarter worth approximately $358,000. 58.73% of the stock is currently owned by hedge funds and other institutional investors.

The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.32.

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Mimecast Company Profile

Mimecast Limited is a provider of cloud security and risk management services for corporate information and e-mail. The Company’s suite of cloud services protects customers from the business and data security risks. It also mitigates the business disruption that e-mail failure or downtime causes. In addition, its archiving services secure, store and manage critical corporate communications and information to address the compliance and e-discovery requirements.

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