Mimecast (MIME) Cut to Hold at Summit Insights

Summit Insights cut shares of Mimecast (NASDAQ:MIME) from a buy rating to a hold rating in a report released on Monday morning, The Fly reports.

A number of other brokerages have also recently issued reports on MIME. Zacks Investment Research raised shares of Mimecast from a sell rating to a hold rating in a research report on Wednesday, September 12th. BidaskClub raised shares of Mimecast from a hold rating to a buy rating in a research report on Wednesday, September 12th. Monness Crespi & Hardt raised shares of Mimecast from a neutral rating to a buy rating and set a $48.00 target price for the company in a research report on Thursday, September 13th. BMO Capital Markets reduced their target price on shares of Mimecast from $48.00 to $47.00 and set an outperform rating for the company in a research report on Friday, August 10th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Mimecast from $44.00 to $46.00 and gave the company a neutral rating in a research report on Friday, August 10th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $44.79.

NASDAQ:MIME opened at $35.66 on Monday. Mimecast has a one year low of $26.50 and a one year high of $46.87. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of -187.68 and a beta of 0.21. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.41 and a current ratio of 1.41.

Mimecast (NASDAQ:MIME) last released its quarterly earnings data on Thursday, August 9th. The technology company reported $0.04 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.04. Mimecast had a negative net margin of 5.55% and a negative return on equity of 11.41%. The firm had revenue of $78.40 million for the quarter, compared to the consensus estimate of $76.71 million. During the same period in the previous year, the company earned $0.01 earnings per share. The company’s quarterly revenue was up 34.7% on a year-over-year basis. On average, analysts predict that Mimecast will post -0.13 earnings per share for the current fiscal year.

In related news, CEO Peter Bauer sold 103,750 shares of the company’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $39.48, for a total transaction of $4,096,050.00. Following the completion of the sale, the chief executive officer now owns 216,250 shares of the company’s stock, valued at $8,537,550. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Hagi Schwartz sold 2,170 shares of the company’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $39.83, for a total transaction of $86,431.10. Following the sale, the director now directly owns 2,082 shares of the company’s stock, valued at approximately $82,926.06. The disclosure for this sale can be found here. In the last three months, insiders sold 264,754 shares of company stock valued at $10,297,676. 29.00% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC lifted its position in Mimecast by 14.5% during the second quarter. FMR LLC now owns 1,278,693 shares of the technology company’s stock worth $52,695,000 after purchasing an additional 161,449 shares during the period. Sei Investments Co. lifted its position in Mimecast by 90.2% during the second quarter. Sei Investments Co. now owns 6,606 shares of the technology company’s stock worth $272,000 after purchasing an additional 3,133 shares during the period. BlackRock Inc. lifted its position in Mimecast by 309.7% during the first quarter. BlackRock Inc. now owns 22,453 shares of the technology company’s stock worth $796,000 after purchasing an additional 16,972 shares during the period. US Bancorp DE lifted its position in Mimecast by 16.7% during the second quarter. US Bancorp DE now owns 24,684 shares of the technology company’s stock worth $1,018,000 after purchasing an additional 3,524 shares during the period. Finally, Whale Rock Capital Management LLC lifted its position in Mimecast by 46.5% during the second quarter. Whale Rock Capital Management LLC now owns 1,206,131 shares of the technology company’s stock worth $49,705,000 after purchasing an additional 382,777 shares during the period. 67.80% of the stock is owned by institutional investors and hedge funds.

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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