Zacks Investment Research Downgrades Mimecast Ltd (MIME) to Strong Sell
Mimecast Ltd (NASDAQ:MIME) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Saturday.
According to Zacks, “Mimecast Limited offers cloud security and risk management services for corporate information and email primarily in the United States, the United Kingdom and South Africa. The Company offers email management services that protect the organization against spam, viruses, malware, emerging threats, and other challenges. Mimecast Limited is headquartered in London, the United Kingdom. “
Several other equities analysts have also issued reports on MIME. Dougherty & Co upped their price target on Mimecast from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Friday, February 10th. Barclays PLC upped their price target on Mimecast to $27.00 and gave the company a “buy” rating in a research note on Friday, February 10th. Benchmark Co. upped their price target on Mimecast from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday. Jefferies Group LLC reaffirmed a “buy” rating and set a $30.00 price target (up previously from $29.00) on shares of Mimecast in a research note on Thursday, February 16th. Finally, Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $27.00 price target (up previously from $25.00) on shares of Mimecast in a research note on Tuesday, February 14th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the company’s stock. Mimecast currently has an average rating of “Buy” and an average target price of $27.80.
Shares of Mimecast (NASDAQ:MIME) opened at 24.29 on Friday. The company’s market capitalization is $1.34 billion. The company’s 50 day moving average is $22.92 and its 200-day moving average is $20.94. Mimecast has a 52 week low of $7.36 and a 52 week high of $25.37.
Mimecast (NASDAQ:MIME) last posted its quarterly earnings data on Tuesday, May 9th. The technology company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The company had revenue of $52.40 million for the quarter, compared to analyst estimates of $52.12 million. Mimecast had a negative return on equity of 6.07% and a negative net margin of 2.80%. The company’s quarterly revenue was up 42.0% on a year-over-year basis. On average, analysts expect that Mimecast will post $0.06 EPS for the current fiscal year.
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Several institutional investors have recently modified their holdings of the stock. US Bancorp DE raised its position in shares of Mimecast by 605.2% in the first quarter. US Bancorp DE now owns 6,396 shares of the technology company’s stock valued at $143,000 after buying an additional 5,489 shares during the period. First Mercantile Trust Co. raised its position in Mimecast by 14.1% in the first quarter. First Mercantile Trust Co. now owns 12,375 shares of the technology company’s stock valued at $277,000 after buying an additional 1,530 shares during the last quarter. Airain ltd bought a new position in Mimecast during the first quarter valued at $372,000. JPMorgan Chase & Co. raised its position in Mimecast by 15.8% in the first quarter. JPMorgan Chase & Co. now owns 17,497 shares of the technology company’s stock valued at $392,000 after buying an additional 2,385 shares during the last quarter. Finally, Symmetry Peak Management LLC bought a new position in Mimecast during the third quarter valued at $335,000. 42.93% of the stock is currently owned by institutional investors and hedge funds.
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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