Zacks: Brokerages Anticipate Mimecast Limited (MIME) Will Post Quarterly Sales of $60.05 Million
Brokerages forecast that Mimecast Limited (NASDAQ:MIME) will announce sales of $60.05 million for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Mimecast Limited’s earnings. The highest sales estimate is $60.11 million and the lowest is $60.00 million. Mimecast Limited posted sales of $44.36 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 35.4%. The business is scheduled to announce its next quarterly earnings results on Wednesday, November 8th.
On average, analysts expect that Mimecast Limited will report full year sales of $60.05 million for the current year, with estimates ranging from $249.00 million to $250.17 million. For the next year, analysts forecast that the company will post sales of $295.36 million per share, with estimates ranging from $273.72 million to $309.90 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Mimecast Limited.
Mimecast Limited (NASDAQ:MIME) last released its earnings results on Monday, August 7th. The technology company reported $0.01 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.05. The company had revenue of $58.16 million for the quarter, compared to analysts’ expectations of $54.96 million. Mimecast Limited had a negative return on equity of 9.67% and a negative net margin of 3.73%. The business’s revenue for the quarter was up 40.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.04 EPS.
Several analysts have weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $35.00 price target (up previously from $33.00) on shares of Mimecast Limited in a research note on Tuesday, August 8th. BidaskClub downgraded Mimecast Limited from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 15th. Royal Bank Of Canada restated an “outperform” rating and issued a $33.00 target price (up previously from $30.00) on shares of Mimecast Limited in a research note on Tuesday, August 8th. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $32.00 target price (up previously from $27.00) on shares of Mimecast Limited in a research note on Tuesday, August 8th. Finally, J P Morgan Chase & Co restated an “overweight” rating and issued a $36.00 target price (up previously from $32.00) on shares of Mimecast Limited in a research note on Wednesday, August 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $30.46.
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Shares of Mimecast Limited (NASDAQ:MIME) opened at 26.55 on Wednesday. Mimecast Limited has a 1-year low of $14.53 and a 1-year high of $30.10. The company’s market capitalization is $1.51 billion. The stock’s 50 day moving average price is $27.65 and its 200-day moving average price is $24.54.
A number of institutional investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new position in Mimecast Limited during the second quarter worth $104,000. US Bancorp DE boosted its position in Mimecast Limited by 605.2% in the first quarter. US Bancorp DE now owns 6,396 shares of the technology company’s stock worth $143,000 after buying an additional 5,489 shares during the last quarter. First Mercantile Trust Co. boosted its position in Mimecast Limited by 14.1% in the first quarter. First Mercantile Trust Co. now owns 12,375 shares of the technology company’s stock worth $277,000 after buying an additional 1,530 shares during the last quarter. Crow Point Partners LLC acquired a new position in Mimecast Limited during the second quarter worth $281,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Mimecast Limited during the second quarter worth $290,000. 52.56% of the stock is owned by institutional investors.
Mimecast Limited 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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