Mimecast Limited (MIME) Given Average Recommendation of “Buy” by Brokerages
Mimecast Limited (NASDAQ:MIME) has received a consensus rating of “Buy” from the fifteen brokerages that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $31.08.
A number of equities analysts recently issued reports on MIME shares. BidaskClub upgraded Mimecast Limited from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Zacks Investment Research cut Mimecast Limited from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. Needham & Company LLC initiated coverage on Mimecast Limited in a report on Tuesday, July 25th. They issued a “buy” rating and a $33.00 target price on the stock. Royal Bank Of Canada reissued a “buy” rating and issued a $30.00 price target on shares of Mimecast Limited in a research report on Monday, July 31st. Finally, Barclays PLC increased their price target on Mimecast Limited from $30.00 to $31.00 and gave the company an “overweight” rating in a research report on Tuesday, August 8th.
Mimecast Limited (MIME) traded down 1.76% during mid-day trading on Wednesday, hitting $31.23. 205,763 shares of the stock were exchanged. Mimecast Limited has a 1-year low of $16.75 and a 1-year high of $32.00. The stock has a 50 day moving average price of $29.55 and a 200 day moving average price of $27.24. The company’s market capitalization is $1.77 billion.
Mimecast Limited (NASDAQ:MIME) last issued its earnings results on Monday, August 7th. The technology company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.05. Mimecast Limited had a negative return on equity of 9.67% and a negative net margin of 3.73%. The company had revenue of $58.16 million for the quarter, compared to analysts’ expectations of $54.96 million. During the same period last year, the business earned $0.04 EPS. Mimecast Limited’s quarterly revenue was up 40.3% compared to the same quarter last year. On average, equities analysts anticipate that Mimecast Limited will post $0.06 earnings per share for the current fiscal year.
Several institutional investors have recently made changes to their positions in the company. Peregrine Capital Management LLC increased its position in shares of Mimecast Limited by 3.5% during the 3rd quarter. Peregrine Capital Management LLC now owns 573,886 shares of the technology company’s stock valued at $16,310,000 after purchasing an additional 19,409 shares during the last quarter. First Trust Advisors LP purchased a new stake in shares of Mimecast Limited during the 3rd quarter valued at $4,751,000. Verition Fund Management LLC purchased a new stake in shares of Mimecast Limited during the 2nd quarter valued at $805,000. Castleark Management LLC increased its position in shares of Mimecast Limited by 46.9% during the 2nd quarter. Castleark Management LLC now owns 325,403 shares of the technology company’s stock valued at $8,714,000 after purchasing an additional 103,948 shares during the last quarter. Finally, Susquehanna International Group LLP purchased a new stake in shares of Mimecast Limited during the 2nd quarter valued at $502,000. 52.84% of the stock is owned by hedge funds and other institutional investors.
About Mimecast Limited
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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