Mimecast (MIME) Downgraded by Summit Insights to “Hold”

Summit Insights lowered shares of Mimecast (NASDAQ:MIME) from a buy rating to a hold rating in a research note issued to investors on Monday, The Fly reports.

A number of other equities research analysts also recently commented on MIME. Zacks Investment Research upgraded shares of Mimecast from a hold rating to a buy rating and set a $48.00 price target for the company in a report on Wednesday, July 11th. BidaskClub downgraded shares of Mimecast from a buy rating to a hold rating in a report on Tuesday, July 31st. BMO Capital Markets lowered their price target on shares of Mimecast from $48.00 to $47.00 and set an outperform rating for the company in a report on Friday, August 10th. JPMorgan Chase & Co. lifted their price target on shares of Mimecast from $44.00 to $46.00 and gave the stock a neutral rating in a report on Friday, August 10th. Finally, Deutsche Bank lifted their price target on shares of Mimecast to $50.00 and gave the stock a buy rating in a report on Friday, August 10th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $45.07.

NASDAQ:MIME opened at $34.86 on Monday. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.52. Mimecast has a twelve month low of $26.50 and a twelve month high of $46.87. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -183.47 and a beta of 0.21.



Mimecast (NASDAQ:MIME) last posted its earnings results on Thursday, August 9th. The technology company reported $0.04 earnings per share 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 during the quarter, compared to the consensus estimate of $76.71 million. During the same period last year, the firm posted $0.01 EPS. The firm’s revenue for the quarter was up 34.7% on a year-over-year basis. On average, research analysts forecast that Mimecast will post -0.13 EPS for the current year.

In related news, CFO Peter Andrew James Campbell sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, October 22nd. The shares were sold at an average price of $34.63, for a total value of $138,520.00. Following the completion of the sale, the chief financial officer now directly owns 224,000 shares in the company, valued at $7,757,120. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Peter Bauer sold 11,250 shares of the business’s stock in a transaction that occurred on Monday, October 22nd. The shares were sold at an average price of $34.60, for a total transaction of $389,250.00. Following the completion of the sale, the chief executive officer now owns 101,250 shares of the company’s stock, valued at $3,503,250. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 264,754 shares of company stock valued at $10,297,676. 29.00% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. grew its holdings in Mimecast by 72.3% in the first quarter. Sei Investments Co. now owns 3,473 shares of the technology company’s stock valued at $123,000 after purchasing an additional 1,457 shares during the period. Simplex Trading LLC acquired a new position in Mimecast during the third quarter valued at approximately $183,000. Raymond James Financial Services Advisors Inc. acquired a new position in Mimecast during the second quarter valued at approximately $215,000. Advisors Asset Management Inc. acquired a new position in Mimecast during the second quarter valued at approximately $238,000. Finally, Verition Fund Management LLC acquired a new position in Mimecast during the second quarter valued at approximately $240,000. Hedge funds and other institutional investors own 67.80% of the company’s stock.

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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