Short Interest in Mimecast Ltd (NASDAQ:MIME) Rises By 97.2%

Mimecast Ltd (NASDAQ:MIME) saw a large growth in short interest in June. As of June 30th, there was short interest totalling 461,600 shares, a growth of 97.2% from the May 30th total of 234,100 shares. Based on an average trading volume of 520,100 shares, the short-interest ratio is currently 0.9 days. Approximately 0.9% of the company’s stock are sold short.

Shares of Mimecast stock opened at $48.31 on Friday. The stock has a market cap of $3.08 billion, a P/E ratio of -690.14, a P/E/G ratio of 60.81 and a beta of 1.13. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.30 and a current ratio of 1.30. Mimecast has a one year low of $29.67 and a one year high of $54.57. The stock’s fifty day moving average price is $46.02.

Mimecast (NASDAQ:MIME) last announced its quarterly earnings data on Monday, May 13th. The technology company reported ($0.01) EPS for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($0.02). The firm had revenue of $92.20 million for the quarter, compared to analysts’ expectations of $91.34 million. Mimecast had a negative return on equity of 2.72% and a negative net margin of 2.06%. The firm’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.05) EPS. As a group, equities analysts anticipate that Mimecast will post 0.04 EPS for the current year.



In other news, CEO Peter Bauer sold 18,750 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $45.64, for a total value of $855,750.00. Following the completion of the transaction, the chief executive officer now owns 12,253 shares in the company, valued at approximately $559,226.92. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Edward Vincent Jennings sold 11,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $44.12, for a total transaction of $485,320.00. Following the completion of the transaction, the chief operating officer now owns 12,251 shares of the company’s stock, valued at approximately $540,514.12. The disclosure for this sale can be found here. Insiders have sold a total of 477,746 shares of company stock valued at $22,161,736 in the last quarter. 29.00% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the business. Amundi Pioneer Asset Management Inc. purchased a new position in Mimecast during the 4th quarter worth $192,000. HarbourVest Partners LLC purchased a new position in Mimecast during the 4th quarter worth $789,000. Redwood Investments LLC raised its position in Mimecast by 19.6% during the 1st quarter. Redwood Investments LLC now owns 229,801 shares of the technology company’s stock worth $10,881,000 after buying an additional 37,675 shares during the last quarter. Polar Capital LLP increased its holdings in shares of Mimecast by 52.1% in the 4th quarter. Polar Capital LLP now owns 946,401 shares of the technology company’s stock valued at $31,827,000 after purchasing an additional 324,017 shares in the last quarter. Finally, Boston Advisors LLC purchased a new position in shares of Mimecast in the 1st quarter valued at about $2,587,000. Institutional investors own 71.70% of the company’s stock.

Several research analysts have recently issued reports on MIME shares. Needham & Company LLC cut shares of Acquity Group from a “buy” rating to a “hold” rating in a report on Monday, May 6th. Bank of America set a $144.00 price target on shares of Walt Disney and gave the company a “buy” rating in a research report on Friday, April 12th. BMO Capital Markets set a $13.00 price target on shares of Vale and gave the company a “hold” rating in a research report on Tuesday, May 14th. Imperial Capital reiterated an “outperform” rating and issued a $55.00 price target (up previously from $52.00) on shares of Mimecast in a research report on Tuesday, May 14th. Finally, BidaskClub downgraded shares of Utah Medical Products from a “hold” rating to a “sell” rating in a research report on Monday, July 8th. Four analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Mimecast has an average rating of “Buy” and an average price target of $54.31.

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.

Further Reading: Why do analysts give a neutral rating?

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