Mimecast (NASDAQ:MIME) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Mimecast (NASDAQ:MIME) from a sell rating to a hold rating in a research report sent to investors on Wednesday, Zacks.com reports.

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. “

Other equities research analysts have also issued research reports about the company. Northland Securities dropped their price target on Mimecast from $77.00 to $70.00 and set an outperform rating for the company in a research note on Friday, January 15th. Barclays dropped their price target on Mimecast from $62.00 to $54.00 and set an overweight rating for the company in a research note on Thursday, February 4th. TheStreet lowered Mimecast from a b- rating to a c rating in a research note on Tuesday, March 9th. BMO Capital Markets dropped their price target on Mimecast from $58.00 to $48.00 and set a market perform rating for the company in a research note on Thursday, February 4th. Finally, Stephens assumed coverage on Mimecast in a research note on Monday, February 1st. They set an overweight rating and a $57.00 price target for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $54.67.

Mimecast stock opened at $47.59 on Wednesday. Mimecast has a 52 week low of $36.52 and a 52 week high of $59.48. The business has a 50-day simple moving average of $42.11 and a 200 day simple moving average of $44.77. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.34. The stock has a market cap of $3.06 billion, a price-to-earnings ratio of 198.29, a PEG ratio of 4.96 and a beta of 1.34.

Mimecast (NASDAQ:MIME) last posted its earnings results on Tuesday, May 11th. The technology company reported $0.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.05. Mimecast had a return on equity of 7.27% and a net margin of 3.44%. The business had revenue of $133.90 million during the quarter, compared to analysts’ expectations of $131.19 million. During the same period in the previous year, the business earned $0.15 earnings per share. The firm’s revenue was up 17.3% on a year-over-year basis. On average, research analysts anticipate that Mimecast will post 0.29 earnings per share for the current year.

In related news, insider John J. Walsh, Jr. sold 35,000 shares of the business’s stock in a transaction dated Thursday, May 13th. The stock was sold at an average price of $46.60, for a total transaction of $1,631,000.00. Following the transaction, the insider now owns 31,642 shares in the company, valued at approximately $1,474,517.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Peter Bauer sold 17,500 shares of the business’s stock in a transaction dated Wednesday, February 17th. The shares were sold at an average price of $43.06, for a total value of $753,550.00. In the last 90 days, insiders have sold 208,000 shares of company stock worth $9,109,360. 9.50% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of Mimecast by 16.3% in the 4th quarter. BlackRock Inc. now owns 4,591,760 shares of the technology company’s stock worth $260,995,000 after acquiring an additional 642,278 shares in the last quarter. Nikko Asset Management Americas Inc. raised its position in shares of Mimecast by 53.5% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 1,740,265 shares of the technology company’s stock worth $69,976,000 after acquiring an additional 606,886 shares in the last quarter. Norges Bank bought a new position in shares of Mimecast in the 4th quarter worth approximately $32,595,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Mimecast by 39.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,347,860 shares of the technology company’s stock worth $54,197,000 after acquiring an additional 383,388 shares in the last quarter. Finally, Lakewood Capital Management LP bought a new position in shares of Mimecast in the 4th quarter worth approximately $14,210,000. Institutional investors own 83.52% of the company’s stock.

Mimecast Company Profile

Mimecast Limited provides cloud security and risk management services for corporate information and email. The company offers Mimecast Email Security solution, which protects against the delivery of malware, malicious URLs and attachments, spam, viruses, impersonation attacks, phishing, and spear-phishing attacks, including business email compromise, identity theft, extortion, fraud, and other attacks, while also preventing data leaks and other internal threats, as well as provides awareness training services.

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