Mimecast (NASDAQ:MIME) Shares Down 6.9%

Mimecast Ltd (NASDAQ:MIME)’s share price fell 6.9% on Monday . The company traded as low as $42.50 and last traded at $43.47, 903,244 shares traded hands during mid-day trading. An increase of 66% from the average session volume of 543,453 shares. The stock had previously closed at $46.67.

A number of brokerages have weighed in on MIME. BidaskClub lowered shares of Mimecast from a “buy” rating to a “hold” rating in a research report on Monday, July 8th. Cowen began coverage on shares of Mimecast in a research report on Thursday, May 23rd. They issued an “outperform” rating and a $60.00 target price on the stock. Bank of America began coverage on shares of Mimecast in a research report on Friday, April 12th. They issued a “buy” rating and a $60.00 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $65.00 target price (up previously from $52.00) on shares of Mimecast in a research report on Monday, May 6th. Finally, ValuEngine lowered shares of Mimecast from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, May 14th. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $54.31.

The firm’s 50 day simple moving average is $47.59. The firm has a market capitalization of $2.88 billion, a PE ratio of -621.00, a P/E/G ratio of 56.57 and a beta of 1.12. 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 (NASDAQ:MIME) last released its quarterly earnings results on Monday, August 5th. The technology company reported $0.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.11. The firm had revenue of $99.23 million during the quarter, compared to the consensus estimate of $97.32 million. Mimecast had a negative net margin of 2.06% and a negative return on equity of 2.72%. The company’s revenue for the quarter was up 26.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.04 earnings per share. As a group, equities research analysts forecast that Mimecast Ltd will post 0.04 EPS for the current year.

In related news, COO Edward Vincent Jennings sold 11,000 shares of Mimecast stock in a transaction on Monday, May 13th. The shares were sold at an average price of $49.11, for a total transaction of $540,210.00. Following the completion of the transaction, the chief operating officer now owns 12,251 shares of the company’s stock, valued at $601,646.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Peter Bauer sold 18,750 shares of Mimecast stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $48.46, for a total transaction of $908,625.00. The disclosure for this sale can be found here. Insiders have sold 498,746 shares of company stock valued at $23,231,841 in the last ninety days. Insiders own 11.60% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. bought a new position in Mimecast during the fourth quarter worth $192,000. Redwood Investments LLC raised its stake in Mimecast by 19.6% during the first 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. Boston Advisors LLC bought a new position in Mimecast during the first quarter worth $2,587,000. Hamilton Lane Advisors LLC raised its stake in Mimecast by 182.2% during the first quarter. Hamilton Lane Advisors LLC now owns 31,489 shares of the technology company’s stock worth $1,491,000 after buying an additional 20,332 shares during the last quarter. Finally, BlackRock Inc. raised its stake in Mimecast by 936.0% during the fourth quarter. BlackRock Inc. now owns 97,782 shares of the technology company’s stock worth $3,288,000 after buying an additional 88,344 shares during the last quarter. 71.14% of the stock is owned by institutional investors and hedge funds.

Mimecast Company Profile (NASDAQ:MIME)

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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