Redwood Investments LLC Buys 6,972 Shares of Mimecast Ltd (NASDAQ:MIME)

Redwood Investments LLC lifted its stake in shares of Mimecast Ltd (NASDAQ:MIME) by 3.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 236,773 shares of the technology company’s stock after acquiring an additional 6,972 shares during the period. Redwood Investments LLC owned approximately 0.39% of Mimecast worth $11,060,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MIME. SQN Investors LP bought a new stake in shares of Mimecast during the 1st quarter worth $48,064,000. Norges Bank bought a new stake in Mimecast in the fourth quarter worth $8,826,000. FMR LLC lifted its stake in Mimecast by 17.1% in the first quarter. FMR LLC now owns 1,320,416 shares of the technology company’s stock worth $62,522,000 after purchasing an additional 193,185 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Mimecast by 435.7% in the first quarter. JPMorgan Chase & Co. now owns 202,266 shares of the technology company’s stock worth $9,577,000 after purchasing an additional 164,512 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in Mimecast by 936.0% in the fourth quarter. BlackRock Inc. now owns 97,782 shares of the technology company’s stock worth $3,288,000 after purchasing an additional 88,344 shares during the last quarter. 71.14% of the stock is owned by institutional investors.

In related news, COO Edward Vincent Jennings sold 11,000 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $49.11, for a total transaction of $540,210.00. Following the transaction, the chief operating officer now owns 12,251 shares in the company, valued at $601,646.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Peter Bauer sold 18,750 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $46.87, for a total transaction of $878,812.50. Following the transaction, the chief executive officer now owns 33,500 shares in the company, valued at approximately $1,570,145. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 498,746 shares of company stock valued at $23,231,841. Insiders own 11.60% of the company’s stock.

Shares of NASDAQ:MIME traded down $2.50 during midday trading on Wednesday, hitting $42.68. 438,528 shares of the stock traded hands, compared to its average volume of 336,441. The stock has a market cap of $2.88 billion, a PE ratio of -609.71, a PEG ratio of 56.57 and a beta of 1.12. The stock’s 50 day simple moving average is $47.54. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.30 and a quick ratio of 1.30. Mimecast Ltd has a one year low of $29.67 and a one year high of $54.57.

Mimecast (NASDAQ:MIME) last issued its quarterly earnings data on Monday, August 5th. The technology company reported $0.08 EPS for the quarter, beating the 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 quarterly revenue was up 26.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.04 earnings per share. Sell-side analysts expect that Mimecast Ltd will post 0.04 earnings per share for the current year.

Several analysts have weighed in on MIME shares. BidaskClub downgraded shares of Mimecast from a “buy” rating to a “hold” rating in a research note on Monday, July 8th. Cowen started coverage on shares of Mimecast in a research note on Thursday, May 23rd. They issued an “outperform” rating and a $60.00 price target for the company. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price target (up from $52.00) on shares of Mimecast in a research note on Monday, May 6th. BMO Capital Markets boosted their price target on shares of Mimecast from $52.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 14th. Finally, Robert W. Baird reissued a “buy” rating and issued a $58.00 price target on shares of Mimecast in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $54.88.

About Mimecast

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: Growth and Income Funds

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Institutional Ownership by Quarter for Mimecast (NASDAQ:MIME)

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