Mimecast (MIME) Price Target Raised to $52.00 at Royal Bank of Canada

Mimecast (NASDAQ:MIME) had its target price boosted by equities researchers at Royal Bank of Canada to $52.00 in a report released on Tuesday, The Fly reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 4.35% from the company’s previous close.

Several other research firms have also commented on MIME. Summit Insights upgraded Mimecast from a “hold” rating to a “buy” rating in a research note on Tuesday. Wedbush upped their price objective on Mimecast from $40.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday. Zacks Investment Research lowered Mimecast from a “buy” rating to a “hold” rating in a research note on Wednesday, January 9th. Needham & Company LLC restated a “buy” rating and issued a $52.00 price objective (up from $49.00) on shares of Mimecast in a research note on Tuesday. Finally, BidaskClub upgraded Mimecast from a “hold” rating to a “buy” rating in a research note on Thursday, January 31st. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. Mimecast presently has an average rating of “Buy” and a consensus price target of $49.79.

NASDAQ:MIME opened at $49.83 on Tuesday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.20. The firm has a market capitalization of $2.54 billion, a PE ratio of -262.26 and a beta of 1.00. Mimecast has a one year low of $29.67 and a one year high of $51.66.

Mimecast (NASDAQ:MIME) last posted its quarterly earnings data on Monday, February 11th. The technology company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.04). The company had revenue of $87.61 million during the quarter, compared to analysts’ expectations of $84.80 million. Mimecast had a negative return on equity of 10.33% and a negative net margin of 5.44%. Sell-side analysts expect that Mimecast will post -0.03 EPS for the current fiscal year.

In other Mimecast news, CEO Peter Bauer sold 18,750 shares of the stock in a transaction dated Friday, November 23rd. The shares were sold at an average price of $35.30, for a total transaction of $661,875.00. Following the completion of the transaction, the chief executive officer now owns 90,000 shares of the company’s stock, valued at approximately $3,177,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Edward Vincent Jennings sold 7,500 shares of the stock in a transaction dated Monday, December 24th. The shares were sold at an average price of $29.98, for a total transaction of $224,850.00. Following the transaction, the chief operating officer now directly owns 7,500 shares of the company’s stock, valued at approximately $224,850. The disclosure for this sale can be found here. Insiders sold a total of 290,909 shares of company stock valued at $10,895,546 in the last ninety days. 29.00% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Brown Advisory Inc. boosted its holdings in shares of Mimecast by 17.3% during the 4th quarter. Brown Advisory Inc. now owns 2,792,107 shares of the technology company’s stock valued at $93,896,000 after purchasing an additional 411,403 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Mimecast by 11.0% during the 3rd quarter. Renaissance Technologies LLC now owns 1,567,291 shares of the technology company’s stock valued at $65,638,000 after purchasing an additional 155,401 shares during the last quarter. FMR LLC boosted its holdings in shares of Mimecast by 5.8% during the 3rd quarter. FMR LLC now owns 1,352,266 shares of the technology company’s stock valued at $56,632,000 after purchasing an additional 73,573 shares during the last quarter. Scge Management L.P. bought a new position in shares of Mimecast during the 3rd quarter valued at about $40,205,000. Finally, Loomis Sayles & Co. L P boosted its holdings in shares of Mimecast by 7.6% during the 3rd quarter. Loomis Sayles & Co. L P now owns 842,326 shares of the technology company’s stock valued at $35,277,000 after purchasing an additional 59,335 shares during the last quarter. 71.42% of the stock is owned by institutional investors and hedge funds.

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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