JPMorgan Chase & Co. Increases Mimecast (MIME) Price Target to $46.00

Mimecast (NASDAQ:MIME) had its price objective upped by JPMorgan Chase & Co. from $44.00 to $46.00 in a report issued on Friday. The firm currently has a “neutral” rating on the technology company’s stock. JPMorgan Chase & Co.’s target price would suggest a potential upside of 18.01% from the company’s current price.

Several other analysts have also recently issued reports on the stock. BMO Capital Markets cut their price target on shares of Mimecast from $48.00 to $47.00 and set an “outperform” rating on the stock in a report on Friday. BidaskClub cut shares of Mimecast from a “buy” rating to a “hold” rating in a report on Tuesday, July 31st. Zacks Investment Research cut shares of Mimecast from a “buy” rating to a “hold” rating in a report on Wednesday, July 18th. Goldman Sachs Group raised shares of Mimecast from a “neutral” rating to a “buy” rating in a report on Wednesday, June 20th. Finally, Barclays reaffirmed an “overweight” rating and issued a $47.00 price target (up from $40.00) on shares of Mimecast in a report on Thursday, May 31st. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $44.00.

MIME traded down $1.21 during trading on Friday, hitting $38.98. The company had a trading volume of 833,553 shares, compared to its average volume of 350,509. The stock has a market capitalization of $2.37 billion, a PE ratio of -205.16, a P/E/G ratio of 28.71 and a beta of 0.08. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.33 and a quick ratio of 1.33. Mimecast has a 1-year low of $25.12 and a 1-year high of $46.87.

Mimecast (NASDAQ:MIME) last posted its quarterly earnings results on Thursday, August 9th. The technology company reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $78.40 million for the quarter, compared to analysts’ expectations of $76.71 million. Mimecast had a negative net margin of 5.55% and a negative return on equity of 12.62%. The firm’s quarterly revenue was up 34.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.01 earnings per share. equities research analysts forecast that Mimecast will post 0.07 earnings per share for the current fiscal year.

In other Mimecast news, insider Neil Murray sold 213,465 shares of the stock in a transaction on Tuesday, June 26th. The shares were sold at an average price of $41.45, for a total transaction of $8,848,124.25. Following the sale, the insider now directly owns 2,734,615 shares of the company’s stock, valued at $113,349,791.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Peter Bauer sold 22,500 shares of the stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $42.76, for a total transaction of $962,100.00. Following the sale, the chief executive officer now directly owns 26,400 shares in the company, valued at $1,128,864. The disclosure for this sale can be found here. Insiders have sold 525,113 shares of company stock worth $22,047,715 over the last three months. 29.00% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the business. Sei Investments Co. raised its holdings in shares of Mimecast by 72.3% during the first quarter. Sei Investments Co. now owns 3,473 shares of the technology company’s stock worth $123,000 after purchasing an additional 1,457 shares during the period. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Mimecast during the second quarter worth $215,000. Macnealy Hoover Investment Management Inc. acquired a new stake in shares of Mimecast during the second quarter worth $247,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Mimecast during the first quarter worth $238,000. Finally, Koch Industries Inc. acquired a new stake in shares of Mimecast during the first quarter worth $290,000. 67.20% of the stock is currently owned by institutional investors.

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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