Zacks Investment Research downgraded shares of Mimecast (NASDAQ:MIME) from a hold rating to a sell rating in a research note published on Tuesday, September 18th.

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 analysts have also recently issued reports about the company. BMO Capital Markets dropped their price target on Mimecast from $48.00 to $47.00 and set an outperform rating for the company in a research report on Friday, August 10th. Barclays restated an overweight rating and issued a $47.00 target price (up from $40.00) on shares of Mimecast in a report on Thursday, May 31st. BidaskClub cut Mimecast from a strong-buy rating to a buy rating in a report on Tuesday, June 26th. Goldman Sachs Group upgraded Mimecast from a neutral rating to a buy rating in a report on Wednesday, June 20th. Finally, Monness Crespi & Hardt raised Mimecast from a neutral rating to a buy rating and set a $48.00 price target on the stock in a research note on Thursday, September 13th. Three research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $45.08.

Shares of MIME traded up $3.15 during trading hours on Tuesday, hitting $35.15. 854,378 shares of the stock were exchanged, compared to its average volume of 353,521. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.41 and a current ratio of 1.41. Mimecast has a 12-month low of $26.50 and a 12-month high of $46.87. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of -185.00 and a beta of 0.21.

Mimecast (NASDAQ:MIME) last issued its quarterly earnings results on Thursday, August 9th. The technology company reported $0.04 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.04. Mimecast had a negative return on equity of 11.41% and a negative net margin of 5.55%. The firm had revenue of $78.40 million during the quarter, compared to analysts’ expectations of $76.71 million. During the same period in the previous year, the business earned $0.01 earnings per share. The firm’s revenue for the quarter was up 34.7% on a year-over-year basis. On average, analysts predict that Mimecast will post -0.13 earnings per share for the current year.

In other Mimecast news, insider Neil Murray sold 25,000 shares of the company’s stock in a transaction dated Monday, July 23rd. The stock was sold at an average price of $41.40, for a total transaction of $1,035,000.00. Following the sale, the insider now owns 2,518,200 shares in the company, valued at approximately $104,253,480. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Peter Andrew James Campbell sold 30,000 shares of the company’s stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $42.09, for a total value of $1,262,700.00. Following the sale, the chief financial officer now owns 250,000 shares in the company, valued at approximately $10,522,500. The disclosure for this sale can be found here. In the last three months, insiders have sold 305,726 shares of company stock worth $12,339,835. 29.00% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC increased its holdings in shares of Mimecast by 14.5% in the 2nd quarter. FMR LLC now owns 1,278,693 shares of the technology company’s stock valued at $52,695,000 after acquiring an additional 161,449 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Mimecast by 90.2% in the 2nd quarter. Sei Investments Co. now owns 6,606 shares of the technology company’s stock valued at $272,000 after acquiring an additional 3,133 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Mimecast by 309.7% in the 1st quarter. BlackRock Inc. now owns 22,453 shares of the technology company’s stock valued at $796,000 after acquiring an additional 16,972 shares during the last quarter. Oak Ridge Investments LLC purchased a new position in shares of Mimecast in the 1st quarter valued at about $8,035,000. Finally, Whale Rock Capital Management LLC purchased a new position in shares of Mimecast in the 1st quarter valued at about $29,171,000. Institutional investors own 68.04% of the company’s stock.

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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