BMO Capital Markets Cuts Mimecast (MIME) Price Target to $43.00

Mimecast (NASDAQ:MIME) had its price objective decreased by equities researchers at BMO Capital Markets from $47.00 to $43.00 in a research note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage currently has an “outperform” rating on the technology company’s stock. BMO Capital Markets’ price objective indicates a potential upside of 20.75% from the company’s current price.

Other analysts have also recently issued reports about the company. Zacks Investment Research upgraded Mimecast from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Wednesday, July 11th. Deutsche Bank lifted their price objective on Mimecast to $50.00 and gave the stock a “buy” rating in a research note on Friday, August 10th. BidaskClub raised Mimecast from a “hold” rating to a “buy” rating in a research note on Wednesday, September 12th. SunTrust Banks began coverage on Mimecast in a research note on Tuesday, September 18th. They issued a “buy” rating and a $54.00 price objective on the stock. Finally, Monness Crespi & Hardt raised Mimecast from a “neutral” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Thursday, September 13th. Three research 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 an average price target of $44.79.

Shares of NASDAQ:MIME traded down $0.05 during midday trading on Thursday, hitting $35.61. 280,276 shares of the stock were exchanged, compared to its average volume of 744,153. Mimecast has a 12 month low of $26.50 and a 12 month high of $46.87.

Mimecast (NASDAQ:MIME) last released its quarterly earnings results on Thursday, August 9th. The technology company reported $0.04 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.04. The firm had revenue of $78.40 million for the quarter, compared to the consensus estimate of $76.71 million. The business’s revenue for the quarter was up 34.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.01 earnings per share.

In related news, VP John J. Walsh, Jr. sold 6,118 shares of Mimecast stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $38.50, for a total value of $235,543.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Peter Bauer sold 11,250 shares of the business’s stock in a transaction that occurred on Monday, October 22nd. The shares were sold at an average price of $34.60, for a total value of $389,250.00. Following the completion of the transaction, the chief executive officer now directly owns 101,250 shares in the company, valued at $3,503,250. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 264,754 shares of company stock worth $10,297,676. 29.00% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN lifted its stake in Mimecast by 14,742.5% in the third quarter. Wells Fargo & Company MN now owns 542,047 shares of the technology company’s stock valued at $22,701,000 after buying an additional 538,395 shares during the period. Frontier Capital Management Co. LLC lifted its stake in Mimecast by 4.3% in the third quarter. Frontier Capital Management Co. LLC now owns 311,681 shares of the technology company’s stock valued at $13,053,000 after buying an additional 12,921 shares during the period. First Trust Advisors LP lifted its stake in Mimecast by 1.6% in the third quarter. First Trust Advisors LP now owns 311,454 shares of the technology company’s stock valued at $13,044,000 after buying an additional 4,780 shares during the period. Simplex Trading LLC acquired a new position in Mimecast in the third quarter valued at approximately $183,000. Finally, Peregrine Capital Management LLC lifted its stake in Mimecast by 12.9% in the third quarter. Peregrine Capital Management LLC now owns 448,277 shares of the technology company’s stock valued at $18,774,000 after buying an additional 51,375 shares during the period. 67.80% of the stock is currently owned by hedge funds and other institutional investors.

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.

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