Mimecast Limited (MIME) Downgraded by BidaskClub to Buy

BidaskClub downgraded shares of Mimecast Limited (NASDAQ:MIME) from a strong-buy rating to a buy rating in a research report released on Monday, July 24th.

A number of other research firms have also commented on MIME. Benchmark Co. increased their price target on Mimecast Limited from $30.00 to $35.00 and gave the company a buy rating in a research report on Wednesday, May 10th. Monness Crespi & Hardt started coverage on Mimecast Limited in a research report on Thursday, April 6th. They issued a neutral rating for the company. Zacks Investment Research lowered Mimecast Limited from a hold rating to a sell rating in a research report on Tuesday, July 18th. Finally, Summit Redstone reissued a buy rating and issued a $30.00 price target on shares of Mimecast Limited in a research report on Thursday, April 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $28.42.

Mimecast Limited (MIME) traded down 0.32% during mid-day trading on Monday, hitting $27.64. 314,552 shares of the stock were exchanged. Mimecast Limited has a 1-year low of $11.60 and a 1-year high of $29.48. The company’s market capitalization is $1.55 billion. The stock has a 50 day moving average price of $26.85 and a 200 day moving average price of $23.77.

Mimecast Limited (NASDAQ:MIME) last issued its earnings results on Tuesday, May 9th. The technology company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). Mimecast Limited had a negative return on equity of 6.82% and a negative net margin of 2.92%. The company had revenue of $52.40 million for the quarter, compared to analyst estimates of $52.12 million. The firm’s revenue was up 42.0% compared to the same quarter last year. On average, equities analysts anticipate that Mimecast Limited will post $0.06 earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently bought and sold shares of MIME. US Bancorp DE increased its position in Mimecast Limited by 605.2% in the first quarter. US Bancorp DE now owns 6,396 shares of the technology company’s stock valued at $143,000 after buying an additional 5,489 shares during the last quarter. First Mercantile Trust Co. increased its position in Mimecast Limited by 14.1% in the first quarter. First Mercantile Trust Co. now owns 12,375 shares of the technology company’s stock valued at $277,000 after buying an additional 1,530 shares during the last quarter. Crow Point Partners LLC purchased a new position in Mimecast Limited during the second quarter valued at $281,000. Bank of America Corp DE increased its position in Mimecast Limited by 45.2% in the first quarter. Bank of America Corp DE now owns 13,111 shares of the technology company’s stock valued at $294,000 after buying an additional 4,083 shares during the last quarter. Finally, Airain ltd purchased a new position in Mimecast Limited during the first quarter valued at $372,000. Institutional investors own 47.66% of the company’s stock.

Mimecast Limited Company Profile

Mimecast Limited is a provider of cloud security and risk management services for corporate information and e-mail. The Company’s suite of cloud services protects customers from the business and data security risks. It also mitigates the business disruption that e-mail failure or downtime causes. In addition, its archiving services secure, store and manage critical corporate communications and information to address the compliance and e-discovery requirements.