Mimecast Ltd. (NASDAQ:MIME) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $23.00 price target on the stock. Zacks Investment Research’s price target would suggest a potential upside of 1.32% from the stock’s current price.

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. “

A number of other analysts have also recently issued reports on MIME. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $15.00 target price on shares of Mimecast in a research note on Wednesday, August 3rd. Dougherty & Co boosted their price objective on shares of Mimecast from $12.00 to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Barclays PLC boosted their price objective on shares of Mimecast from $13.00 to $16.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 9th. JPMorgan Chase & Co. started coverage on shares of Mimecast in a research note on Friday, October 14th. They issued an “overweight” rating for the company. Finally, Jefferies Group boosted their price objective on shares of Mimecast to $29.00 and gave the stock a “buy” rating in a research note on Thursday, November 10th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $21.07.

Analyst Recommendations for Mimecast (NASDAQ:MIME)

Mimecast (NASDAQ:MIME) opened at 22.70 on Tuesday. Mimecast has a 52-week low of $6.01 and a 52-week high of $24.00. The stock has a 50 day moving average of $20.06 and a 200-day moving average of $13.87. The company’s market capitalization is $1.24 billion.

Mimecast (NASDAQ:MIME) last posted its earnings results on Wednesday, November 9th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.07. The firm earned $44.40 million during the quarter, compared to analysts’ expectations of $41.81 million. Mimecast had a negative net margin of 1.64% and a negative return on equity of 3.32%. During the same period in the previous year, the company earned $0.04 earnings per share. On average, equities analysts forecast that Mimecast will post $0.02 earnings per share for the current year.

Hedge funds have recently modified their holdings of the company. Monashee Investment Management LLC purchased a new stake in shares of Mimecast during the second quarter worth $509,000. Barclays PLC boosted its stake in shares of Mimecast by 70.2% in the first quarter. Barclays PLC now owns 29,100 shares of the company’s stock worth $262,000 after buying an additional 12,000 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Mimecast by 14.5% in the first quarter. JPMorgan Chase & Co. now owns 261,724 shares of the company’s stock worth $2,546,000 after buying an additional 33,155 shares during the last quarter. PNC Financial Services Group Inc. purchased a new stake in shares of Mimecast during the second quarter worth $725,000. Finally, GSA Capital Partners LLP boosted its stake in shares of Mimecast by 11.8% in the second quarter. GSA Capital Partners LLP now owns 85,008 shares of the company’s stock worth $851,000 after buying an additional 8,976 shares during the last quarter. Institutional investors and hedge funds own 32.28% of the company’s stock.

Mimecast 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.

5 Day Chart for NASDAQ:MIME

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