Bank of America initiated coverage on shares of Mimecast (NASDAQ:MIME) in a research note published on Friday morning, Benzinga’s Daily Ratings Newsletter reports. The brokerage issued a buy rating and a $60.00 price target on the technology company’s stock.

Several other research analysts have also issued reports on the stock. BidaskClub lowered shares of Mimecast from a strong-buy rating to a buy rating in a research note on Tuesday, December 18th. ValuEngine raised shares of Mimecast from a buy rating to a strong-buy rating in a research note on Wednesday, February 13th. Summit Insights raised shares of Mimecast from a hold rating to a buy rating in a research note on Tuesday, February 12th. Monness Crespi & Hardt reissued a buy rating and set a $52.00 target price (up from $45.00) on shares of Mimecast in a research note on Tuesday, February 12th. Finally, BMO Capital Markets increased their target price on shares of Mimecast from $43.00 to $52.00 and gave the stock an outperform rating in a research note on Tuesday, February 12th. Three research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $51.53.

Shares of NASDAQ MIME opened at $50.07 on Friday. The firm has a market cap of $3.00 billion, a P/E ratio of -263.53, a P/E/G ratio of 15.03 and a beta of 1.10. Mimecast has a 12-month low of $29.67 and a 12-month high of $51.66. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.29 and a current ratio of 1.29.

Mimecast (NASDAQ:MIME) last issued its earnings results on Monday, February 11th. The technology company reported $0.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.04). The company had revenue of $87.61 million for the quarter, compared to the consensus estimate of $84.80 million. Mimecast had a negative return on equity of 6.51% and a negative net margin of 4.14%. Equities research analysts predict that Mimecast will post -0.03 earnings per share for the current fiscal year.

In other Mimecast news, CEO Peter Bauer sold 6,788 shares of the company’s stock in a transaction on Tuesday, January 29th. The shares were sold at an average price of $35.01, for a total transaction of $237,647.88. Following the transaction, the chief executive officer now owns 67,500 shares in the company, valued at $2,363,175. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Janet Bishop-Levesque sold 5,000 shares of the company’s stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $47.75, for a total transaction of $238,750.00. Following the transaction, the senior vice president now owns 5,000 shares in the company, valued at approximately $238,750. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 506,943 shares of company stock worth $22,812,529. Corporate insiders own 29.00% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Roundview Capital LLC raised its holdings in Mimecast by 3.9% during the fourth quarter. Roundview Capital LLC now owns 20,561 shares of the technology company’s stock worth $691,000 after buying an additional 781 shares during the last quarter. Raymond James & Associates raised its holdings in Mimecast by 15.0% during the fourth quarter. Raymond James & Associates now owns 9,816 shares of the technology company’s stock worth $330,000 after buying an additional 1,278 shares during the last quarter. Macnealy Hoover Investment Management Inc. raised its holdings in Mimecast by 9.9% during the fourth quarter. Macnealy Hoover Investment Management Inc. now owns 14,425 shares of the technology company’s stock worth $485,000 after buying an additional 1,300 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in Mimecast by 31.0% during the third quarter. Advisors Asset Management Inc. now owns 7,554 shares of the technology company’s stock worth $316,000 after buying an additional 1,787 shares during the last quarter. Finally, Man Group plc raised its holdings in Mimecast by 4.8% during the third quarter. Man Group plc now owns 46,402 shares of the technology company’s stock worth $1,943,000 after buying an additional 2,128 shares during the last quarter. Hedge funds and other institutional investors own 71.34% 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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Analyst Recommendations for Mimecast (NASDAQ:MIME)

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