Mimecast (NASDAQ:MIME) Shares Gap Up to $79.19

Mimecast Limited (NASDAQ:MIME)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $79.19, but opened at $81.95. Mimecast shares last traded at $80.38, with a volume of 97,140 shares.

Several research analysts recently commented on MIME shares. Zacks Investment Research raised shares of Mimecast from a “hold” rating to a “buy” rating and set a $84.00 price target on the stock in a research note on Wednesday, November 3rd. Sumitomo Mitsui Financial Group downgraded shares of Mimecast from an “outperform” rating to a “neutral” rating and set a $82.00 price target on the stock. in a research note on Friday. Truist Securities reaffirmed a “hold” rating on shares of Mimecast in a research note on Wednesday, December 15th. UBS Group downgraded shares of Mimecast from an “outperform” rating to a “neutral” rating in a research note on Friday. Finally, Berenberg Bank downgraded shares of Mimecast from a “buy” rating to a “hold” rating and set a $80.00 price target on the stock. in a research note on Friday, December 10th. Twelve analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $76.35.

The firm has a market capitalization of $5.34 billion, a P/E ratio of 121.76, a PEG ratio of 3.04 and a beta of 1.46. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.52 and a current ratio of 1.52. The business’s fifty day moving average price is $79.64 and its two-hundred day moving average price is $68.93.

Mimecast (NASDAQ:MIME) last released its quarterly earnings results on Tuesday, November 2nd. The technology company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.22. Mimecast had a net margin of 7.99% and a return on equity of 10.84%. The business had revenue of $147.23 million for the quarter, compared to analysts’ expectations of $142.47 million. During the same period last year, the business earned $0.17 EPS. Sell-side analysts predict that Mimecast Limited will post 0.74 earnings per share for the current year.

In related news, Director Neil Murray sold 35,000 shares of Mimecast stock in a transaction that occurred on Friday, November 19th. The shares were sold at an average price of $83.84, for a total value of $2,934,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Peter Bauer sold 7,500 shares of Mimecast stock in a transaction that occurred on Monday, November 8th. The stock was sold at an average price of $79.03, for a total transaction of $592,725.00. The disclosure for this sale can be found here. Insiders sold a total of 85,312 shares of company stock valued at $6,466,156 over the last quarter. 8.00% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC lifted its stake in Mimecast by 86.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 560 shares of the technology company’s stock valued at $30,000 after acquiring an additional 260 shares during the period. FORA Capital LLC lifted its stake in Mimecast by 110.7% during the 2nd quarter. FORA Capital LLC now owns 866 shares of the technology company’s stock valued at $46,000 after acquiring an additional 455 shares during the period. Altshuler Shaham Ltd acquired a new stake in Mimecast during the 3rd quarter valued at approximately $65,000. Marshall Wace LLP acquired a new stake in Mimecast during the 1st quarter valued at approximately $49,000. Finally, First Pacific Advisors LP acquired a new stake in Mimecast during the 3rd quarter valued at approximately $78,000. Institutional investors and hedge funds own 85.22% of the company’s stock.

About Mimecast (NASDAQ:MIME)

Mimecast Ltd. engages in the provision of cloud security and risk management services for corporate information and email. It develops in suite of cloud services designed to offer cyber resilience for email and deliver comprehensive email risk management beyond the primary mail server. The firm’s products allow to secure and stores corporate communications and information to address compliance and e-discovery requirements.

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