After Robert W. Baird and Barclays gave Mimecast Ltd (NASDAQ: MIME) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Shaul Eyal reiterated a Buy rating on Mimecast Ltd today and set a price target of $53. The company’s shares closed yesterday at $42.82.
Eyal observed:
“We are raising our price target on MIME to $53 from $45 following strong 3Q19 (Dec ’18) results, driven by high customer retention and the addition of 1,000 net new customers. For 3Q, MIME posted $0.09/$88M, beating the consensus $0.06/$85M. Revs rose 30% y/y (+33% in constant currency). MIME has appointed Rafe Brown as CFO, effective 3/18/19. Current CFO Peter Campbell, whose March 2019 departure was announced in September 2018, has agreed to remain in an advisory role through the end of May 2019. The company generated good momentum across market segments and geographies with notable strength in larger accounts and closed a record number of 6-figure transactions as well as a 7-figure deal that was its largest ever. Reiterate Outperform.”
According to TipRanks.com, Eyal is a top 100 analyst with an average return of 15.8% and a 67.9% success rate. Eyal covers the Technology sector, focusing on stocks such as Nuance Communications, Verint Systems Inc, and Varonis Systems.
Mimecast Ltd has an analyst consensus of Strong Buy, with a price target consensus of $50, a 16.8% upside from current levels. In a report released today, Robert W. Baird also maintained a Buy rating on the stock with a $52 price target.
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Based on Mimecast Ltd’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $2.06 million. In comparison, last year the company had a GAAP net loss of $2.59 million.
Based on the recent corporate insider activity of 86 insiders, corporate insider sentiment is negative on the stock.
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Mimecast Ltd. (Jersey) 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.
