After Imperial Capital and Wells Fargo gave MINDBODY (NASDAQ: MB) a Buy rating last month, the company received another Buy, this time from KeyBanc. Analyst Brent Bracelin maintained a Buy rating on MINDBODY yesterday and set a price target of $47. The company’s shares closed yesterday at $41.05.
Bracelin said:
“We see untapped potential for MINDBODY to gain share within the Beauty marketplace, which is more than 2x larger than the Fitness marketplace. Recent price increases for new Booker customers (40%+ above prior levels) coupled with a new Booker mobile application could help accelerate growth next year. The fact that Recruit Holding, Ltd. (TSE: 6098) has built a Beauty marketplace that generated $620M USD last year, primarily in HotPepper brand, exemplifies the revenue opportunity MINDBODY could build in the Beauty marketplace in the U.S. and other E8 countries.”
According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 26.3% and a 78.1% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Salesforce.com, and Everbridge Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for MINDBODY with a $43.83 average price target, representing a 6.8% upside. In a report issued on September 7, Wells Fargo also initiated coverage with a Buy rating on the stock with a $45 price target.
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The company has a one-year high of $45.50 and a one-year low of $24.50. Currently, MINDBODY has an average volume of 600.6K.
Based on the recent corporate insider activity of 73 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MB in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
MINDBODY, Inc. enganges in cloud based business management software and payments platform. It provides the following solutions: client scheduling and online booking, staff management, client relationship management, integrated software and payments, retail point-of-sale, analytics and reporting, simple and intuitive user experience, mobility, social integration, dynamic cloud-based architecture, open platform for third party application development, security and compliance, and integration with other cloud-based partners. The company was founded by Robert Murphy and Richard L. Stollmeyer in 1998 and is headquartered in San Luis Obispo, CA.
