Mimecast (MIME) Received its Third Buy in a Row
After Barclays and Northland Securities gave Mimecast (NASDAQ: MIME) a Buy rating last month, the company received another Buy, this time from Rosenblatt Securities. Analyst Yun Kim maintained a Buy rating on Mimecast today and set a price target of $63.00. The company’s shares closed last Tuesday at $40.25.
According to TipRanks.com, Kim is a 5-star analyst with an average return of 14.5% and a 65.2% success rate. Kim covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Manhattan Associates, and Palo Alto Networks.
Mimecast has an analyst consensus of Strong Buy, with a price target consensus of $52.77, implying a 28.3% upside from current levels. In a report issued on May 8, RBC Capital also maintained a Buy rating on the stock with a $46.00 price target.
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Based on Mimecast’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $110 million and net profit of $206K. In comparison, last year the company earned revenue of $87.61 million and had a net profit of $458K.
Based on the recent corporate insider activity of 65 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MIME in relation to earlier this year.
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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. Its products allow to secure and stores corporate communications and information to address compliance and e-discovery requirements. The company was founded by Peter Cyril Bauer and Neil Hamilton Murray in 2003 and is headquartered in London, the United Kingdom.