Needham analyst Alex Henderson assigned a Buy rating to Mimecast (MIME) today and set a price target of $65.00. The company’s shares closed last Monday at $46.83.
According to TipRanks.com, Henderson is a top 100 analyst with an average return of 21.8% and a 61.4% success rate. Henderson covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Applied Optoelectronics, and Forescout Technologies.
Currently, the analyst consensus on Mimecast is a Moderate Buy with an average price target of $53.80, which is a 13.7% upside from current levels. In a report issued on July 20, Barclays also maintained a Buy rating on the stock with a $48.00 price target.
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Based on Mimecast’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $114 million and net profit of $2.53 million. In comparison, last year the company earned revenue of $92.19 million and had a GAAP net loss of $1.93 million.
Based on the recent corporate insider activity of 68 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.
