Mimecast Limited (MIME) Sees Large Volume Increase Following Better-Than-Expected Earnings

Mimecast Limited (NASDAQ:MIME) shares saw unusually-strong trading volume on Tuesday following a stronger than expected earnings report. Approximately 1,355,583 shares were traded during trading, an increase of 279% from the previous session’s volume of 357,634 shares.The stock last traded at $29.80 and had previously closed at $28.19.

The technology company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.05. The business had revenue of $58.16 million for the quarter, compared to analyst estimates of $54.96 million. Mimecast Limited had a negative return on equity of 9.67% and a negative net margin of 3.73%. The firm’s revenue for the quarter was up 40.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.04 earnings per share.

A number of equities analysts have recently commented on MIME shares. Benchmark Co. started coverage on Mimecast Limited in a research note on Thursday, April 27th. They issued a “buy” rating and a $30.00 price objective on the stock. Zacks Investment Research lowered Mimecast Limited from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 13th. BidaskClub lowered Mimecast Limited from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 15th. Needham & Company LLC initiated coverage on Mimecast Limited in a research note on Tuesday, July 25th. They set a “buy” rating and a $33.00 price target on the stock. Finally, Royal Bank Of Canada restated a “buy” rating and set a $30.00 price target on shares of Mimecast Limited in a research note on Monday, July 31st. One analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company’s stock. Mimecast Limited currently has a consensus rating of “Buy” and an average price target of $30.46.

A number of large investors have recently added to or reduced their stakes in the stock. ETF Managers Group LLC bought a new stake in Mimecast Limited during the second quarter worth $17,278,000. Loomis Sayles & Co. L P bought a new stake in Mimecast Limited during the first quarter worth $11,353,000. Garelick Capital Partners LP bought a new stake in Mimecast Limited during the first quarter worth $10,388,000. Frontier Capital Management Co. LLC bought a new stake in Mimecast Limited during the second quarter worth $11,326,000. Finally, Columbus Circle Investors increased its stake in Mimecast Limited by 88.6% in the second quarter. Columbus Circle Investors now owns 728,762 shares of the technology company’s stock worth $19,516,000 after buying an additional 342,405 shares during the last quarter. 47.67% of the stock is currently owned by institutional investors.

The company’s market cap is $1.53 billion. The firm’s 50 day moving average price is $27.59 and its 200-day moving average price is $24.33.

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Mimecast Limited Company Profile

Mimecast Limited is a provider of cloud security and risk management services for corporate information and e-mail. The Company’s suite of cloud services protects customers from the business and data security risks. It also mitigates the business disruption that e-mail failure or downtime causes. In addition, its archiving services secure, store and manage critical corporate communications and information to address the compliance and e-discovery requirements.

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