Mimecast Limited (NASDAQ: MIME) Is Getting Increasingly Hard To Ignore

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    Wellington Management Co. LLP recently announced the acquisition of new stake in Mimecast Limited (NASDAQ:MIME). The institutional investor has increased its shareholding in the Technology company by 48.81% to 4.92 million shares with purchase of 1.61 million shares. This fresh investment now brings its stake to 7.81% valued currently at $204.81 million. In addition, Brown Advisory LLC raised its holdings by 0.1 million to 2.71 million shares. And Meritage Group LP has lifted its position by 27.52% or 0.39 million shares – to 1.79 million shares.

    With over 0.68 million Mimecast Limited (MIME) shares trading Tuesday and a closing price of $41.07 on the day, the dollar volume was approximately $27.91 million. The shares have shown a negative weekly performance of -4.82% and its price on 07/14/20 gained nearly 0.39%. Currently, there are 62.63M common shares owned by the public and among those 56.47M shares have been available to trade.

    An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 18 analysts who have offered their price forecasts for MIME have a consensus price objective of $51.67. The analysts have set the share’s price value over the next 12 months at a high of $73.00 and a low of $43.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Mimecast Limited stock is 1.80 for the next 12 months. The average price target is 20.3% above its last price level and an upside to the estimated low will see the stock gain 4.49% over that period. But an upside of 43.74% will see the stock hit the forecast high price target while mean target price for the stock is $50.00.

    Insiders at the company have transacted a total of 125 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 41 of these insider trades were purchases, accounting for 311,037 shares. Insider sales of the common stock occurred on 84 occasions, with total insider shares sold totaling 1,150,156 shares.

    The top 3 mutual fund holders in Mimecast Limited are Vanguard Explorer Fund, iShares Russell 2000 ETF, and Pictet – Security. Vanguard Explorer Fund owns 1.29 million shares of the company’s stock, all valued at over $53.68 million. The company bought an additional 0.57 million shares recently to bring their total holdings to about 2.05% of the shares outstanding. iShares Russell 2000 ETF sold 29541.0 shares to see its total holdings shrink to 1.16 million shares valued at over $48.37 million and representing 1.84% of the shares outstanding. Pictet – Security bought 29000.0 shares to bring its total holdings to over 1.06 million shares at a value of $44.24 million. Pictet – Security now owns shares totaling to 1.69% of the shares outstanding.

    Shares of Mimecast Limited (NASDAQ: MIME) opened at $40.80, down -$0.11 from a prior closing price of $40.91. However, the script later closed the day at $41.07, up 0.39%. The company’s stock has a 5-day price change of -4.82% and 18.91% over the past three months. MIME shares are trading -5.33% year to date (YTD), with the 12-month market performance down to -15.70% lower. It has a 12-month low price of $25.14 and touched a high of $54.40 over the same period. Currently, 0.68 million shares have been traded, compared to an average intraday trading volume of 1.06 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.52%, -1.46%, and -0.68% respectively.

    Institutional ownership of Mimecast Limited (NASDAQ: MIME) shares accounts for 82.80% of the company’s 62.63M shares outstanding. Mutual fund holders own 41.34%, while other institutional holders and individual stakeholders account for 8.85% and 37.80% respectively.

    It has a market capitalization of $2.65B and a beta (3y monthly) value of 1.23. The earnings-per-share (ttm) stands at -$0.04. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.62% over the week and 4.21% over the month.

    Analysts forecast that Mimecast Limited (MIME) will achieve an EPS of $0.16 for the current quarter, $0.15 for the next quarter and $0.83 for 2022. The lowest estimate earnings-per-share for the quarter is $0.14 while analysts give the company a high EPS estimate of $0.19. Comparatively, EPS for the current quarter was $0.08 a year ago. Earnings per share for the fiscal year are expected to increase by 69.60%, and 28.17% over the next financial year. EPS should grow at an annualized rate of 39.80% over the next five years, compared to -62.50% over the past 5-year period.

    If you are looking to buy this stock, then you may note that the average analyst recommendation by 18 brokerage firm advisors rate Mimecast Limited (MIME) as a “Strong Buy” at a consensus score of 1.80. Specifically, 14 Wall Street analysts polled rate the stock as a buy, while 3 of the 18 advise that investors “hold,” and 0 rated it as a “Sell.”

    Looking at the support for the MIME, a number of firms have released research notes about the stock. Monness Crespi & Hardt stated their Buy rating for the stock in a research note on May 12, 2020, with the firm’s price target at $55-$50. Monness Crespi & Hardt coverage for the Mimecast Limited (MIME) stock in a research note released on May 05, 2020 offered a Buy rating with a price target of $55. Dougherty & Company was of a view on March 27, 2020 that the stock is Buy, while Goldman gave the stock Neutral rating on March 25, 2020, issuing a price target of $38. Monness Crespi & Hardt on their part issued Buy rating on February 11, 2020.

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