Mimecast Ltd Receives a Buy from RBC Capital

By Carrie Williams

RBC Capital analyst Ross MacMillan reiterated a Buy rating on Mimecast Ltd (NASDAQ: MIME) yesterday and set a price target of $30. The company’s shares opened today at $27.78, close to its 52-week high of $29.48.

According to TipRanks.com, MacMillan is a top 25 analyst with an average return of 24.1% and a 85.2% success rate. MacMillan covers the Technology sector, focusing on stocks such as SS&C Technologies Holdings, Intralinks Holdings, and Verint Systems Inc.

Currently, the analyst consensus on Mimecast Ltd is Strong Buy and the average price target is $30.14, representing an 8.5% upside.

In a report issued on July 25, Needham also initiated coverage with a Buy rating on the stock with a $33 price target.

Based on Mimecast Ltd’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $52.41 million and GAAP net loss of $2.62 million. In comparison, last year the company earned revenue of $41.46 million and had a net profit of $244K.

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Mimecast Ltd. provides cloud security and risk management services for corporate information and email. It develops proprietary cloud architecture to offer email security, continuity and archiving capabilities. Its archiving services secure, store and manage critical corporate communications and information to address compliance and e-discovery requirements. The company was founded by Peter Bauer and Neil Murray in 2003 and is headquartered in London, the United Kingdom.