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Mimecast Stock Price Targets Hiked Ahead Of June-Quarter Earnings Report

Cybersecurity firm Mimecast (MIME) should get a boost from recent ransomware attacks, analysts say, prompting two brokerages to hike price targets on Mimecast stock ahead of its fiscal first-quarter earnings report on Aug. 3.

Barclays on Thursday hiked its price target on Mimecast stock to 61 from 56. Needham on Wednesday increased its price target to 75 from 65.

“Value-added resellers are pretty uniform in noting strengthening demand on the heels of ransomware attacks, improving reopening budgets, and the shadow on Proofpoint from its go-private event,” Needham analyst Alex Henderson said in a note to clients.

“Mime is seeing increased traction in its move upmarket, which is growing average order value but weighing on net new customer additions,” Henderson went on to say. “A more normalized work environment should benefit Mimecast’s seat-count from customers who cut during the pandemic.”

MIME stock fell 1.9% to close at 53.09 on the stock market today. MIME stock hit an intraday high of 57.22 on Wednesday, then pulled back.

Mimecast Stock: Many Customers Use Microsoft Office 365

Mimecast stock has been trading near an entry point of 55.30 since July 9. The cybersecurity firm formed a cup-with-handle base.

The U.K.-based cybersecurity provider sells cloud-based email security services. It also provides services known as targeted threat protection, or TPP, that guard companies against malware hidden in file attachments.

Many of its customers use Microsoft‘s (MSFT) Office 365, an online version of Microsoft’s Office productivity software. In ransomware attacks, malicious software locks up a victim’s computers.

Mimecast stock holds a Relative Strength Rating of 79 out of a best-possible 99. Mimecast is one of many cybersecurity stocks to watch.

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Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.

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