MINDBODY, Inc. (NASDAQ:MB) Stock Rating Reaffirmed by KeyCorp
“We are lowering our estimates slightly for this year and next to factor in slightly lower growth assumptions on high-quality subscribers. We maintain Sector Weight based on valuation after shares rose 26% during 1H17 (vs. Nasdaq +14%) coupled with higher execution risk during a subscriber transition year. Key Investment Points Payments momentum and mix shift offset increasing churn. Revenue was in line with consensus on 31% y/y growth to $44.1M. Transactional payment revenue was robust at 37% y/y revenue growth, increasing the payment mix to 40% of sales from ~37% two years ago. Price increases implemented at the beginning of the year coupled with a mix shift toward high-value subscribers contributed to accelerating growth in average revenue per subscriber (ARPS) of 21% y/y vs. 16% last quarter.”,” KeyCorp’s analyst wrote.
Several other equities research analysts also recently issued reports on the stock. Zacks Investment Research raised shares of MINDBODY from a sell rating to a hold rating in a research note on Friday, May 19th. J P Morgan Chase & Co assumed coverage on shares of MINDBODY in a research note on Friday, June 9th. They set an overweight rating and a $38.00 price target on the stock. Credit Suisse Group lifted their price target on shares of MINDBODY from $27.00 to $31.00 and gave the stock an outperform rating in a research note on Monday, May 15th. Morgan Stanley lifted their price target on shares of MINDBODY from $27.00 to $29.00 and gave the stock an equal weight rating in a research note on Friday, May 5th. Finally, Pacific Crest downgraded shares of MINDBODY from an overweight rating to a sector weight rating in a research note on Friday, May 5th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $29.55.
Shares of MINDBODY (NASDAQ:MB) opened at 25.90 on Thursday. The stock’s 50 day moving average price is $26.66 and its 200-day moving average price is $26.61. MINDBODY has a 52-week low of $16.71 and a 52-week high of $29.75. The stock’s market cap is $1.20 billion.
MINDBODY (NASDAQ:MB) last posted its earnings results on Wednesday, July 26th. The technology company reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.04. The business had revenue of $44.10 million for the quarter, compared to analyst estimates of $44.11 million. MINDBODY had a negative net margin of 11.34% and a negative return on equity of 16.65%. The business’s quarterly revenue was up 31.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.10) EPS. On average, analysts predict that MINDBODY will post ($0.10) earnings per share for the current fiscal year.
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In other news, insider Bradford Lee Wills sold 1,043 shares of the business’s stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $28.08, for a total value of $29,287.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard Lee Stollmeyer sold 17,739 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $26.16, for a total transaction of $464,052.24. The disclosure for this sale can be found here. In the last three months, insiders bought 1,096,818 shares of company stock valued at $29,426,735 and sold 42,241 shares valued at $1,151,516. 8.22% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP increased its stake in MINDBODY by 96.3% in the first quarter. Quantbot Technologies LP now owns 3,932 shares of the technology company’s stock valued at $107,000 after buying an additional 1,929 shares during the last quarter. Legal & General Group Plc raised its position in MINDBODY by 4.1% in the first quarter. Legal & General Group Plc now owns 4,218 shares of the technology company’s stock valued at $116,000 after buying an additional 166 shares during the period. Credit Suisse AG acquired a new position in MINDBODY during the first quarter valued at approximately $220,000. American International Group Inc. raised its position in MINDBODY by 7.1% in the first quarter. American International Group Inc. now owns 8,871 shares of the technology company’s stock valued at $244,000 after buying an additional 588 shares during the period. Finally, Arthur M. Cohen & Associates LLC acquired a new position in MINDBODY during the second quarter valued at approximately $235,000. 77.08% of the stock is owned by institutional investors.
MINDBODY, Inc is a provider of cloud-based business management software for the wellness services industry and operates as a consumer marketplace with local business subscribers on its platform. The Company’s subscribers provide a range of wellness services to active consumers. Its integrated software and payments platform helps business owners in the wellness services industry run, market and build their businesses.
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