Zacks Investment Research upgraded shares of Mindbody Inc. (NASDAQ:MB) from a hold rating to a buy rating in a report published on Wednesday morning. Zacks Investment Research currently has $21.00 price objective on the stock.
According to Zacks, “MINDBODY, Inc. develops cloud-based business management software and payments platform for the wellness services industry. Its platform enables businesses to manage class and appointment schedules, staff members, client information, online bookings, inventory, payroll and retail sales for yoga, Pilates, barre, indoor cycling, personal training, martial arts and dance exercise, as well as spas, salons, music instruction studios, dance studios, childrens activity center and integrative health centers. MINDBODY, Inc. is headquartered in San Luis Obispo, California. “
Other equities research analysts have also issued research reports about the stock. Roth Capital initiated coverage on shares of Mindbody in a research note on Friday, September 23rd. They set a buy rating and a $22.50 target price for the company. Pacific Crest reaffirmed a buy rating and issued a $22.00 price objective (up previously from $20.00) on shares of Mindbody in a research note on Tuesday, September 13th. Credit Suisse Group AG reaffirmed a buy rating on shares of Mindbody in a research note on Thursday, June 16th. JMP Securities reaffirmed a buy rating on shares of Mindbody in a research note on Monday, June 6th. Finally, Morgan Stanley lifted their price objective on shares of Mindbody from $17.00 to $20.00 and gave the company an equal weight rating in a research note on Thursday, July 28th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of Buy and an average price target of $22.07.
Mindbody (NASDAQ:MB) opened at 19.72 on Wednesday. The company’s market cap is $783.38 million. Mindbody has a 12 month low of $9.20 and a 12 month high of $20.38. The stock’s 50 day moving average is $17.71 and its 200 day moving average is $15.63.
Mindbody (NASDAQ:MB) last issued its earnings results on Wednesday, July 27th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.04. The company earned $33.60 million during the quarter, compared to analyst estimates of $33.22 million. Mindbody had a negative net margin of 27.12% and a negative return on equity of 30.95%. The company’s revenue for the quarter was up 35.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.21) EPS. Equities analysts predict that Mindbody will post ($0.44) earnings per share for the current year.
In related news, Director Bessemer Venture Partners Vii sold 500,000 shares of Mindbody stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $16.95, for a total transaction of $8,475,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert John Murphy sold 34,600 shares of Mindbody stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $17.34, for a total value of $599,964.00. The disclosure for this sale can be found here. 30.62% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in MB. Abdiel Capital Advisors LP increased its stake in Mindbody by 11.9% in the second quarter. Abdiel Capital Advisors LP now owns 2,814,260 shares of the company’s stock worth $45,422,000 after buying an additional 299,160 shares during the period. JPMorgan Chase & Co. increased its stake in Mindbody by 595,629.9% in the first quarter. JPMorgan Chase & Co. now owns 637,431 shares of the company’s stock worth $8,497,000 after buying an additional 637,324 shares during the period. Granahan Investment Management Inc. MA increased its stake in Mindbody by 11.4% in the first quarter. Granahan Investment Management Inc. MA now owns 626,958 shares of the company’s stock worth $8,357,000 after buying an additional 64,238 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its stake in Mindbody by 37.3% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 435,000 shares of the company’s stock worth $7,021,000 after buying an additional 118,225 shares during the period. Finally, Vanguard Group Inc. increased its stake in Mindbody by 22.3% in the second quarter. Vanguard Group Inc. now owns 422,881 shares of the company’s stock worth $6,825,000 after buying an additional 77,148 shares during the period. 38.49% of the stock is currently owned by institutional investors and hedge funds.
MINDBODY, Inc is a provider of cloud-based business management software for the wellness services industry and operates as a consumer marketplace with over 51,000 local business subscribers on its platform in over 130 countries and territories. The Company’s subscribers provide a range of wellness services to approximately 28 million active consumers.
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