MINDBODY (MB) Downgraded to “Neutral” at JPMorgan Chase & Co.
JPMorgan Chase & Co. cut shares of MINDBODY (NASDAQ:MB) from an overweight rating to a neutral rating in a research note published on Wednesday, Marketbeat.com reports. JPMorgan Chase & Co. currently has $31.00 price objective on the technology company’s stock, down from their previous price objective of $48.00.
A number of other analysts also recently weighed in on the stock. BidaskClub raised shares of MINDBODY from a hold rating to a buy rating in a research report on Tuesday, October 30th. William Blair began coverage on shares of MINDBODY in a research report on Wednesday, September 26th. They set a market perform rating for the company. DA Davidson increased their target price on shares of MINDBODY to $48.00 and gave the company a buy rating in a research report on Wednesday, September 19th. Wells Fargo & Co began coverage on shares of MINDBODY in a research report on Friday, September 7th. They set an outperform rating and a $45.00 target price for the company. Finally, Credit Suisse Group decreased their target price on shares of MINDBODY from $41.00 to $38.00 and set a neutral rating for the company in a research report on Wednesday, August 1st. Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company currently has an average rating of Hold and an average price target of $33.70.
NASDAQ MB traded down $0.18 during trading hours on Wednesday, reaching $26.82. The company’s stock had a trading volume of 1,246,871 shares, compared to its average volume of 1,253,458. MINDBODY has a 52 week low of $24.75 and a 52 week high of $45.50. The company has a current ratio of 9.61, a quick ratio of 9.61 and a debt-to-equity ratio of 0.86.
In related news, Director Adam L. Miller acquired 3,000 shares of MINDBODY stock in a transaction dated Tuesday, August 14th. The stock was bought at an average price of $35.66 per share, with a total value of $106,980.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Michael Joseph Mansbach sold 3,705 shares of the firm’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $130,601.25. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 127,809 shares of company stock valued at $4,430,896. Insiders own 6.02% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. FMR LLC grew its position in MINDBODY by 1.2% in the 2nd quarter. FMR LLC now owns 6,565,617 shares of the technology company’s stock valued at $253,433,000 after purchasing an additional 75,307 shares during the period. BlackRock Inc. grew its position in MINDBODY by 2.8% in the 3rd quarter. BlackRock Inc. now owns 2,717,223 shares of the technology company’s stock valued at $110,454,000 after purchasing an additional 74,838 shares during the period. Institutional Venture Management XIII LLC grew its position in MINDBODY by 0.5% in the 2nd quarter. Institutional Venture Management XIII LLC now owns 2,655,365 shares of the technology company’s stock valued at $102,497,000 after purchasing an additional 13,333 shares during the period. Victory Capital Management Inc. grew its position in MINDBODY by 4.8% in the 3rd quarter. Victory Capital Management Inc. now owns 1,493,985 shares of the technology company’s stock valued at $60,731,000 after purchasing an additional 68,315 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in MINDBODY by 45.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 947,112 shares of the technology company’s stock valued at $38,500,000 after purchasing an additional 297,183 shares during the period. 98.86% of the stock is owned by institutional investors.
MINDBODY Company Profile
MINDBODY, Inc operates a cloud-based business management software and payments platform for the small and medium-sized businesses in the wellness services industry. Its platform enables businesses to run, market, and build scheduling and online booking, performance tracking, staff management, client relationship management, integrated payment processing, retail point-of-sale, purchase tracking, inventory, hardware integration, analytics and reporting, branded Web, mobility, social integration, client acquisition dashboard, security and compliance, and integration with other cloud-based partners for yoga, Pilates, indoor cycling, group and personal training, boutique fitness, salons, spas, and integrative health businesses.
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