Mitek Systems, Inc. (NASDAQ:MITK) Given Average Rating of “Hold” by Brokerages

Shares of Mitek Systems, Inc. (NASDAQ:MITK) have received a consensus recommendation of “Hold” from the six analysts that are presently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $10.67.

Several equities research analysts recently commented on MITK shares. Zacks Investment Research downgraded Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 1st. BidaskClub upgraded Mitek Systems from a “sell” rating to a “hold” rating in a report on Friday. Roth Capital restated a “hold” rating and set a $9.00 price objective on shares of Mitek Systems in a report on Monday, April 27th. Finally, Benchmark lifted their price objective on Mitek Systems from $9.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, May 1st.

In other news, CFO Jeffrey C. Davison sold 11,437 shares of Mitek Systems stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $9.85, for a total value of $112,654.45. Following the completion of the transaction, the chief financial officer now owns 173,506 shares in the company, valued at approximately $1,709,034.10. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.60% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Legal & General Group Plc grew its position in shares of Mitek Systems by 43.6% in the 1st quarter. Legal & General Group Plc now owns 2,127,531 shares of the software maker’s stock worth $16,616,000 after acquiring an additional 645,726 shares in the last quarter. Cloverdale Capital Management LLC acquired a new position in shares of Mitek Systems in the 1st quarter worth approximately $10,255,000. Royal Bank of Canada grew its position in shares of Mitek Systems by 0.3% in the 1st quarter. Royal Bank of Canada now owns 1,010,694 shares of the software maker’s stock worth $7,964,000 after acquiring an additional 2,676 shares in the last quarter. State Street Corp grew its position in shares of Mitek Systems by 1.1% in the 1st quarter. State Street Corp now owns 799,581 shares of the software maker’s stock worth $6,301,000 after acquiring an additional 8,877 shares in the last quarter. Finally, Sargent Investment Group LLC grew its position in shares of Mitek Systems by 14.5% in the 1st quarter. Sargent Investment Group LLC now owns 785,135 shares of the software maker’s stock worth $6,187,000 after acquiring an additional 99,265 shares in the last quarter. Institutional investors own 66.96% of the company’s stock.

Shares of NASDAQ:MITK opened at $10.26 on Tuesday. The company has a market cap of $422.30 million, a P/E ratio of 73.29, a PEG ratio of 2.44 and a beta of 0.24. Mitek Systems has a one year low of $5.26 and a one year high of $11.49. The business’s 50-day simple moving average is $9.48 and its 200 day simple moving average is $8.92.

Mitek Systems (NASDAQ:MITK) last announced its earnings results on Thursday, July 30th. The software maker reported $0.16 EPS for the quarter, beating the consensus estimate of $0.10 by $0.06. The business had revenue of $25.41 million for the quarter, compared to the consensus estimate of $23.39 million. Mitek Systems had a return on equity of 15.61% and a net margin of 6.37%. Equities research analysts expect that Mitek Systems will post 0.28 EPS for the current year.

About Mitek Systems

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences, fraud detection and reduction, and compliant transactions.

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