Craig Hallum Increases Mitek Systems (NASDAQ:MITK) Price Target to $19.00

Mitek Systems (NASDAQ:MITK - Get Free Report) had its price target hoisted by equities researchers at Craig Hallum from $17.00 to $19.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the software maker's stock. Craig Hallum's price objective points to a potential upside of 41.90% from the stock's previous close.

Several other equities research analysts also recently weighed in on MITK. StockNews.com downgraded Mitek Systems from a "buy" rating to a "hold" rating in a report on Thursday, March 21st. HC Wainwright reaffirmed a "buy" rating and set a $19.00 target price on shares of Mitek Systems in a research note on Tuesday.

Mitek Systems Trading Down 9.7 %

Shares of MITK stock traded down $1.44 on Tuesday, hitting $13.39. 2,026,087 shares of the stock traded hands, compared to its average volume of 455,804. The firm's 50-day moving average price is $12.70 and its two-hundred day moving average price is $11.93. Mitek Systems has a twelve month low of $8.77 and a twelve month high of $16.24. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.69 and a current ratio of 3.69. The stock has a market capitalization of $626.52 million, a PE ratio of 84.57 and a beta of 1.09.

Mitek Systems (NASDAQ:MITK - Get Free Report) last released its earnings results on Tuesday, March 19th. The software maker reported $0.10 earnings per share for the quarter. Mitek Systems had a net margin of 4.25% and a return on equity of 17.83%. The firm had revenue of $37.66 million for the quarter. As a group, analysts anticipate that Mitek Systems will post 0.82 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in Mitek Systems by 4.6% in the 2nd quarter. BlackRock Inc. now owns 3,503,309 shares of the software maker's stock valued at $37,976,000 after buying an additional 153,649 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Mitek Systems by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 3,379,226 shares of the software maker's stock worth $44,065,000 after purchasing an additional 92,146 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Mitek Systems by 6.8% during the 4th quarter. Legal & General Group Plc now owns 3,045,287 shares of the software maker's stock worth $39,711,000 after purchasing an additional 193,443 shares in the last quarter. Blue Grotto Capital LLC lifted its position in shares of Mitek Systems by 14.6% during the 1st quarter. Blue Grotto Capital LLC now owns 2,614,842 shares of the software maker's stock worth $38,359,000 after buying an additional 333,966 shares during the period. Finally, Toronado Partners LLC lifted its position in shares of Mitek Systems by 6.7% during the 1st quarter. Toronado Partners LLC now owns 2,606,759 shares of the software maker's stock worth $38,241,000 after buying an additional 164,284 shares during the period. Institutional investors and hedge funds own 83.64% of the company's stock.

About Mitek Systems

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.