Shares of Mitek Systems, Inc. (NASDAQ:MITK) have earned a consensus rating of "Buy" from the seven brokerages that are covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $11.00.
MITK has been the subject of several research reports. BidaskClub downgraded shares of Mitek Systems from a "buy" rating to a "hold" rating in a research note on Saturday, September 5th. Zacks Investment Research upgraded shares of Mitek Systems from a "hold" rating to a "buy" rating and set a $12.00 price objective for the company in a research note on Wednesday, August 5th. Finally, TheStreet upgraded shares of Mitek Systems from a "c+" rating to a "b-" rating in a research note on Monday, August 24th.
In related news, CFO Jeffrey C. Davison sold 11,437 shares of the firm's stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $9.85, for a total transaction of $112,654.45. Following the completion of the transaction, the chief financial officer now owns 173,506 shares of the company's stock, valued at $1,709,034.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William K. Aulet sold 40,000 shares of the firm's stock in a transaction on Friday, September 11th. The stock was sold at an average price of $11.52, for a total transaction of $460,800.00. Following the transaction, the director now directly owns 131,693 shares of the company's stock, valued at approximately $1,517,103.36. The disclosure for this sale can be found here. Insiders have sold 86,813 shares of company stock valued at $1,010,938 over the last quarter. Insiders own 3.60% of the company's stock.
Several institutional investors have recently modified their holdings of the stock. Cloverdale Capital Management LLC purchased a new position in Mitek Systems in the first quarter valued at $10,255,000. Legal & General Group Plc increased its holdings in Mitek Systems by 43.6% in the first quarter. Legal & General Group Plc now owns 2,127,531 shares of the software maker's stock valued at $16,616,000 after buying an additional 645,726 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Mitek Systems by 208.4% in the first quarter. Wells Fargo & Company MN now owns 349,349 shares of the software maker's stock valued at $2,753,000 after buying an additional 236,076 shares in the last quarter. Bessemer Group Inc. purchased a new position in Mitek Systems in the second quarter valued at $1,306,000. Finally, Bogle Investment Management L P DE purchased a new position in Mitek Systems in the first quarter valued at $832,000. 67.60% of the stock is owned by hedge funds and other institutional investors.
Shares of MITK opened at $12.67 on Wednesday. The company has a market cap of $523.12 million, a price-to-earnings ratio of 90.51, a price-to-earnings-growth ratio of 2.19 and a beta of 0.31. Mitek Systems has a twelve month low of $5.26 and a twelve month high of $13.53. The company has a 50 day moving average of $11.73 and a two-hundred day moving average of $9.50.
Mitek Systems (NASDAQ:MITK) last announced its earnings results on Thursday, July 30th. The software maker reported $0.16 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $0.10 by $0.06. The company had revenue of $25.41 million during the quarter, compared to the consensus estimate of $23.39 million. Mitek Systems had a net margin of 6.37% and a return on equity of 15.32%. As a group, research analysts anticipate that Mitek Systems will post 0.35 earnings per share for the current fiscal 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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