Mitek Systems (NASDAQ:MITK) Given a $18.00 Price Target by National Securities Analysts

National Securities set a $18.00 price objective on Mitek Systems (NASDAQ:MITK) in a research note published on Friday, November 2nd. The brokerage currently has a buy rating on the software maker’s stock.

Several other brokerages have also recently issued reports on MITK. Zacks Investment Research raised shares of Mitek Systems from a hold rating to a buy rating and set a $7.25 target price for the company in a report on Wednesday, October 10th. BidaskClub raised shares of Mitek Systems from a hold rating to a buy rating in a report on Saturday, August 11th. TheStreet cut shares of Mitek Systems from a b rating to a c+ rating in a report on Friday, July 27th. ValuEngine raised shares of Mitek Systems from a hold rating to a buy rating in a report on Thursday, October 18th. Finally, Benchmark cut shares of Mitek Systems from a buy rating to a hold rating and set a $8.00 target price for the company. in a report on Tuesday, August 28th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Mitek Systems presently has a consensus rating of Buy and an average price target of $12.33.

NASDAQ:MITK traded down $0.26 during mid-day trading on Friday, hitting $9.25. 220,163 shares of the company’s stock were exchanged, compared to its average volume of 541,508. Mitek Systems has a one year low of $6.32 and a one year high of $10.00. The firm has a market capitalization of $350.00 million, a P/E ratio of 71.15, a PEG ratio of 3.19 and a beta of -0.26.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings data on Thursday, November 1st. The software maker reported $0.14 EPS for the quarter, topping the consensus estimate of $0.09 by $0.05. Mitek Systems had a negative net margin of 18.58% and a positive return on equity of 5.75%. The business had revenue of $21.00 million for the quarter, compared to analyst estimates of $20.09 million. During the same quarter in the previous year, the firm posted $0.11 earnings per share. Mitek Systems’s quarterly revenue was up 62.8% on a year-over-year basis. As a group, analysts anticipate that Mitek Systems will post 0.19 earnings per share for the current year.

In other Mitek Systems news, CEO James B. Debello sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $8.54, for a total transaction of $427,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James C. Hale III bought 20,000 shares of Mitek Systems stock in a transaction on Friday, August 31st. The shares were acquired at an average cost of $7.17 per share, with a total value of $143,400.00. Following the completion of the acquisition, the director now owns 111,135 shares of the company’s stock, valued at approximately $796,837.95. The disclosure for this purchase can be found here. 8.52% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the business. MML Investors Services LLC purchased a new stake in Mitek Systems during the third quarter valued at approximately $100,000. Mount Yale Investment Advisors LLC purchased a new stake in Mitek Systems during the second quarter valued at approximately $122,000. Russell Investments Group Ltd. increased its holdings in Mitek Systems by 35.7% during the first quarter. Russell Investments Group Ltd. now owns 25,741 shares of the software maker’s stock valued at $190,000 after buying an additional 6,772 shares during the last quarter. Mackay Shields LLC purchased a new stake in Mitek Systems during the second quarter valued at approximately $208,000. Finally, Eqis Capital Management Inc. bought a new position in shares of Mitek Systems in the second quarter worth approximately $239,000. 45.93% of the stock is owned by institutional investors and hedge funds.

About Mitek Systems

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions for enterprise customers worldwide. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences and transactions. It offers Mobile Deposit that allows individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that can be integrated into mobile apps, mobile Websites, and desktop applications; Mobile Fill to pre-fill forms with personal data by simply snapping a picture of the consumer's driver license, credit card, or other document; Mobile Docs, a mobile document scanning solution; and MiSnap Multi-Check Capture, a software development kit that banks embed in their business banking app that facilitates capture of various checks in one deposit session.

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