Analysts Set Mitek Systems, Inc. (NASDAQ:MITK) Target Price at $23.10

Mitek Systems, Inc. (NASDAQ:MITK) has earned a consensus recommendation of “Buy” from the seven research firms that are currently covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy recommendation. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $23.10.

MITK has been the topic of a number of research reports. TheStreet raised Mitek Systems from a “c+” rating to a “b” rating in a report on Friday, July 30th. Zacks Investment Research raised Mitek Systems from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a report on Saturday, November 13th. Maxim Group reaffirmed a “buy” rating and issued a $28.00 price target on shares of Mitek Systems in a research note on Friday, November 5th. HC Wainwright began coverage on Mitek Systems in a research note on Thursday, August 12th. They issued a “buy” rating and a $27.00 price target on the stock. Finally, William Blair reaffirmed a “buy” rating on shares of Mitek Systems in a research note on Friday, November 5th.

In related news, insider Jason Gray sold 2,770 shares of Mitek Systems stock in a transaction that occurred on Tuesday, November 16th. The stock was sold at an average price of $16.71, for a total transaction of $46,286.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Stephen Ritter sold 4,057 shares of Mitek Systems stock in a transaction that occurred on Tuesday, November 16th. The shares were sold at an average price of $16.71, for a total value of $67,792.47. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Sigma Planning Corp boosted its holdings in Mitek Systems by 4.3% in the second quarter. Sigma Planning Corp now owns 13,200 shares of the software maker’s stock worth $254,000 after acquiring an additional 550 shares in the last quarter. Wedbush Securities Inc. boosted its holdings in Mitek Systems by 3.4% in the third quarter. Wedbush Securities Inc. now owns 18,175 shares of the software maker’s stock worth $336,000 after acquiring an additional 600 shares in the last quarter. Schroder Investment Management Group boosted its holdings in Mitek Systems by 7.2% in the first quarter. Schroder Investment Management Group now owns 10,232 shares of the software maker’s stock worth $149,000 after acquiring an additional 688 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Mitek Systems by 1.4% in the first quarter. California State Teachers Retirement System now owns 62,332 shares of the software maker’s stock worth $909,000 after acquiring an additional 869 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Mitek Systems by 4.1% in the second quarter. The Manufacturers Life Insurance Company now owns 24,493 shares of the software maker’s stock worth $472,000 after purchasing an additional 972 shares during the last quarter. 67.48% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ MITK traded up $0.29 during trading hours on Friday, hitting $17.38. The company had a trading volume of 237,819 shares, compared to its average volume of 568,892. Mitek Systems has a 52 week low of $11.27 and a 52 week high of $23.29. The firm has a 50 day simple moving average of $18.48 and a 200 day simple moving average of $19.07. The company has a debt-to-equity ratio of 0.92, a quick ratio of 5.46 and a current ratio of 5.46. The firm has a market capitalization of $765.14 million, a price-to-earnings ratio of 91.48 and a beta of 0.30.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, November 4th. The software maker reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.03. Mitek Systems had a return on equity of 15.16% and a net margin of 7.02%. The firm had revenue of $33.30 million for the quarter, compared to analysts’ expectations of $33.23 million. During the same quarter last year, the firm posted $0.22 EPS. The company’s revenue was up 8.8% compared to the same quarter last year. On average, research analysts forecast that Mitek Systems will post 0.58 earnings per share for the current year.

About Mitek Systems

Mitek Systems, Inc engages in the innovation of mobile capture and digital identity verification solutions. Its products include Mobile Deposit, Mobile Verify, Mobile Fill, Mobile Docs, A2iA CheckReader, A2iA XE, A2iA DocumentReader, A2iA TextReader, and ICAR ID_CLOUD. The company was founded in 1986 and is headquartered in San Diego, CA.

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Analyst Recommendations for Mitek Systems (NASDAQ:MITK)

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