Mitek Systems, Inc. (NASDAQ:MITK) has received a consensus recommendation of “Buy” from the nine brokerages that are presently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $10.60.

Several research firms have weighed in on MITK. BidaskClub upgraded Mitek Systems from a “hold” rating to a “buy” rating in a report on Friday, August 25th. Zacks Investment Research lowered Mitek Systems from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. Roth Capital set a $12.00 target price on Mitek Systems and gave the stock a “buy” rating in a report on Friday, July 28th. Northland Securities reiterated a “buy” rating and set a $11.00 target price on shares of Mitek Systems in a report on Tuesday, July 25th. Finally, Benchmark Co. lifted their target price on Mitek Systems from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Monday, July 24th.

Mitek Systems (MITK) remained flat at $9.65 on Friday. 235,179 shares of the company’s stock were exchanged. The stock has a market capitalization of $324.10 million, a PE ratio of 163.56 and a beta of 0.65. Mitek Systems has a 12-month low of $5.26 and a 12-month high of $10.75. The firm has a 50 day moving average price of $9.90 and a 200 day moving average price of $8.51.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Thursday, July 27th. The software maker reported $0.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.02. The firm had revenue of $11.80 million for the quarter, compared to analyst estimates of $11.48 million. Mitek Systems had a return on equity of 10.45% and a net margin of 5.19%. The company’s revenue for the quarter was up 29.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.07 earnings per share. On average, analysts forecast that Mitek Systems will post $0.28 earnings per share for the current year.

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In other Mitek Systems news, CFO Russell C. Clark sold 39,400 shares of Mitek Systems stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $8.25, for a total value of $325,050.00. Following the sale, the chief financial officer now owns 88,818 shares of the company’s stock, valued at approximately $732,748.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 8.52% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its stake in shares of Mitek Systems by 2.1% in the 1st quarter. Bank of America Corp DE now owns 23,382 shares of the software maker’s stock valued at $156,000 after purchasing an additional 490 shares during the period. Renaissance Group LLC raised its stake in shares of Mitek Systems by 1.2% in the 2nd quarter. Renaissance Group LLC now owns 54,110 shares of the software maker’s stock valued at $455,000 after purchasing an additional 620 shares during the period. American International Group Inc. raised its stake in shares of Mitek Systems by 7.1% in the 1st quarter. American International Group Inc. now owns 18,128 shares of the software maker’s stock valued at $121,000 after purchasing an additional 1,197 shares during the period. TIAA CREF Investment Management LLC raised its stake in shares of Mitek Systems by 1.3% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 123,759 shares of the software maker’s stock valued at $1,040,000 after purchasing an additional 1,624 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Mitek Systems by 7.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,541 shares of the software maker’s stock valued at $214,000 after purchasing an additional 1,854 shares during the period. 42.70% of the stock is currently owned by hedge funds and other institutional investors.

Mitek Systems Company Profile

Mitek Systems, Inc develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with their camera-equipped smartphones and tablets instead of using the device keyboard.

Analyst Recommendations for Mitek Systems (NASDAQ:MITK)

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