Brokerages predict that Mitek Systems, Inc. (NASDAQ:MITK) will announce $17.26 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Mitek Systems’ earnings, with the lowest sales estimate coming in at $17.25 million and the highest estimate coming in at $17.27 million. Mitek Systems posted sales of $12.14 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 42.2%. The firm is scheduled to announce its next earnings results on Thursday, January 24th.

On average, analysts expect that Mitek Systems will report full-year sales of $84.55 million for the current fiscal year, with estimates ranging from $84.51 million to $84.60 million. For the next year, analysts anticipate that the firm will post sales of $106.35 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Mitek Systems.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Thursday, November 1st. The software maker reported $0.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.05. Mitek Systems had a positive return on equity of 5.49% and a negative net margin of 18.58%. The business had revenue of $21.00 million during the quarter, compared to the consensus estimate of $20.09 million. During the same quarter in the prior year, the company posted $0.11 earnings per share. Mitek Systems’s revenue was up 62.8% compared to the same quarter last year.

Several brokerages recently issued reports on MITK. ValuEngine upgraded Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Wednesday, January 2nd. BidaskClub downgraded Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Saturday. Zacks Investment Research downgraded Mitek Systems from a “buy” rating to a “hold” rating in a report on Saturday, November 3rd. National Securities set a $18.00 price target on Mitek Systems and gave the stock a “buy” rating in a report on Friday, November 2nd. Finally, Benchmark upgraded 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 Tuesday, November 27th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $13.67.

In other news, CEO James B. Debello sold 42,308 shares of the stock in a transaction dated Monday, November 19th. The stock was sold at an average price of $9.41, for a total transaction of $398,118.28. Following the transaction, the chief executive officer now directly owns 718,687 shares in the company, valued at approximately $6,762,844.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James B. Debello sold 29,550 shares of the stock in a transaction dated Thursday, January 3rd. The shares were sold at an average price of $11.12, for a total value of $328,596.00. Following the transaction, the chief executive officer now owns 591,911 shares in the company, valued at $6,582,050.32. The disclosure for this sale can be found here. Insiders sold a total of 155,854 shares of company stock valued at $1,519,474 in the last 90 days. Corporate insiders own 7.50% of the company’s stock.

Several institutional investors have recently made changes to their positions in MITK. Independent Advisor Alliance raised its stake in shares of Mitek Systems by 1.1% in the third quarter. Independent Advisor Alliance now owns 611,045 shares of the software maker’s stock worth $4,125,000 after purchasing an additional 6,500 shares during the last quarter. Teachers Advisors LLC grew its holdings in shares of Mitek Systems by 13.4% in the third quarter. Teachers Advisors LLC now owns 71,568 shares of the software maker’s stock worth $505,000 after acquiring an additional 8,455 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in shares of Mitek Systems by 15.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 71,065 shares of the software maker’s stock worth $633,000 after acquiring an additional 9,300 shares during the period. Mount Yale Investment Advisors LLC bought a new stake in shares of Mitek Systems in the second quarter worth $122,000. Finally, MML Investors Services LLC bought a new stake in shares of Mitek Systems in the third quarter worth $100,000. Hedge funds and other institutional investors own 45.76% of the company’s stock.

Mitek Systems stock traded up $0.02 during trading on Wednesday, hitting $10.89. 189,478 shares of the company were exchanged, compared to its average volume of 434,688. Mitek Systems has a 52 week low of $6.32 and a 52 week high of $11.43. The company has a market capitalization of $418.33 million, a P/E ratio of 83.77, a price-to-earnings-growth ratio of 3.81 and a beta of -0.47.

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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