$11.55 Million in Sales Expected for Mitek Systems, Inc. (MITK) This Quarter

Equities research analysts expect Mitek Systems, Inc. (NASDAQ:MITK) to report sales of $11.55 million for the current quarter, according to Zacks. Three analysts have provided estimates for Mitek Systems’ earnings, with the highest sales estimate coming in at $11.65 million and the lowest estimate coming in at $11.50 million. Mitek Systems posted sales of $9.27 million in the same quarter last year, which would indicate a positive year over year growth rate of 24.6%. The firm is scheduled to report its next earnings report on Thursday, February 1st.

According to Zacks, analysts expect that Mitek Systems will report full year sales of $11.55 million for the current fiscal year, with estimates ranging from $58.00 million to $58.09 million. For the next financial year, analysts forecast that the business will report sales of $69.47 million per share, with estimates ranging from $69.00 million to $70.22 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Mitek Systems.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Tuesday, November 7th. The software maker reported $0.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.02. The company had revenue of $12.90 million during the quarter, compared to the consensus estimate of $12.35 million. Mitek Systems had a return on equity of 11.49% and a net margin of 31.05%. Mitek Systems’s revenue for the quarter was up 33.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.07 EPS.

A number of analysts have recently commented on the company. BidaskClub cut Mitek Systems from a “sell” rating to a “strong sell” rating in a research report on Wednesday. Zacks Investment Research cut Mitek Systems from a “hold” rating to a “sell” rating in a research report on Friday, November 24th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Mitek Systems has a consensus rating of “Hold” and an average price target of $10.67.

In related news, CEO James B. Debello sold 5,239 shares of the business’s stock in a transaction dated Friday, November 24th. The stock was sold at an average price of $9.51, for a total value of $49,822.89. Following the transaction, the chief executive officer now owns 923,087 shares in the company, valued at approximately $8,778,557.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stephen Ritter sold 10,000 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $9.57, for a total value of $95,700.00. Following the completion of the transaction, the insider now owns 227,937 shares in the company, valued at approximately $2,181,357.09. The disclosure for this sale can be found here. Insiders have sold 155,942 shares of company stock worth $1,387,527 in the last quarter. Insiders own 8.52% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Renaissance Group LLC increased its position in 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 acquiring an additional 620 shares during the period. Unterberg Capital LLC boosted its holdings in Mitek Systems by 195.1% in the 2nd quarter. Unterberg Capital LLC now owns 370,000 shares of the software maker’s stock valued at $3,108,000 after purchasing an additional 244,600 shares in the last quarter. TIAA CREF Investment Management LLC boosted its holdings in Mitek Systems by 43.9% in the 1st quarter. TIAA CREF Investment Management LLC now owns 122,135 shares of the software maker’s stock valued at $812,000 after purchasing an additional 37,271 shares in the last quarter. Thrivent Financial For Lutherans purchased a new stake in Mitek Systems in the 2nd quarter valued at approximately $271,000. Finally, Vanguard Group Inc. boosted its holdings in Mitek Systems by 8.2% in the 1st quarter. Vanguard Group Inc. now owns 1,309,044 shares of the software maker’s stock valued at $8,705,000 after purchasing an additional 99,489 shares in the last quarter. Hedge funds and other institutional investors own 44.92% of the company’s stock.

Mitek Systems (MITK) traded down $0.10 on Friday, hitting $8.60. The stock had a trading volume of 148,530 shares, compared to its average volume of 373,002. Mitek Systems has a twelve month low of $5.50 and a twelve month high of $10.75. The firm has a market capitalization of $297.32, a PE ratio of 57.00, a P/E/G ratio of 4.28 and a beta of 0.64.

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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.

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