Zacks Investment Research upgraded shares of Mitek Systems (NASDAQ:MITK) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. They currently have $11.00 target price on the software maker’s stock.
According to Zacks, “Mitek Systems, Inc. is primarily engaged in the development and sale of software products with particular focus on intelligent character recognition and forms processing technology, products and services for the document imaging markets. They develop, market and support what they believe to be the most accurate Automated Document Recognition (ADR) products commercially available for the recognition of hand printed characters. “
Other equities analysts have also recently issued research reports about the company. BidaskClub upgraded Mitek Systems from a hold rating to a buy rating in a report on Tuesday. National Securities set a $18.00 price objective on Mitek Systems and gave the company a buy rating in a report on Friday, November 2nd. ValuEngine cut Mitek Systems from a buy rating to a hold rating in a report on Saturday, July 28th. Benchmark cut Mitek Systems from a buy rating to a hold rating and set a $8.00 price objective for the company. in a report on Tuesday, August 28th. Finally, TheStreet cut Mitek Systems from a b rating to a c+ rating in a report on Friday, July 27th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $12.33.
Mitek Systems (NASDAQ:MITK) last announced its earnings results on Thursday, November 1st. The software maker reported $0.14 EPS for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.05. The firm had revenue of $21.00 million during the quarter, compared to analysts’ expectations of $20.09 million. Mitek Systems had a positive return on equity of 5.75% and a negative net margin of 18.58%. The company’s quarterly revenue was up 62.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.11 EPS. Equities analysts expect that Mitek Systems will post 0.19 EPS for the current year.
In related news, CEO James B. Debello sold 50,000 shares of the business’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $8.54, for a total transaction of $427,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James C. Hale III acquired 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 31st. The shares were acquired at an average price of $7.17 per share, with a total value of $143,400.00. Following the acquisition, the director now owns 111,135 shares in the company, valued at $796,837.95. The disclosure for this purchase can be found here. 8.52% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its holdings in Mitek Systems by 12.9% during the 2nd quarter. BlackRock Inc. now owns 2,190,650 shares of the software maker’s stock valued at $19,497,000 after acquiring an additional 250,585 shares during the period. Wells Fargo & Company MN raised its position in Mitek Systems by 4.6% during the 2nd quarter. Wells Fargo & Company MN now owns 1,359,255 shares of the software maker’s stock valued at $12,098,000 after purchasing an additional 59,360 shares in the last quarter. Thomson Horstmann & Bryant Inc. raised its position in Mitek Systems by 16.5% during the 3rd quarter. Thomson Horstmann & Bryant Inc. now owns 1,058,514 shares of the software maker’s stock valued at $7,462,000 after purchasing an additional 149,810 shares in the last quarter. Unterberg Capital LLC raised its position in Mitek Systems by 2.4% during the 3rd quarter. Unterberg Capital LLC now owns 650,000 shares of the software maker’s stock valued at $4,583,000 after purchasing an additional 15,000 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. raised its position in Mitek Systems by 184.4% during the 3rd quarter. Prescott Group Capital Management L.L.C. now owns 536,995 shares of the software maker’s stock valued at $3,786,000 after purchasing an additional 348,186 shares in the last quarter. Institutional investors own 45.93% of the company’s stock.
Mitek Systems Company Profile
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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