National Securities Reiterates $18.00 Price Target for Mitek Systems (MITK)

Mitek Systems (NASDAQ:MITK) received a $18.00 price target from research analysts at National Securities in a note issued to investors on Friday. The firm presently has a “buy” rating on the software maker’s stock. National Securities’ price objective points to a potential upside of 87.30% from the stock’s previous close.

MITK has been the topic of several other research reports. BidaskClub cut Mitek Systems from a “buy” rating to a “hold” rating in a report on Thursday, August 30th. Zacks Investment Research upgraded Mitek Systems from a “hold” rating to a “buy” rating and set a $7.25 price objective on the stock in a report on Wednesday, October 10th. ValuEngine cut Mitek Systems from a “buy” rating to a “hold” rating in a report on Saturday, July 28th. TheStreet cut Mitek Systems from a “b” rating to a “c+” rating in a research note on Friday, July 27th. Finally, Benchmark cut Mitek Systems from a “buy” rating to a “hold” rating and set a $8.00 target price on the stock. in a research note on Tuesday, August 28th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $11.08.

Shares of NASDAQ:MITK traded up $0.28 during trading on Friday, hitting $9.61. 11,331 shares of the company’s stock traded hands, compared to its average volume of 414,985. Mitek Systems has a 52 week low of $6.32 and a 52 week high of $10.10. The stock has a market capitalization of $303.51 million, a PE ratio of 45.81, a price-to-earnings-growth ratio of 2.97 and a beta of 0.21.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Thursday, November 1st. The software maker reported $0.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.05. Mitek Systems had a return on equity of 4.74% and a net margin of 5.75%. The business had revenue of $21.00 million for the quarter, compared to analysts’ expectations of $20.09 million. During the same quarter in the previous year, the business posted $0.11 EPS. Mitek Systems’s revenue for the quarter was up 62.8% on a year-over-year basis. Equities analysts anticipate that Mitek Systems will post 0.03 earnings per share for the current year.

In other news, CEO James B. Debello sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $8.54, for a total transaction of $427,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James C. Hale III acquired 20,000 shares of the company’s stock in a transaction dated Friday, August 31st. The shares were bought at an average price of $7.17 per share, for a total transaction of $143,400.00. Following the purchase, the director now owns 111,135 shares in the company, valued at $796,837.95. The disclosure for this purchase can be found here. Insiders own 8.52% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. First Trust Advisors LP raised its stake in shares of Mitek Systems by 85.0% during the 2nd quarter. First Trust Advisors LP now owns 59,223 shares of the software maker’s stock worth $527,000 after purchasing an additional 27,202 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of 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 worth $12,098,000 after acquiring an additional 59,360 shares during the last quarter. Global X Management Co LLC increased its holdings in shares of Mitek Systems by 125.4% during the 2nd quarter. Global X Management Co LLC now owns 85,899 shares of the software maker’s stock worth $765,000 after acquiring an additional 47,792 shares during the last quarter. Mount Yale Investment Advisors LLC acquired a new position in shares of Mitek Systems during the 2nd quarter worth approximately $122,000. Finally, Monarch Partners Asset Management LLC increased its holdings in shares of Mitek Systems by 68.0% during the 2nd quarter. Monarch Partners Asset Management LLC now owns 100,920 shares of the software maker’s stock worth $898,000 after acquiring an additional 40,845 shares during the last quarter. Institutional investors own 46.20% of the company’s stock.

About Mitek Systems

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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