Equities research analysts at National Securities began coverage on shares of Mitek Systems (NASDAQ:MITK) in a note issued to investors on Friday, March 9th, MarketBeat reports. The brokerage set a “buy” rating and a $14.00 price target on the software maker’s stock. National Securities’ price objective suggests a potential upside of 89.19% from the company’s previous close.
The analysts wrote, “Last week we hosted investor meetings with New Relic’s management (CFO Mark Sachleben and VP Finance Jon Parker). Overall, we come away with increased confidence in the company’s total addressable market (TAM) opportunities, its competitive positioning, and our thesis; therefore we’re raising our price target to $85 from $66. Key takeaways: (1) TAM expansion is underway with end-to-end monitoring rising in importance; (2) the competitive environment remains fragmented and largely not cloud”-focused; and (3) the drivers required for delivering on management’s $1B/FY22 revenue target are largely in place. While the shares have already moved aggressively higher this year, we see a compelling long-term path for New Relic and remain positive on the shares. Maintain Outperform.””
Several other brokerages also recently issued reports on MITK. Zacks Investment Research raised shares of Mitek Systems from a “sell” rating to a “hold” rating in a report on Saturday, November 18th. BidaskClub downgraded shares of Mitek Systems from a “sell” rating to a “strong sell” rating in a report on Wednesday, December 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Mitek Systems has an average rating of “Hold” and a consensus price target of $12.00.
Shares of NASDAQ:MITK remained flat at $$7.40 during midday trading on Friday. 295,056 shares of the company were exchanged, compared to its average volume of 363,923. The company has a market capitalization of $258.28, a price-to-earnings ratio of 35.24, a PEG ratio of 6.17 and a beta of 0.47. Mitek Systems has a fifty-two week low of $6.45 and a fifty-two week high of $10.75.
Mitek Systems (NASDAQ:MITK) last released its earnings results on Thursday, January 25th. The software maker reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.01. Mitek Systems had a net margin of 18.57% and a return on equity of 9.45%. The firm had revenue of $12.14 million during the quarter, compared to analyst estimates of $11.57 million. During the same quarter in the previous year, the firm earned $0.03 earnings per share. The firm’s revenue for the quarter was up 31.0% compared to the same quarter last year. equities analysts predict that Mitek Systems will post 0.08 earnings per share for the current year.
In other Mitek Systems news, insider Stephen Ritter sold 11,976 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $7.50, for a total transaction of $89,820.00. Following the sale, the insider now owns 215,961 shares in the company, valued at approximately $1,619,707.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO James B. Debello sold 28,361 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $8.91, for a total value of $252,696.51. Following the sale, the chief executive officer now owns 844,726 shares in the company, valued at approximately $7,526,508.66. The disclosure for this sale can be found here. 7.50% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. TIAA CREF Investment Management LLC raised its holdings in Mitek Systems by 1.3% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 123,759 shares of the software maker’s stock worth $1,040,000 after buying an additional 1,624 shares during the period. The Manufacturers Life Insurance Company increased its holdings 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. Voya Investment Management LLC increased its holdings in shares of Mitek Systems by 20.0% in the 2nd quarter. Voya Investment Management LLC now owns 17,451 shares of the software maker’s stock valued at $147,000 after purchasing an additional 2,906 shares during the period. Teachers Advisors LLC increased its holdings in shares of Mitek Systems by 12.1% in the 2nd quarter. Teachers Advisors LLC now owns 57,628 shares of the software maker’s stock valued at $484,000 after purchasing an additional 6,240 shares during the period. Finally, Cadence Capital Management LLC increased its holdings in shares of Mitek Systems by 5.1% in the 3rd quarter. Cadence Capital Management LLC now owns 158,233 shares of the software maker’s stock valued at $1,503,000 after purchasing an additional 7,631 shares during the period. Hedge funds and other institutional investors own 46.62% of the company’s stock.
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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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