Mitek Systems (NASDAQ:MITK) Price Target Raised to $14.00

Mitek Systems (NASDAQ:MITK) had its price target lifted by Maxim Group from $13.00 to $14.00 in a report issued on Tuesday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

Several other equities research analysts have also commented on MITK. StockNews.com raised shares of Mitek Systems from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 25th. HC Wainwright reissued a “buy” rating and set a $13.00 price objective on shares of Mitek Systems in a research note on Tuesday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Mitek Systems has a consensus rating of “Moderate Buy” and an average price target of $12.88.

Mitek Systems Price Performance

Shares of NASDAQ MITK opened at $10.13 on Tuesday. Mitek Systems has a 1 year low of $7.35 and a 1 year high of $16.24. The company has a debt-to-equity ratio of 0.67, a current ratio of 4.39 and a quick ratio of 4.39. The company’s 50-day moving average is $10.37 and its 200 day moving average is $9.61. The stock has a market capitalization of $458.32 million, a P/E ratio of 168.83 and a beta of 1.08.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.07). Mitek Systems had a net margin of 1.90% and a return on equity of 16.64%. On average, sell-side analysts expect that Mitek Systems will post 0.65 earnings per share for the current year.

Insider Transactions at Mitek Systems

In related news, SVP Christopher H. Briggs sold 3,320 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.08, for a total transaction of $30,145.60. Following the transaction, the senior vice president now owns 65,353 shares in the company, valued at $593,405.24. This represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Gray sold 6,222 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total transaction of $56,433.54. Following the transaction, the insider now owns 164,342 shares in the company, valued at approximately $1,490,581.94. This trade represents a 3.65 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,699 shares of company stock worth $152,140. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board bought a new position in Mitek Systems during the fourth quarter valued at approximately $39,000. Marshall Wace LLP grew its stake in Mitek Systems by 2,115.7% during the fourth quarter. Marshall Wace LLP now owns 859,123 shares of the software maker’s stock valued at $9,562,000 after acquiring an additional 820,349 shares in the last quarter. Jump Financial LLC lifted its position in Mitek Systems by 138.3% during the fourth quarter. Jump Financial LLC now owns 41,219 shares of the software maker’s stock valued at $459,000 after purchasing an additional 23,919 shares during the last quarter. XTX Topco Ltd bought a new position in Mitek Systems during the fourth quarter valued at $348,000. Finally, Barclays PLC lifted its position in Mitek Systems by 5.0% during the fourth quarter. Barclays PLC now owns 82,142 shares of the software maker’s stock valued at $914,000 after purchasing an additional 3,933 shares during the last quarter. Institutional investors own 83.64% of the company’s stock.

Mitek Systems Company Profile

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.