Mitek Systems (NASDAQ:MITK) price target dropped to $15.00 by Craig Hallum

Mitek Systems (NASDAQ:MITK – Free Report) their price target was lowered by Craig Hallum from $19.00 to $15.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

Several other equities analysts recently issued reports on the company. StockNews.com raised Mitek Systems from a hold rating to a buy rating in a research note on Friday, July 12th. HC Wainwright reiterated a buy rating and set a $19.00 target price on shares of Mitek Systems in a research report on Tuesday, May 14th.

See the latest stock analysis on MITK

Mitek Systems stock performance

NASDAQ:MITK opened at $8.42 on Friday. The firm has a market cap of $393.98 million, a P/E ratio of -52.63 and a beta of 1.09. The company has a quick ratio of 4.27, a current ratio of 4.27, and a debt-to-equity ratio of 0.65. The company has a fifty day moving average of $11.71 and a 200 day moving average of $12.41. Mitek Systems has a 52-week low of $7.35 and a 52-week high of $16.24.

Mitek Systems (NASDAQ:MITK – Get Your Free Report ) last issued its quarterly earnings data on Thursday, August 8th. The software maker reported $0.25 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.01). The firm had revenue of $45.00 million for the quarter, compared to the consensus estimate of $47.99 million. Mitek Systems had a negative net margin of 4.49% and a positive return on equity of 11.71%. The company’s revenue increased by 4.4% year-on-year. During the same period last year, the company posted earnings of $0.16 per share. On average, research analysts forecast that Mitek Systems will post 0.73 earnings per share for the current year.

Insiders place their bets

In other news, SVP Christopher H. Briggs sold 24,000 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $11.10, for a total transaction of $266,400.00. Following the sale, the senior vice president now owns 68,673 shares in the company, valued at approximately $762,270.30. The sale was disclosed in a filing with the SEC, which is accessible via this link. In other Mitek Systems news, SVP Christopher H. Briggs sold 24,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $11.10, for a total transaction of $266,400.00. Following the completion of the transaction, the senior vice president now owns 68,673 shares of the company’s stock, valued at $762,270.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, Director Donna Wells sold 16,839 shares of Mitek Systems stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $12.46, for a total transaction of $209,813.94. Following the transaction, the director now owns 38,552 shares of the company’s stock, valued at $480,357.92. The disclosure for this sale can be found here. 4.40% of shares are owned by corporate insiders.

Institutional investors are investing in Mitek Systems

A number of institutional investors have recently modified their holdings of MITK. Raymond James & Associates boosted its stake in Mitek Systems by 1.8% in the 4th quarter. Raymond James & Associates now owns 73,243 shares of the software maker’s stock worth $955,000 after purchasing an additional 1,274 shares during the last quarter. Knights of Columbus Asset Advisors LLC boosted its stake in Mitek Systems by 65.5% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 238,678 shares of the software maker’s stock worth $3,112,000 after purchasing an additional 94,454 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of Mitek Systems by 60.3% during the fourth quarter. New York State Common Retirement Fund now owns 21,077 shares of the software maker’s stock valued at $275,000 after purchasing an additional 7,929 shares during the last quarter. Kovack Advisors Inc. bought a new stake in shares of Mitek Systems during the fourth quarter valued at about $492,000. Finally, LGT Group Foundation boosted its holdings in Mitek Systems by 17.0% in the 4th quarter. LGT Group Foundation now owns 413,281 shares of the software maker’s stock worth $5,459,000 after purchasing another 60,106 shares in the last quarter. 83.64% of the shares are held by hedge funds and other institutional investors.

Mitek Systems Company Profile

(Get a free report)

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit, which allows individuals and businesses to deposit checks remotely 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 clicks and speeds up form filling.

Further reading

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