Roth Capital set a $12.00 price target on Mitek Systems, Inc. (NASDAQ:MITK) in a research note issued to investors on Friday. The brokerage currently has a buy rating on the software maker’s stock.

A number of other research analysts have also commented on the company. Zacks Investment Research lowered Mitek Systems from a hold rating to a sell rating in a report on Saturday, June 24th. TheStreet raised Mitek Systems from a c+ rating to a b rating in a report on Friday, April 28th. BidaskClub raised Mitek Systems from a hold rating to a buy rating in a report on Wednesday, July 12th. ValuEngine raised Mitek Systems from a sell rating to a hold rating in a report on Saturday, June 3rd. Finally, Benchmark Co. increased their price objective on Mitek Systems from $10.00 to $12.00 and gave the company a buy rating in a report on Monday, July 24th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Mitek Systems presently has an average rating of Buy and an average target price of $10.67.

Shares of Mitek Systems (MITK) traded down 1.316% during trading on Friday, hitting $9.375. The company’s stock had a trading volume of 158,883 shares. The firm’s 50 day moving average is $9.15 and its 200-day moving average is $7.57. Mitek Systems has a 1-year low of $5.26 and a 1-year high of $10.75. The company has a market capitalization of $314.03 million, a P/E ratio of 158.898 and a beta of 0.66.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, July 27th. The software maker reported $0.10 EPS for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.02. The business had revenue of $11.80 million for the quarter, compared to analyst estimates of $11.48 million. Mitek Systems had a return on equity of 10.80% and a net margin of 5.19%. The firm’s revenue for the quarter was up 29.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.07 EPS. Analysts forecast that Mitek Systems will post $0.31 EPS for the current fiscal year.

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In related news, CFO Russell C. Clark sold 39,400 shares of the stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $8.25, for a total transaction of $325,050.00. Following the completion of the sale, the chief financial officer now owns 88,818 shares in the company, valued at approximately $732,748.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 8.52% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE increased its stake in Mitek Systems by 2.1% in the first quarter. Bank of America Corp DE now owns 23,382 shares of the software maker’s stock valued at $156,000 after buying an additional 490 shares in the last quarter. Malaga Cove Capital LLC increased its stake in Mitek Systems by 3.4% in the first quarter. Malaga Cove Capital LLC now owns 19,575 shares of the software maker’s stock valued at $126,000 after buying an additional 650 shares in the last quarter. American International Group Inc. increased its stake in Mitek Systems by 7.1% in the first quarter. American International Group Inc. now owns 18,128 shares of the software maker’s stock valued at $121,000 after buying an additional 1,197 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Mitek Systems by 4.0% in the first quarter. Bank of New York Mellon Corp now owns 99,118 shares of the software maker’s stock valued at $659,000 after buying an additional 3,857 shares in the last quarter. Finally, Alambic Investment Management L.P. increased its stake in Mitek Systems by 2.6% in the first quarter. Alambic Investment Management L.P. now owns 160,050 shares of the software maker’s stock valued at $1,064,000 after buying an additional 3,986 shares in the last quarter. Hedge funds and other institutional investors own 38.40% of the company’s stock.

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.

Analyst Recommendations for Mitek Systems (NASDAQ:MITK)

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