Zacks Investment Research upgraded shares of Mitek Systems (NASDAQ:MITK) from a sell rating to a hold rating in a report published on Friday.

According to Zacks, “Mitek Systems, Inc. is primarily engaged in the development and sale of software products with particular focus on intelligent character recognition and forms processing technology, products and services for the document imaging markets. They develop, market and support what they believe to be the most accurate Automated Document Recognition (ADR) products commercially available for the recognition of hand printed characters. “

Separately, BidaskClub upgraded shares of Mitek Systems from a hold rating to a buy rating in a report on Friday, August 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. Mitek Systems currently has an average rating of Hold and a consensus target price of $10.80.

Mitek Systems (MITK) opened at $8.85 on Friday. Mitek Systems has a 1 year low of $5.50 and a 1 year high of $10.75. The company has a market cap of $302.54, a P/E ratio of 58.00, a price-to-earnings-growth ratio of 4.35 and a beta of 0.64.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Tuesday, November 7th. The software maker reported $0.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.02. Mitek Systems had a net margin of 31.05% and a return on equity of 11.49%. The company had revenue of $12.90 million during the quarter, compared to analysts’ expectations of $12.35 million. During the same quarter last year, the company posted $0.07 EPS. The firm’s revenue was up 33.4% compared to the same quarter last year. analysts anticipate that Mitek Systems will post 0.13 earnings per share for the current year.

In related news, Director Bruce Edward Hansen sold 50,000 shares of Mitek Systems stock in a transaction on Friday, November 10th. The shares were sold at an average price of $9.16, for a total transaction of $458,000.00. Following the sale, the director now directly owns 61,600 shares in the company, valued at approximately $564,256. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael E. Diamond sold 4,854 shares of Mitek Systems stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $8.60, for a total transaction of $41,744.40. Following the sale, the insider now owns 167,499 shares in the company, valued at $1,440,491.40. The disclosure for this sale can be found here. Insiders sold a total of 205,942 shares of company stock worth $1,812,527 over the last 90 days. Company insiders own 8.52% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Mitek Systems by 5.0% during the 2nd quarter. Vanguard Group Inc. now owns 1,374,109 shares of the software maker’s stock worth $11,543,000 after acquiring an additional 65,065 shares in the last quarter. Archon Capital Management LLC increased its stake in Mitek Systems by 70.4% in the second quarter. Archon Capital Management LLC now owns 858,922 shares of the software maker’s stock valued at $7,215,000 after purchasing an additional 354,952 shares during the period. State Street Corp increased its stake in Mitek Systems by 7.6% in the second quarter. State Street Corp now owns 514,403 shares of the software maker’s stock valued at $4,322,000 after purchasing an additional 36,397 shares during the period. Independent Advisor Alliance acquired a new position in Mitek Systems in the third quarter valued at $4,185,000. Finally, Unterberg Capital LLC increased its stake in Mitek Systems by 195.1% in the second quarter. Unterberg Capital LLC now owns 370,000 shares of the software maker’s stock valued at $3,108,000 after purchasing an additional 244,600 shares during the period. Hedge funds and other institutional investors own 43.56% 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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