Brokerages forecast that Mitek Systems, Inc. (NASDAQ:MITK) will announce sales of $20.10 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Mitek Systems’ earnings. The highest sales estimate is $20.12 million and the lowest is $20.09 million. Mitek Systems posted sales of $12.90 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 55.8%. The firm is expected to report its next earnings report on Tuesday, November 6th.

According to Zacks, analysts expect that Mitek Systems will report full year sales of $62.64 million for the current financial year. For the next financial year, analysts anticipate that the company will report sales of $83.65 million per share, with estimates ranging from $82.12 million to $85.30 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Mitek Systems.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, July 26th. The software maker reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. Mitek Systems had a return on equity of 4.74% and a net margin of 5.75%. The firm had revenue of $16.10 million during the quarter, compared to analyst estimates of $15.33 million. During the same quarter last year, the firm earned $0.08 EPS. Mitek Systems’s quarterly revenue was up 36.4% on a year-over-year basis.

MITK has been the subject of a number of recent analyst reports. ValuEngine upgraded Mitek Systems from a “hold” rating to a “buy” rating in a research note on Thursday, May 31st. National Securities set a $18.00 price objective on Mitek Systems and gave the company a “buy” rating in a research note on Tuesday, August 28th. BidaskClub upgraded Mitek Systems from a “hold” rating to a “buy” rating in a research note on Saturday, August 11th. TheStreet lowered Mitek Systems from a “b” rating to a “c+” rating in a research note on Friday, July 27th. Finally, Benchmark downgraded Mitek Systems from a “buy” rating to a “hold” rating and set a $8.00 target price on the stock. in a report on Tuesday, August 28th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $13.00.

NASDAQ MITK traded down $0.05 during mid-day trading on Friday, reaching $7.15. 10,315 shares of the company’s stock traded hands, compared to its average volume of 440,766. Mitek Systems has a 1-year low of $6.85 and a 1-year high of $10.10. The firm has a market cap of $272.14 million, a PE ratio of 33.93, a price-to-earnings-growth ratio of 16.00 and a beta of 0.20.

In related news, CEO James B. Debello sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $8.54, for a total value of $427,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James C. Hale III purchased 20,000 shares of the business’s stock in a transaction that occurred on Friday, August 31st. The stock was bought at an average cost of $7.17 per share, for a total transaction of $143,400.00. Following the acquisition, the director now owns 111,135 shares in the company, valued at approximately $796,837.95. The disclosure for this purchase can be found here. Company insiders own 7.50% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Mount Yale Investment Advisors LLC bought a new stake in Mitek Systems during the 2nd quarter valued at $122,000. Russell Investments Group Ltd. raised its stake in Mitek Systems by 35.7% during the 1st quarter. Russell Investments Group Ltd. now owns 25,741 shares of the software maker’s stock valued at $190,000 after acquiring an additional 6,772 shares in the last quarter. Mackay Shields LLC bought a new stake in Mitek Systems during the 2nd quarter valued at $208,000. Eqis Capital Management Inc. bought a new stake in Mitek Systems during the 2nd quarter valued at $239,000. Finally, First Trust Advisors LP raised its stake in Mitek Systems by 85.0% during the 2nd quarter. First Trust Advisors LP now owns 59,223 shares of the software maker’s stock valued at $527,000 after acquiring an additional 27,202 shares in the last quarter. 45.93% of the stock is currently owned by hedge funds and other institutional investors.

About Mitek Systems

Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions for enterprise customers worldwide. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences and transactions. It offers Mobile Deposit that allows individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that can be integrated into mobile apps, mobile Websites, and desktop applications; Mobile Fill to pre-fill forms with personal data by simply snapping a picture of the consumer's driver license, credit card, or other document; Mobile Docs, a mobile document scanning solution; and MiSnap Multi-Check Capture, a software development kit that banks embed in their business banking app that facilitates capture of various checks in one deposit session.

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