Mitek Systems, Inc. (NASDAQ:MITK) – Equities researchers at William Blair increased their Q3 2018 earnings per share (EPS) estimates for Mitek Systems in a research report issued on Tuesday. William Blair analyst B. Suri now expects that the software maker will post earnings per share of $0.07 for the quarter, up from their prior forecast of $0.05. William Blair also issued estimates for Mitek Systems’ Q4 2018 earnings at $0.12 EPS.
MITK has been the subject of several other reports. BidaskClub lowered Mitek Systems from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Roth Capital set a $12.00 price objective on Mitek Systems and gave the stock a “buy” rating in a research note on Friday, July 28th. Zacks Investment Research upgraded Mitek Systems from a “hold” rating to a “strong-buy” rating and set a $11.00 price objective for the company in a research note on Friday, July 14th. Northland Securities reiterated a “buy” rating and set a $11.00 price objective on shares of Mitek Systems in a research note on Tuesday, July 25th. Finally, Benchmark Co. increased their target price on Mitek Systems from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Monday, July 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $10.67.
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Mitek Systems (MITK) traded down $0.45 during trading on Friday, reaching $9.00. The company’s stock had a trading volume of 672,700 shares, compared to its average volume of 374,302. Mitek Systems has a 1 year low of $5.26 and a 1 year high of $10.75. The firm has a market capitalization of $318.70, a price-to-earnings ratio of 63.00, a P/E/G ratio of 3.57 and a beta of 0.69.
Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Tuesday, November 7th. The software maker reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.02. Mitek Systems had a return on equity of 12.72% and a net margin of 31.05%. The firm had revenue of $12.90 million during the quarter, compared to analyst estimates of $12.35 million. During the same period in the prior year, the company posted $0.07 earnings per share. The business’s revenue for the quarter was up 33.4% compared to the same quarter last year.
In other news, insider Michael E. Diamond sold 4,854 shares of the 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James B. Debello sold 10,313 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $8.60, for a total value of $88,691.80. Following the sale, the chief executive officer now owns 909,903 shares in the company, valued at approximately $7,825,165.80. The disclosure for this sale can be found here. Insiders have sold 15,649 shares of company stock worth $134,581 in the last 90 days. Company insiders own 8.52% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Renaissance Group LLC grew its holdings in shares of Mitek Systems by 1.2% during the second quarter. Renaissance Group LLC now owns 54,110 shares of the software maker’s stock worth $455,000 after purchasing an additional 620 shares during the last quarter. Unterberg Capital LLC boosted its holdings 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 acquiring an additional 244,600 shares during the last quarter. TIAA CREF Investment Management LLC boosted its holdings in Mitek Systems by 43.9% in the first quarter. TIAA CREF Investment Management LLC now owns 122,135 shares of the software maker’s stock valued at $812,000 after acquiring an additional 37,271 shares during the last quarter. Thrivent Financial For Lutherans bought a new position in Mitek Systems in the second quarter valued at about $271,000. Finally, Vanguard Group Inc. boosted its holdings in Mitek Systems by 8.2% in the first quarter. Vanguard Group Inc. now owns 1,309,044 shares of the software maker’s stock valued at $8,705,000 after acquiring an additional 99,489 shares during the last quarter. Institutional investors own 42.50% of the company’s stock.
About Mitek Systems
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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