Mitek Systems (NASDAQ:MITK) Given New $14.00 Price Target at Maxim Group

Mitek Systems (NASDAQ:MITK) had its target price hoisted by Maxim Group from $13.00 to $14.00 in a research report report published on Tuesday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

Several other equities analysts have also recently weighed in on MITK. HC Wainwright reaffirmed a “buy” rating and set a $13.00 target price on shares of Mitek Systems in a research note on Tuesday. StockNews.com raised Mitek Systems from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 25th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.88.

Mitek Systems Trading Down 7.8 %

Shares of MITK opened at $10.16 on Tuesday. The business’s 50-day moving average price is $10.32 and its 200 day moving average price is $9.60. The stock has a market capitalization of $459.54 million, a P/E ratio of 169.33 and a beta of 1.08. Mitek Systems has a 1-year low of $7.35 and a 1-year high of $16.24. The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 0.67.

Mitek Systems (NASDAQ:MITK) last released its earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.07). Mitek Systems had a net margin of 1.90% and a return on equity of 16.64%. Analysts expect that Mitek Systems will post 0.65 earnings per share for the current year.

Insider Activity

In other news, SVP Christopher H. Briggs sold 3,320 shares of Mitek Systems stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.08, for a total transaction of $30,145.60. Following the completion of the sale, the senior vice president now directly owns 65,353 shares in the company, valued at $593,405.24. The trade was a 4.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total value of $56,433.54. Following the sale, the insider now owns 164,342 shares of the company’s stock, valued at approximately $1,490,581.94. This represents a 3.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,699 shares of company stock worth $152,140 in the last three months. 2.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Mitek Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. nVerses Capital LLC lifted its holdings in Mitek Systems by 25.5% in the 3rd quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock worth $55,000 after purchasing an additional 1,300 shares during the last quarter. Avior Wealth Management LLC acquired a new stake in Mitek Systems in the 3rd quarter worth approximately $60,000. KLP Kapitalforvaltning AS acquired a new stake in Mitek Systems in the 4th quarter worth approximately $105,000. Y Intercept Hong Kong Ltd acquired a new stake in Mitek Systems in the 4th quarter worth approximately $114,000. Finally, Intech Investment Management LLC acquired a new stake in Mitek Systems in the 3rd quarter worth approximately $117,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.

About Mitek Systems

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks 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 the numbers of clicks, and expedites form fill completion.