Wall Street analysts expect that Mitek Systems, Inc. (NASDAQ:MITK) will report sales of $11.55 million for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Mitek Systems’ earnings. The highest sales estimate is $11.65 million and the lowest is $11.50 million. Mitek Systems reported sales of $9.27 million in the same quarter last year, which indicates a positive year-over-year growth rate of 24.6%. The company is scheduled to report its next earnings results on Thursday, February 1st.
On average, analysts expect that Mitek Systems will report full-year sales of $11.55 million for the current year, with estimates ranging from $58.00 million to $58.09 million. For the next year, analysts anticipate that the company will post sales of $69.47 million per share, with estimates ranging from $69.00 million to $70.22 million. Zacks’ sales averages are an average based on a survey of research firms that cover Mitek Systems.
Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Tuesday, November 7th. The software maker reported $0.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.02. The company had revenue of $12.90 million for the quarter, compared to analysts’ expectations of $12.35 million. Mitek Systems had a return on equity of 12.72% and a net margin of 31.05%. The firm’s revenue was up 33.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.07 earnings per share.
Several research firms have issued reports on MITK. Benchmark Co. upped their price target on Mitek Systems from $10.00 to $12.00 and gave the company a “buy” rating in a report on Monday, July 24th. Northland Securities reaffirmed a “buy” rating and issued a $11.00 price target on shares of Mitek Systems in a report on Tuesday, July 25th. BidaskClub raised Mitek Systems from a “hold” rating to a “buy” rating in a report on Friday, August 25th. Roth Capital set a $12.00 price target on Mitek Systems and gave the company a “buy” rating in a report on Friday, July 28th. Finally, Zacks Investment Research cut Mitek Systems from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $10.67.
In other Mitek Systems news, insider Michael E. Diamond sold 4,854 shares of Mitek Systems stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $8.60, for a total transaction of $41,744.40. Following the transaction, the insider now directly owns 167,499 shares in the company, valued at approximately $1,440,491.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO James B. Debello sold 10,313 shares of Mitek Systems stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $8.60, for a total transaction of $88,691.80. Following the transaction, the chief executive officer now owns 909,903 shares in the company, valued at $7,825,165.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 77,860 shares of company stock worth $704,068. Corporate insiders own 8.52% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of MITK. Prudential Financial Inc. purchased a new position in Mitek Systems during the 3rd quarter worth approximately $101,000. Chevy Chase Trust Holdings Inc. purchased a new position in shares of Mitek Systems during the 3rd quarter valued at $102,000. Burt Wealth Advisors purchased a new position in shares of Mitek Systems during the 2nd quarter valued at $105,000. LLBH Private Wealth Management LLC purchased a new position in shares of Mitek Systems during the 2nd quarter valued at $109,000. Finally, American International Group Inc. grew its holdings in shares of Mitek Systems by 7.1% during the 1st quarter. American International Group Inc. now owns 18,128 shares of the software maker’s stock valued at $121,000 after acquiring an additional 1,197 shares in the last quarter. Hedge funds and other institutional investors own 42.40% of the company’s stock.
Mitek Systems (NASDAQ MITK) opened at $8.95 on Wednesday. The stock has a market capitalization of $303.52, a price-to-earnings ratio of 60.00, a price-to-earnings-growth ratio of 4.50 and a beta of 0.69. Mitek Systems has a twelve month low of $5.26 and a twelve month high of $10.75.
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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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