Mitek Systems (NASDAQ:MITK) Stock Rating Upgraded by Zacks Investment Research

Mitek Systems (NASDAQ:MITK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The brokerage currently has a $19.00 target price on the software maker’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 1.82% from the stock’s current price.

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. “

Several other analysts have also weighed in on the company. Maxim Group restated a “buy” rating and issued a $25.00 price objective on shares of Mitek Systems in a report on Wednesday, February 10th. Jefferies Financial Group began coverage on Mitek Systems in a report on Friday, April 16th. They set a “buy” rating and a $20.00 target price for the company.

NASDAQ:MITK opened at $18.66 on Wednesday. Mitek Systems has a 1 year low of $8.82 and a 1 year high of $19.88. The company has a market capitalization of $803.39 million, a PE ratio of 84.82 and a beta of 0.28. The stock has a fifty day simple moving average of $16.22. The company has a debt-to-equity ratio of 0.91, a quick ratio of 8.43 and a current ratio of 8.43.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, April 29th. The software maker reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.02. The company had revenue of $28.77 million during the quarter, compared to analysts’ expectations of $26.97 million. Mitek Systems had a return on equity of 16.52% and a net margin of 8.60%. Equities analysts expect that Mitek Systems will post 0.44 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cowa LLC purchased a new stake in shares of Mitek Systems during the fourth quarter valued at $34,000. Lazard Asset Management LLC lifted its stake in Mitek Systems by 18.2% in the 1st quarter. Lazard Asset Management LLC now owns 5,053 shares of the software maker’s stock worth $73,000 after acquiring an additional 777 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Mitek Systems in the 1st quarter worth about $75,000. Schroder Investment Management Group lifted its stake in Mitek Systems by 7.2% in the 1st quarter. Schroder Investment Management Group now owns 10,232 shares of the software maker’s stock worth $149,000 after acquiring an additional 688 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in Mitek Systems in the 1st quarter worth about $155,000. 65.83% of the stock is owned by institutional investors and hedge funds.

Mitek Systems Company Profile

Mitek Systems, Inc develops, markets, and sells mobile image capture and digital identity verification solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and browsers to facilitate online user experiences, fraud detection and reduction, and compliant transactions.

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