Mitek Systems (NASDAQ:MITK) Price Target Increased to $19.00 by Analysts at Craig Hallum

Mitek Systems (NASDAQ:MITK) had its price target lifted by Craig Hallum from $17.00 to $19.00 in a research note published on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

Other analysts also recently issued reports about the stock. StockNews.com downgraded shares of Mitek Systems from a buy rating to a hold rating in a research note on Thursday, March 21st. HC Wainwright reissued a buy rating and set a $19.00 target price on shares of Mitek Systems in a research note on Tuesday.

Mitek Systems Price Performance

Shares of NASDAQ:MITK opened at $12.18 on Tuesday. The company’s fifty day moving average is $12.68 and its two-hundred day moving average is $11.96. The company has a quick ratio of 3.69, a current ratio of 3.69 and a debt-to-equity ratio of 0.66. Mitek Systems has a 12-month low of $8.77 and a 12-month high of $16.24. The company has a market cap of $569.91 million, a P/E ratio of -174.00 and a beta of 1.09.

Mitek Systems (NASDAQ:MITK) last announced its earnings results on Tuesday, March 19th. The software maker reported $0.10 earnings per share (EPS) for the quarter. Mitek Systems had a net margin of 4.25% and a return on equity of 17.83%. The company had revenue of $37.66 million for the quarter. Equities analysts expect that Mitek Systems will post 0.82 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mitek Systems

A number of hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC increased its stake in shares of Mitek Systems by 52.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 389,319 shares of the software maker’s stock worth $5,489,000 after acquiring an additional 134,502 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Mitek Systems by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 3,379,226 shares of the software maker’s stock worth $44,065,000 after acquiring an additional 92,146 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Mitek Systems by 3.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 29,268 shares of the software maker’s stock worth $383,000 after acquiring an additional 963 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Mitek Systems by 6.8% in the fourth quarter. Legal & General Group Plc now owns 3,045,287 shares of the software maker’s stock worth $39,711,000 after acquiring an additional 193,443 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of Mitek Systems by 317.3% in the fourth quarter. Barclays PLC now owns 69,938 shares of the software maker’s stock worth $912,000 after acquiring an additional 53,180 shares during the last quarter. 83.64% of the stock is owned by institutional investors and hedge funds.

Mitek Systems Company Profile

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.