Brokerages Expect Mitek Systems, Inc. (NASDAQ:MITK) Will Post Quarterly Sales of $29.74 Million

Analysts predict that Mitek Systems, Inc. (NASDAQ:MITK) will report sales of $29.74 million for the current quarter, according to Zacks. Three analysts have made estimates for Mitek Systems’ earnings, with the highest sales estimate coming in at $29.81 million and the lowest estimate coming in at $29.60 million. Mitek Systems reported sales of $25.41 million in the same quarter last year, which indicates a positive year-over-year growth rate of 17%. The company is scheduled to issue its next earnings report on Thursday, July 29th.

On average, analysts expect that Mitek Systems will report full year sales of $119.56 million for the current fiscal year, with estimates ranging from $118.98 million to $120.00 million. For the next financial year, analysts anticipate that the company will post sales of $137.30 million, with estimates ranging from $136.60 million to $138.00 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Mitek Systems.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Thursday, April 29th. The software maker reported $0.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.02. Mitek Systems had a net margin of 8.60% and a return on equity of 16.52%. The firm had revenue of $28.77 million for the quarter, compared to analyst estimates of $26.97 million.

Several equities analysts have commented on the stock. Jefferies Financial Group assumed coverage on shares of Mitek Systems in a report on Friday, April 16th. They issued a “buy” rating and a $20.00 price objective on the stock. Zacks Investment Research raised Mitek Systems from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Wednesday, June 16th. Finally, Northland Securities initiated coverage on Mitek Systems in a research note on Wednesday. They set a “buy” rating and a $21.50 target price for the company. Four analysts have rated the stock with a buy rating, The company presently has a consensus rating of “Buy” and an average target price of $21.88.

In other Mitek Systems news, CFO Jeffrey C. Davison sold 11,685 shares of the stock in a transaction that occurred on Tuesday, June 22nd. The stock was sold at an average price of $18.78, for a total transaction of $219,444.30. Following the transaction, the chief financial officer now directly owns 127,302 shares in the company, valued at approximately $2,390,731.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.40% of the company’s stock.

Several institutional investors have recently bought and sold shares of the business. Bank of Montreal Can lifted its holdings in shares of Mitek Systems by 97.7% in the 1st quarter. Bank of Montreal Can now owns 708,330 shares of the software maker’s stock worth $10,937,000 after purchasing an additional 350,054 shares in the last quarter. Wisconsin Capital Management LLC bought a new position in shares of Mitek Systems in the 1st quarter worth $4,854,000. BlackRock Inc. lifted its holdings in shares of Mitek Systems by 9.1% in the 1st quarter. BlackRock Inc. now owns 3,143,104 shares of the software maker’s stock worth $45,824,000 after purchasing an additional 261,119 shares in the last quarter. Millennium Management LLC bought a new position in shares of Mitek Systems in the 1st quarter worth $2,946,000. Finally, Panagora Asset Management Inc. lifted its holdings in shares of Mitek Systems by 1,079.4% in the 1st quarter. Panagora Asset Management Inc. now owns 198,557 shares of the software maker’s stock worth $2,895,000 after purchasing an additional 181,721 shares in the last quarter. Hedge funds and other institutional investors own 65.68% of the company’s stock.

MITK traded up $0.01 during trading on Monday, reaching $19.25. 13,672 shares of the stock were exchanged, compared to its average volume of 360,428. The company has a market cap of $828.71 million, a PE ratio of 90.91 and a beta of 0.27. Mitek Systems has a twelve month low of $9.34 and a twelve month high of $19.88. The business’s 50 day moving average price is $18.11. The company has a debt-to-equity ratio of 0.91, a quick ratio of 8.43 and a current ratio of 8.43.

About Mitek Systems

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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