Mitek Systems, Inc. (NASDAQ:MITK) Shares Sold by Independent Advisor Alliance

Independent Advisor Alliance cut its stake in Mitek Systems, Inc. (NASDAQ:MITK) by 12.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,498,092 shares of the software maker’s stock after selling 203,721 shares during the period. Independent Advisor Alliance owned approximately 3.31% of Mitek Systems worth $16,674,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. State Street Corp boosted its position in shares of Mitek Systems by 3.8% in the third quarter. State Street Corp now owns 1,306,351 shares of the software maker’s stock worth $11,326,000 after acquiring an additional 47,418 shares during the last quarter. Impax Asset Management Group plc acquired a new position in Mitek Systems during the fourth quarter valued at approximately $5,565,000. Invenomic Capital Management LP acquired a new position in Mitek Systems during the third quarter valued at approximately $4,068,000. Foundry Partners LLC lifted its position in Mitek Systems by 18.5% during the third quarter. Foundry Partners LLC now owns 347,195 shares of the software maker’s stock valued at $3,010,000 after buying an additional 54,235 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Mitek Systems by 15.5% during the third quarter. JPMorgan Chase & Co. now owns 262,956 shares of the software maker’s stock valued at $2,280,000 after buying an additional 35,301 shares in the last quarter. 83.64% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Mitek Systems news, insider Jason Gray sold 6,222 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total transaction of $56,433.54. Following the completion of the sale, the insider now owns 164,342 shares in the company, valued at $1,490,581.94. The trade was a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Edward H. West bought 55,000 shares of the stock in a transaction on Thursday, February 20th. The shares were acquired at an average price of $9.21 per share, with a total value of $506,550.00. Following the purchase, the chief executive officer now owns 55,000 shares of the company’s stock, valued at $506,550. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. StockNews.com cut shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 11th. Maxim Group lifted their price objective on shares of Mitek Systems from $13.00 to $14.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Finally, HC Wainwright reiterated a “buy” rating and set a $13.00 price objective on shares of Mitek Systems in a research note on Tuesday, February 11th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Mitek Systems has a consensus rating of “Moderate Buy” and an average target price of $12.88.

Mitek Systems Stock Up 0.7 %

Shares of NASDAQ:MITK opened at $9.10 on Monday. The company has a current ratio of 4.59, a quick ratio of 4.59 and a debt-to-equity ratio of 0.73. The company has a fifty day simple moving average of $10.11 and a 200 day simple moving average of $9.48. The firm has a market cap of $411.72 million, a PE ratio of 101.11 and a beta of 1.08. Mitek Systems, Inc. has a 12-month low of $7.35 and a 12-month high of $16.24.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). Mitek Systems had a return on equity of 16.53% and a net margin of 2.59%. On average, equities research analysts anticipate that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

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.