Independent Advisor Alliance Boosts Position in Mitek Systems, Inc. $MITK

Independent Advisor Alliance boosted its position in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 4.5% in the fourth quarter, Holdings Channel reports. The fund owned 1,225,119 shares of the software maker’s stock after purchasing an additional 53,016 shares during the quarter. Independent Advisor Alliance’s holdings in Mitek Systems were worth $12,925,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of MITK. Topline Capital Management LLC purchased a new stake in Mitek Systems in the second quarter worth about $5,235,000. Impax Asset Management Group plc increased its position in Mitek Systems by 40.6% in the third quarter. Impax Asset Management Group plc now owns 1,195,000 shares of the software maker’s stock worth $11,675,000 after buying an additional 345,000 shares in the last quarter. Tudor Investment Corp ET AL increased its position in Mitek Systems by 1,026.3% in the third quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock worth $2,255,000 after buying an additional 210,352 shares in the last quarter. Vanguard Group Inc. increased its position in Mitek Systems by 5.6% in the third quarter. Vanguard Group Inc. now owns 3,717,031 shares of the software maker’s stock worth $36,315,000 after buying an additional 198,068 shares in the last quarter. Finally, Skylands Capital LLC increased its position in Mitek Systems by 140.0% in the third quarter. Skylands Capital LLC now owns 225,296 shares of the software maker’s stock worth $2,201,000 after buying an additional 131,421 shares in the last quarter. Hedge funds and other institutional investors own 83.64% of the company’s stock.

Insider Buying and Selling at Mitek Systems

In other news, COO Garrett Gafke sold 152,529 shares of the company’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $13.92, for a total value of $2,123,203.68. Following the completion of the transaction, the chief operating officer owned 265,387 shares of the company’s stock, valued at $3,694,187.04. This represents a 36.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have commented on the company. Zacks Research cut Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Wall Street Zen cut Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Northland Securities set a $17.00 price target on Mitek Systems in a research report on Wednesday, April 15th. Jefferies Financial Group upgraded Mitek Systems from a “hold” rating to a “buy” rating and upped their price target for the stock from $11.00 to $15.00 in a research report on Friday, February 13th. Finally, Weiss Ratings upgraded Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $16.00.

Mitek Systems Stock Performance

NASDAQ MITK opened at $14.67 on Wednesday. The firm has a market cap of $662.48 million, a price-to-earnings ratio of 41.92 and a beta of 0.95. The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.20. The business has a 50-day moving average price of $14.36 and a 200-day moving average price of $11.73. Mitek Systems, Inc. has a twelve month low of $8.53 and a twelve month high of $16.48.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Thursday, May 7th. The software maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.12. The firm had revenue of $54.84 million during the quarter, compared to analyst estimates of $52.59 million. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%. As a group, equities research analysts predict that Mitek Systems, Inc. will post 0.88 EPS for the current fiscal year.

About Mitek Systems

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.