Connor Clark & Lunn Investment Management Ltd. Takes Position in Mitek Systems, Inc. (NASDAQ:MITK)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 113,159 shares of the software maker's stock, valued at approximately $1,259,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.25% of Mitek Systems at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. State Street Corp raised its position in Mitek Systems by 3.8% in the 3rd quarter. State Street Corp now owns 1,306,351 shares of the software maker's stock valued at $11,326,000 after purchasing an additional 47,418 shares in the last quarter. Impax Asset Management Group plc acquired a new stake in Mitek Systems in the 4th quarter valued at about $5,565,000. Invenomic Capital Management LP acquired a new stake in Mitek Systems in the 3rd quarter valued at about $4,068,000. Foundry Partners LLC raised its position in Mitek Systems by 18.5% in the 3rd quarter. Foundry Partners LLC now owns 347,195 shares of the software maker's stock valued at $3,010,000 after purchasing an additional 54,235 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Mitek Systems by 15.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 262,956 shares of the software maker's stock valued at $2,280,000 after purchasing an additional 35,301 shares in the last quarter. Institutional investors and hedge funds own 83.64% of the company's stock.

Insiders Place Their Bets

In related news, CEO Edward H. West acquired 55,000 shares of the firm's stock in a transaction on Thursday, February 20th. The stock was bought at an average cost of $9.21 per share, with a total value of $506,550.00. Following the transaction, 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 acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.10% of the stock is owned by insiders.

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Mitek Systems Stock Up 1.2 %

Shares of MITK traded up $0.11 during mid-day trading on Friday, reaching $9.17. The company's stock had a trading volume of 996,930 shares, compared to its average volume of 589,567. The company's 50 day moving average is $9.74 and its 200 day moving average is $9.46. The stock has a market cap of $414.89 million, a PE ratio of 101.89 and a beta of 1.08. The company has a debt-to-equity ratio of 0.73, a current ratio of 4.59 and a quick ratio of 4.59. Mitek Systems, Inc. has a 12-month low of $7.35 and a 12-month high of $16.24.

Mitek Systems (NASDAQ:MITK - Get Free Report) last released 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%. Equities analysts anticipate that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MITK. StockNews.com lowered Mitek Systems from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, February 11th. Maxim Group increased their price objective on Mitek Systems from $13.00 to $14.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. Finally, HC Wainwright reiterated a "buy" rating and issued a $13.00 price objective on shares of Mitek Systems in a report on Tuesday, February 11th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $12.88.

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.