Independent Advisor Alliance Has $14.76 Million Position in Mitek Systems, Inc. (NASDAQ:MITK)

Independent Advisor Alliance trimmed its position in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 10.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,701,813 shares of the software maker's stock after selling 190,045 shares during the period. Independent Advisor Alliance owned about 3.68% of Mitek Systems worth $14,755,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Thompson Siegel & Walmsley LLC lifted its position in shares of Mitek Systems by 259.9% in the second quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker's stock worth $8,567,000 after buying an additional 553,379 shares during the last quarter. Foundry Partners LLC acquired a new position in Mitek Systems during the second quarter valued at approximately $3,275,000. EVR Research LP acquired a new stake in shares of Mitek Systems in the second quarter worth $2,957,000. Kopp LeRoy C bought a new stake in shares of Mitek Systems during the 1st quarter worth $3,340,000. Finally, Marshall Wace LLP raised its holdings in Mitek Systems by 251.1% in the 2nd quarter. Marshall Wace LLP now owns 309,163 shares of the software maker's stock worth $3,456,000 after acquiring an additional 221,116 shares during the period. Hedge funds and other institutional investors own 83.64% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. HC Wainwright dropped their price objective on Mitek Systems from $19.00 to $11.00 and set a "buy" rating on the stock in a research note on Monday, August 12th. StockNews.com lowered shares of Mitek Systems from a "buy" rating to a "hold" rating in a research report on Tuesday, November 19th. Jefferies Financial Group downgraded shares of Mitek Systems from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $17.00 to $9.50 in a report on Wednesday, September 4th. Craig Hallum decreased their target price on Mitek Systems from $19.00 to $15.00 and set a "buy" rating on the stock in a research report on Friday, August 9th. Finally, Maxim Group cut their price target on Mitek Systems from $23.00 to $13.00 and set a "buy" rating for the company in a report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.13.

Mitek Systems Price Performance

Shares of NASDAQ MITK traded up $0.24 during midday trading on Monday, reaching $9.58. 221,531 shares of the company traded hands, compared to its average volume of 543,416. The stock's 50-day simple moving average is $8.83 and its 200-day simple moving average is $10.36. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46. Mitek Systems, Inc. has a 12 month low of $7.35 and a 12 month high of $16.24. The firm has a market cap of $442.63 million, a PE ratio of -63.73 and a beta of 1.07.

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.