IQ EQ FUND MANAGEMENT IRELAND Ltd Cuts Holdings in Mitek Systems, Inc. (NASDAQ:MITK)

IQ EQ FUND MANAGEMENT IRELAND Ltd cut its holdings in Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 23.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 138,954 shares of the software maker's stock after selling 41,568 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd owned about 0.31% of Mitek Systems worth $1,547,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of MITK. Intech Investment Management LLC acquired a new position in Mitek Systems in the third quarter valued at approximately $117,000. Charles Schwab Investment Management Inc. grew its holdings in Mitek Systems by 1.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker's stock valued at $1,134,000 after buying an additional 2,460 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Mitek Systems during the 3rd quarter valued at about $340,000. BNP Paribas Financial Markets raised its position in Mitek Systems by 357.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 82,578 shares of the software maker's stock valued at $716,000 after purchasing an additional 64,509 shares during the last quarter. Finally, Capstone Investment Advisors LLC bought a new position in Mitek Systems in the third quarter valued at approximately $680,000. Institutional investors and hedge funds own 83.64% of the company's stock.

Insider Buying and Selling

In other news, CEO Edward H. West acquired 55,000 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The stock was purchased at an average price of $9.21 per share, with a total value of $506,550.00. Following the completion of the acquisition, the chief executive officer now owns 55,000 shares of the company's stock, valued at $506,550. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.10% of the stock is currently owned by insiders.

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Analysts Set New Price Targets

Several research firms have issued reports on MITK. HC Wainwright reaffirmed a "buy" rating and set a $13.00 price target on shares of Mitek Systems in a research report on Tuesday, February 11th. StockNews.com lowered Mitek Systems from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, February 11th. Finally, Maxim Group raised their target price on Mitek Systems from $13.00 to $14.00 and gave the stock a "buy" rating in a research note on Tuesday, February 11th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $12.88.

Mitek Systems Stock Performance

NASDAQ MITK traded up $0.15 during trading hours on Tuesday, hitting $8.40. The company's stock had a trading volume of 73,715 shares, compared to its average volume of 597,873. The company has a market cap of $380.14 million, a P/E ratio of 93.23 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. The company's 50 day simple moving average is $9.57 and its two-hundred day simple moving average is $9.48. 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 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%. As a group, sell-side analysts expect that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

About Mitek Systems

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.