Independent Advisor Alliance trimmed its holdings in Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 12.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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 3.31% of Mitek Systems worth $16,674,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the company. Barclays PLC increased its stake in Mitek Systems by 335.6% during the 3rd quarter. Barclays PLC now owns 78,209 shares of the software maker's stock valued at $679,000 after buying an additional 60,256 shares during the period. BNP Paribas Financial Markets grew its position in Mitek Systems by 357.0% during the third 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 in the last quarter. State Street Corp increased its stake 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. JPMorgan Chase & Co. lifted its holdings in shares of Mitek Systems by 15.5% during the 3rd 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 during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Mitek Systems by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker's stock valued at $1,134,000 after acquiring an additional 2,460 shares during the last quarter. 83.64% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on the stock. Maxim Group upped their price objective on shares of Mitek Systems from $13.00 to $14.00 and gave the company a "buy" rating in a research report on Tuesday, February 11th. HC Wainwright restated a "buy" rating and set a $13.00 target price on shares of Mitek Systems in a research report on Tuesday, February 11th. Finally, StockNews.com cut Mitek Systems from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, February 11th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Mitek Systems presently has an average rating of "Moderate Buy" and an average target price of $12.88.
Check Out Our Latest Report on Mitek Systems
Insider Activity at Mitek Systems
In other Mitek Systems news, CEO Edward H. West purchased 55,000 shares of the stock in a transaction on Thursday, February 20th. The stock was acquired at an average cost of $9.21 per share, with a total value of $506,550.00. Following the completion of the purchase, the chief executive officer now directly owns 55,000 shares of the company's stock, valued at approximately $506,550. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.10% of the stock is currently owned by corporate insiders.
Mitek Systems Price Performance
MITK traded down $0.24 on Thursday, reaching $8.70. The stock had a trading volume of 356,149 shares, compared to its average volume of 542,134. The firm has a 50-day moving average of $9.98 and a 200-day moving average of $9.47. The company has a market capitalization of $393.62 million, a price-to-earnings ratio of 96.67 and a beta of 1.08. Mitek Systems, Inc. has a fifty-two week low of $7.35 and a fifty-two week high of $16.24. The company has a current ratio of 4.59, a quick ratio of 4.59 and a debt-to-equity ratio of 0.73.
Mitek Systems (NASDAQ:MITK - Get Free Report) last posted its quarterly earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.07). Mitek Systems had a net margin of 2.59% and a return on equity of 16.53%. As a group, sell-side analysts anticipate that Mitek Systems, Inc. will post 0.59 EPS for the current year.
Mitek Systems Profile
(
Free Report)
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.
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