Phoenix Financial Ltd. Buys Shares of 425,248 Mitek Systems, Inc. (NASDAQ:MITK)

Phoenix Financial Ltd. acquired a new position in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 425,248 shares of the software maker's stock, valued at approximately $4,733,000. Phoenix Financial Ltd. owned about 0.94% of Mitek Systems as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. grew its holdings in shares of Mitek Systems by 534.4% in the fourth quarter. Invesco Ltd. now owns 1,722,099 shares of the software maker's stock valued at $19,167,000 after purchasing an additional 1,450,652 shares in the last quarter. State Street Corp grew 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 buying an additional 47,418 shares during the last quarter. Foundry Partners LLC boosted its stake in shares of Mitek Systems by 44.2% in the fourth quarter. Foundry Partners LLC now owns 500,610 shares of the software maker's stock valued at $5,572,000 after buying an additional 153,415 shares in the last quarter. Impax Asset Management Group plc purchased a new stake in Mitek Systems during the fourth quarter worth about $5,565,000. Finally, JPMorgan Chase & Co. increased its holdings in Mitek Systems by 52.1% during the 4th quarter. JPMorgan Chase & Co. now owns 399,905 shares of the software maker's stock valued at $4,451,000 after acquiring an additional 136,949 shares in the last quarter. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Mitek Systems news, CEO Edward H. West acquired 55,000 shares of the company's stock in a transaction on Thursday, February 20th. The shares were acquired at an average cost of $9.21 per share, with a total value of $506,550.00. Following the completion of the acquisition, the chief executive officer now directly owns 55,000 shares in the company, valued at $506,550. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have commented on MITK. StockNews.com lowered Mitek Systems from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, February 11th. HC Wainwright reiterated a "buy" rating and set a $13.00 price target on shares of Mitek Systems in a research report on Tuesday, February 11th. Finally, Maxim Group upped their target price on Mitek Systems from $13.00 to $14.00 and gave the company a "buy" rating 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. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $12.88.

Mitek Systems Trading Down 0.1 %

Shares of Mitek Systems stock traded down $0.01 during trading on Wednesday, hitting $7.81. 57,759 shares of the company were exchanged, compared to its average volume of 591,650. Mitek Systems, Inc. has a 1-year low of $6.93 and a 1-year high of $14.59. 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 firm has a market capitalization of $353.36 million, a P/E ratio of 86.78 and a beta of 1.15. The firm's fifty day moving average price is $8.93 and its 200 day moving average price is $9.39.

Mitek Systems (NASDAQ:MITK - Get Free Report) last issued its earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share 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 earnings per share for the current fiscal year.

Mitek Systems 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.