Russell Investments Group Ltd. Sells 61,828 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

Russell Investments Group Ltd. lowered its holdings in Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 14.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 379,873 shares of the software maker's stock after selling 61,828 shares during the period. Russell Investments Group Ltd. owned approximately 0.84% of Mitek Systems worth $4,228,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Impax Asset Management Group plc bought a new stake in Mitek Systems during the fourth quarter valued at approximately $5,565,000. Foundry Partners LLC grew its stake in shares of Mitek Systems by 44.2% during 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 during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Mitek Systems by 52.1% in the fourth quarter. JPMorgan Chase & Co. now owns 399,905 shares of the software maker's stock worth $4,451,000 after buying an additional 136,949 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Mitek Systems in the 4th quarter valued at about $1,259,000. Finally, Tocqueville Asset Management L.P. boosted its holdings in Mitek Systems by 45.4% during the 4th quarter. Tocqueville Asset Management L.P. now owns 256,300 shares of the software maker's stock valued at $2,853,000 after acquiring an additional 80,000 shares during the period. Institutional investors own 83.64% of the company's stock.

Insiders Place Their Bets

In related news, CEO Edward H. West purchased 55,000 shares of the business's stock in a transaction that occurred on Thursday, February 20th. The shares were bought at an average price of $9.21 per share, for a total transaction of $506,550.00. Following the purchase, the chief executive officer now directly owns 55,000 shares of the company's stock, valued at approximately $506,550. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.10% of the company's stock.

Mitek Systems Trading Down 1.7 %

Shares of NASDAQ MITK traded down $0.13 during midday trading on Friday, hitting $7.65. 428,367 shares of the company traded hands, compared to its average volume of 578,410. The stock has a 50-day moving average price of $8.76 and a 200 day moving average price of $9.37. The company has a debt-to-equity ratio of 0.73, a quick ratio of 4.59 and a current ratio of 4.59. The firm has a market cap of $346.12 million, a P/E ratio of 85.00 and a beta of 1.15. Mitek Systems, Inc. has a 12-month low of $6.93 and a 12-month high of $14.32.

Mitek Systems (NASDAQ:MITK - Get Free Report) last posted its quarterly earnings data 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%. As a group, analysts expect that Mitek Systems, Inc. will post 0.59 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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.