Mitek Systems, Inc. (NASDAQ:MITK) Holdings Lifted by State Street Corp

State Street Corp increased its position in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 3.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,306,351 shares of the software maker's stock after purchasing an additional 47,418 shares during the period. State Street Corp owned 2.83% of Mitek Systems worth $11,326,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Innealta Capital LLC acquired a new stake in shares of Mitek Systems in the 2nd quarter valued at about $32,000. nVerses Capital LLC boosted its holdings in shares of Mitek Systems by 25.5% in the third quarter. nVerses Capital LLC now owns 6,400 shares of the software maker's stock valued at $55,000 after acquiring an additional 1,300 shares during the period. Avior Wealth Management LLC purchased a new position in shares of Mitek Systems during the third quarter worth approximately $60,000. Intech Investment Management LLC acquired a new position in shares of Mitek Systems in the 3rd quarter valued at $117,000. Finally, Squarepoint Ops LLC acquired a new stake in Mitek Systems during the 2nd quarter worth $138,000. Hedge funds and other institutional investors own 83.64% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MITK. Jefferies Financial Group lowered Mitek Systems from a "buy" rating to a "hold" rating and lowered their price target for the stock from $17.00 to $9.50 in a report on Wednesday, September 4th. HC Wainwright boosted their target price on Mitek Systems from $11.00 to $13.00 and gave the company a "buy" rating in a report on Tuesday, December 17th. Finally, StockNews.com upgraded shares of Mitek Systems from a "hold" rating to a "strong-buy" rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $12.63.

Insider Activity

In other Mitek Systems news, SVP Christopher H. Briggs sold 3,320 shares of the company's stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.08, for a total transaction of $30,145.60. Following the sale, the senior vice president now owns 65,353 shares in the company, valued at $593,405.24. This represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael E. Diamond sold 4,544 shares of Mitek Systems stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.09, for a total value of $41,304.96. Following the completion of the transaction, the insider now owns 166,632 shares of the company's stock, valued at approximately $1,514,684.88. The trade was a 2.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,699 shares of company stock worth $152,140 over the last ninety days. Corporate insiders own 2.10% of the company's stock.

Mitek Systems Trading Down 0.8 %

Shares of NASDAQ MITK traded down $0.09 during trading on Thursday, hitting $11.36. 433,488 shares of the company traded hands, compared to its average volume of 568,684. The company has a quick ratio of 4.46, a current ratio of 4.46 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $489.51 million, a P/E ratio of -75.73 and a beta of 1.12. The company has a 50-day moving average price of $9.41 and a 200-day moving average price of $9.88. Mitek Systems, Inc. has a 1 year low of $7.35 and a 1 year high of $16.24.

Mitek Systems (NASDAQ:MITK - Get Free Report) last posted its quarterly earnings results on Monday, December 16th. The software maker reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.16. Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. The firm had revenue of $43.22 million during the quarter, compared to the consensus estimate of $41.30 million. During the same quarter in the previous year, the business earned $0.15 earnings per share. The firm's quarterly revenue was up 14.8% compared to the same quarter last year. On average, equities analysts predict that Mitek Systems, Inc. will post 0.56 EPS for the current 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.