Wellington Management Group LLP Lowers Stock Holdings in Mitek Systems, Inc. (NASDAQ:MITK)

Wellington Management Group LLP decreased its position in Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 16.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 784,981 shares of the software maker's stock after selling 155,170 shares during the quarter. Wellington Management Group LLP owned approximately 1.70% of Mitek Systems worth $6,806,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of MITK. Innealta Capital LLC purchased a new position in Mitek Systems during the 2nd quarter valued at $32,000. nVerses Capital LLC bought a new stake in Mitek Systems during the 2nd quarter valued at approximately $57,000. Avior Wealth Management LLC purchased a new position in shares of Mitek Systems during the 3rd quarter worth approximately $60,000. Squarepoint Ops LLC bought a new position in shares of Mitek Systems in the 2nd quarter worth approximately $138,000. Finally, Intech Investment Management LLC purchased a new position in shares of Mitek Systems in the 3rd quarter valued at approximately $117,000. 83.64% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Jefferies Financial Group cut shares of Mitek Systems from a "buy" rating to a "hold" rating and lowered their price target for the company from $17.00 to $9.50 in a research report on Wednesday, September 4th. HC Wainwright raised their price objective on Mitek Systems from $11.00 to $13.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, StockNews.com upgraded Mitek Systems from a "hold" rating to a "buy" rating in a report on Friday, December 6th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $12.63.

Insider Buying and Selling at Mitek Systems

In other Mitek Systems news, SVP Christopher H. Briggs sold 3,320 shares of the business's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.08, for a total transaction of $30,145.60. Following the completion of the sale, the senior vice president now owns 65,353 shares of the company's stock, valued at approximately $593,405.24. The trade was a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Michael E. Diamond sold 4,544 shares of the company's stock in a transaction dated 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 sale, 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. Over the last 90 days, insiders have sold 16,699 shares of company stock valued at $152,140. 2.10% of the stock is owned by company insiders.

Mitek Systems Stock Performance

Shares of Mitek Systems stock traded up $1.44 during trading on Tuesday, hitting $10.93. 4,057,009 shares of the company's stock traded hands, compared to its average volume of 557,549. Mitek Systems, Inc. has a 1 year low of $7.35 and a 1 year high of $16.24. The business has a 50-day simple moving average of $9.04 and a 200-day simple moving average of $9.91. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.46 and a quick ratio of 4.46. The stock has a market capitalization of $505.01 million, a P/E ratio of -72.87 and a beta of 1.12.

Mitek Systems (NASDAQ:MITK - Get Free Report) last issued its quarterly earnings data on Monday, December 16th. The software maker reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.16. The company had revenue of $43.22 million for the quarter, compared to the consensus estimate of $41.30 million. Mitek Systems had a negative net margin of 4.05% and a positive return on equity of 12.32%. The firm's revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.15 earnings per share. As a group, analysts forecast 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.