Rhumbline Advisers Sells 3,565 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

Rhumbline Advisers cut its stake in Mitek Systems, Inc. (NASDAQ:MITK) by 5.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 63,603 shares of the software maker’s stock after selling 3,565 shares during the quarter. Rhumbline Advisers’ holdings in Mitek Systems were worth $708,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Kingsview Wealth Management LLC grew its holdings in Mitek Systems by 16.1% during the fourth quarter. Kingsview Wealth Management LLC now owns 20,646 shares of the software maker’s stock valued at $230,000 after purchasing an additional 2,865 shares during the period. Lazari Capital Management Inc. bought a new position in shares of Mitek Systems during the fourth quarter worth $117,000. Avior Wealth Management LLC grew its holdings in shares of Mitek Systems by 24.7% in the 4th quarter. Avior Wealth Management LLC now owns 8,595 shares of the software maker’s stock valued at $96,000 after buying an additional 1,700 shares during the period. SG Americas Securities LLC increased its position in shares of Mitek Systems by 24.8% in the 4th quarter. SG Americas Securities LLC now owns 21,325 shares of the software maker’s stock valued at $237,000 after buying an additional 4,237 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Mitek Systems by 15.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 262,956 shares of the software maker’s stock worth $2,280,000 after buying an additional 35,301 shares during the period. 83.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MITK has been the subject of a number of research analyst reports. Maxim Group boosted their target price on Mitek Systems from $13.00 to $14.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. StockNews.com lowered Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 11th. Finally, HC Wainwright restated 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. According to data from MarketBeat.com, Mitek Systems currently has an average rating of “Moderate Buy” and an average price target of $12.88.

Insider Transactions at Mitek Systems

In related news, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $9.07, for a total value of $56,433.54. Following the sale, the insider now owns 164,342 shares of the company’s stock, valued at approximately $1,490,581.94. The trade was a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edward H. West bought 55,000 shares of the company’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 acquisition, the chief executive officer now directly owns 55,000 shares of the company’s stock, valued at $506,550. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 2.10% of the stock is currently owned by insiders.

Mitek Systems Stock Performance

MITK opened at $9.10 on Friday. The company has a market capitalization of $411.72 million, a price-to-earnings ratio of 101.11 and a beta of 1.08. The business’s 50-day moving average price is $10.16 and its two-hundred day moving average price is $9.48. Mitek Systems, Inc. has a 1 year low of $7.35 and a 1 year high of $16.24. The company has a debt-to-equity ratio of 0.73, a current ratio of 4.59 and a quick ratio of 4.59.

Mitek Systems (NASDAQ:MITK) last announced its earnings results 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 net margin of 2.59% and a return on equity of 16.53%. Equities analysts expect that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

Mitek Systems Company 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.