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

Russell Investments Group Ltd. reduced its stake in Mitek Systems, Inc. (NASDAQ:MITK) by 14.0% during the fourth quarter, HoldingsChannel reports. The firm owned 379,873 shares of the software maker’s stock after selling 61,828 shares during the period. Russell Investments Group Ltd.’s holdings in Mitek Systems were worth $4,228,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of MITK. Avior Wealth Management LLC lifted its holdings in shares of Mitek Systems by 24.7% during the 4th quarter. Avior Wealth Management LLC now owns 8,595 shares of the software maker’s stock worth $96,000 after acquiring an additional 1,700 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Mitek Systems during the fourth quarter valued at about $105,000. Y Intercept Hong Kong Ltd bought a new stake in Mitek Systems during the fourth quarter worth about $114,000. Lazari Capital Management Inc. bought a new stake in Mitek Systems during the fourth quarter worth about $117,000. Finally, Kingsview Wealth Management LLC boosted its holdings in shares of Mitek Systems by 16.1% in the 4th quarter. Kingsview Wealth Management LLC now owns 20,646 shares of the software maker’s stock worth $230,000 after purchasing an additional 2,865 shares in the last quarter. 83.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MITK. StockNews.com lowered shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 11th. Maxim Group upped their price target on shares of Mitek Systems from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Finally, HC Wainwright reiterated a “buy” rating and issued a $13.00 price objective on shares of Mitek Systems in a report on Tuesday, February 11th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Mitek Systems presently has an average rating of “Moderate Buy” and an average target price of $12.88.

Mitek Systems Trading Down 0.3 %

NASDAQ:MITK opened at $7.82 on Wednesday. The company has a 50-day moving average price of $8.93 and a 200-day moving average price of $9.39. The stock has a market cap of $353.81 million, a price-to-earnings ratio of 86.89 and a beta of 1.15. The company has a current ratio of 4.59, a quick ratio of 4.59 and a debt-to-equity ratio of 0.73. Mitek Systems, Inc. has a 12 month low of $6.93 and a 12 month high of $14.59.

Mitek Systems (NASDAQ:MITK) last posted 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%. Equities analysts predict that Mitek Systems, Inc. will post 0.59 EPS for the current year.

Insider Transactions at Mitek Systems

In other Mitek Systems news, CEO Edward H. West acquired 55,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 55,000 shares of the company’s stock, valued at $506,550. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.10% of the company’s stock.

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.