Mitek Systems, Inc. $MITK Shares Sold by Legal & General Group Plc

Legal & General Group Plc reduced its stake in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 3.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,809,536 shares of the software maker’s stock after selling 111,812 shares during the quarter. Legal & General Group Plc owned about 6.20% of Mitek Systems worth $29,641,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MITK. Tower Research Capital LLC TRC raised its stake in Mitek Systems by 320.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock worth $60,000 after acquiring an additional 4,586 shares in the last quarter. State of Alaska Department of Revenue raised its stake in Mitek Systems by 305.2% during the 4th quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock worth $85,000 after acquiring an additional 6,082 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Mitek Systems by 4,147.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock worth $97,000 after acquiring an additional 9,706 shares in the last quarter. AlphaQuest LLC acquired a new stake in Mitek Systems during the 3rd quarter worth $130,000. Finally, Bayesian Capital Management LP acquired a new stake in Mitek Systems during the 2nd quarter worth $136,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Mitek Systems

In other Mitek Systems news, COO Garrett Gafke sold 152,529 shares of the firm’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $13.92, for a total transaction of $2,123,203.68. Following the transaction, the chief operating officer directly owned 265,387 shares of the company’s stock, valued at approximately $3,694,187.04. This trade represents a 36.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.20% of the company’s stock.

Mitek Systems Trading Up 2.0%

Shares of Mitek Systems stock opened at $17.18 on Friday. Mitek Systems, Inc. has a 1 year low of $8.53 and a 1 year high of $17.62. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.61 and a current ratio of 2.61. The company has a market capitalization of $775.85 million, a P/E ratio of 49.09 and a beta of 0.95. The company’s fifty day moving average is $14.57 and its two-hundred day moving average is $12.26.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Thursday, May 7th. The software maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.12. Mitek Systems had a net margin of 8.74% and a return on equity of 16.74%. The company had revenue of $54.84 million for the quarter, compared to the consensus estimate of $52.59 million. Analysts forecast that Mitek Systems, Inc. will post 0.86 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on MITK. Wall Street Zen lowered shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 9th. Jefferies Financial Group upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and lifted their price target for the stock from $11.00 to $15.00 in a research note on Friday, February 13th. Weiss Ratings upgraded shares of Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Northland Securities set a $17.00 price target on shares of Mitek Systems in a research note on Wednesday, April 15th. Finally, Zacks Research lowered shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.00.

Mitek Systems Profile

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.