Independent Advisor Alliance Acquires 53,016 Shares of Mitek Systems, Inc. $MITK

Independent Advisor Alliance raised its holdings in Mitek Systems, Inc. (NASDAQ:MITK) by 4.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,225,119 shares of the software maker’s stock after buying an additional 53,016 shares during the quarter. Independent Advisor Alliance owned about 2.70% of Mitek Systems worth $12,925,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. New York State Teachers Retirement System purchased a new position in shares of Mitek Systems in the 3rd quarter valued at approximately $39,000. Tower Research Capital LLC TRC lifted its stake in shares of Mitek Systems by 320.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock valued at $60,000 after purchasing an additional 4,586 shares during the period. State of Alaska Department of Revenue lifted its stake in shares of Mitek Systems by 305.2% in the 4th quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock valued at $85,000 after purchasing an additional 6,082 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Mitek Systems by 4,147.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock valued at $97,000 after purchasing an additional 9,706 shares during the period. Finally, AlphaQuest LLC purchased a new position in shares of Mitek Systems in the 3rd quarter valued at approximately $130,000. 83.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MITK has been the subject of a number of research analyst reports. Northland Securities set a $17.00 target price on Mitek Systems in a research note on Wednesday, April 15th. Zacks Research cut Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Weiss Ratings upgraded Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday. Wall Street Zen cut Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, Jefferies Financial Group upgraded Mitek Systems from a “hold” rating to a “buy” rating and lifted their price objective for the company from $11.00 to $15.00 in a research note on Friday, February 13th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Mitek Systems currently has a consensus rating of “Hold” and a consensus price target of $16.00.

Mitek Systems Stock Down 2.1%

MITK stock opened at $14.67 on Wednesday. Mitek Systems, Inc. has a 1-year low of $8.53 and a 1-year high of $16.48. The business has a fifty day moving average price of $14.36 and a 200-day moving average price of $11.73. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.61 and a quick ratio of 2.61. The stock has a market capitalization of $662.48 million, a P/E ratio of 41.92 and a beta of 0.95.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results on Thursday, May 7th. The software maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.12. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%.The firm had revenue of $54.84 million during the quarter, compared to analysts’ expectations of $52.59 million. Equities analysts forecast that Mitek Systems, Inc. will post 0.88 earnings per share for the current fiscal year.

Insider Buying and Selling at Mitek Systems

In related news, COO Garrett Gafke sold 152,529 shares of Mitek Systems stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $13.92, for a total value of $2,123,203.68. Following the completion of the sale, the chief operating officer owned 265,387 shares of the company’s stock, valued at $3,694,187.04. The trade was a 36.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.20% of the stock is owned by corporate insiders.

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.