Russell Investments Group Ltd. lifted its position in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 16.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 83,741 shares of the software maker’s stock after buying an additional 11,943 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.25% of Mitek Systems worth $703,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. American International Group Inc. grew its holdings in shares of Mitek Systems by 7.1% during the first quarter. American International Group Inc. now owns 18,128 shares of the software maker’s stock worth $121,000 after buying an additional 1,197 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Mitek Systems by 2.1% during the first quarter. Bank of America Corp DE now owns 23,382 shares of the software maker’s stock worth $156,000 after buying an additional 490 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of Mitek Systems by 28.1% during the first quarter. Bank of Montreal Can now owns 25,546 shares of the software maker’s stock worth $170,000 after buying an additional 5,608 shares in the last quarter. Tudor Investment Corp ET AL purchased a new stake in shares of Mitek Systems during the first quarter worth about $192,000. Finally, M&T Bank Corp grew its holdings in shares of Mitek Systems by 100.0% during the first quarter. M&T Bank Corp now owns 40,000 shares of the software maker’s stock worth $266,000 after buying an additional 20,000 shares in the last quarter. Institutional investors and hedge funds own 42.70% of the company’s stock.
In other Mitek Systems news, CFO Russell C. Clark sold 39,400 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $8.25, for a total transaction of $325,050.00. Following the completion of the sale, the chief financial officer now owns 88,818 shares of the company’s stock, valued at $732,748.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.52% of the stock is owned by corporate insiders.
Mitek Systems, Inc. (NASDAQ:MITK) remained flat at $9.80 during midday trading on Friday. The company had a trading volume of 325,543 shares. Mitek Systems, Inc. has a 52 week low of $5.26 and a 52 week high of $10.75. The firm has a market capitalization of $329.13 million, a P/E ratio of 166.10 and a beta of 0.65. The stock has a 50-day moving average price of $9.90 and a 200 day moving average price of $8.42.
Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Thursday, July 27th. The software maker reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. Mitek Systems had a return on equity of 10.45% and a net margin of 5.19%. The firm had revenue of $11.80 million for the quarter, compared to the consensus estimate of $11.48 million. During the same quarter in the prior year, the company posted $0.07 earnings per share. The firm’s revenue was up 29.7% on a year-over-year basis. On average, equities analysts expect that Mitek Systems, Inc. will post $0.28 earnings per share for the current fiscal year.
A number of equities research analysts have recently commented on MITK shares. ValuEngine upgraded shares of Mitek Systems from a “sell” rating to a “hold” rating in a report on Saturday, June 3rd. Roth Capital set a $10.00 price target on shares of Mitek Systems and gave the stock a “buy” rating in a report on Saturday, June 10th. Zacks Investment Research upgraded shares of Mitek Systems from a “sell” rating to a “hold” rating in a report on Thursday, June 15th. BidaskClub upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, Benchmark Co. lifted their price target on shares of Mitek Systems from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Monday, July 24th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $10.67.
Mitek Systems Profile
Mitek Systems, Inc develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with their camera-equipped smartphones and tablets instead of using the device keyboard.
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