Mitek Systems, Inc. (NASDAQ:MITK) Shares Sold by Independent Advisor Alliance

Independent Advisor Alliance trimmed its holdings in Mitek Systems, Inc. (NASDAQ:MITK) by 12.0% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,498,092 shares of the software maker’s stock after selling 203,721 shares during the period. Independent Advisor Alliance’s holdings in Mitek Systems were worth $16,674,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of MITK. Avior Wealth Management LLC acquired a new stake in Mitek Systems in the 3rd quarter valued at about $60,000. Y Intercept Hong Kong Ltd acquired a new stake in Mitek Systems during the 4th quarter worth about $114,000. Intech Investment Management LLC acquired a new stake in Mitek Systems during the 3rd quarter worth about $117,000. Lazari Capital Management Inc. acquired a new stake in Mitek Systems during the 4th quarter worth about $117,000. Finally, Creative Planning acquired a new stake in Mitek Systems during the 3rd quarter worth about $152,000. 83.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MITK has been the topic of several recent analyst reports. StockNews.com downgraded Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 11th. HC Wainwright restated a “buy” rating and set a $13.00 price objective on shares of Mitek Systems in a report on Tuesday, February 11th. Finally, Maxim Group boosted their price objective on Mitek Systems from $13.00 to $14.00 and gave the stock a “buy” rating 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $12.88.

Mitek Systems Price Performance

Shares of MITK opened at $9.10 on Monday. The company has a market capitalization of $411.72 million, a price-to-earnings ratio of 101.11 and a beta of 1.08. Mitek Systems, Inc. has a fifty-two week low of $7.35 and a fifty-two week 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. The business’s 50-day moving average is $10.11 and its 200-day moving average is $9.48.

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

Insider Activity at Mitek Systems

In other news, CEO Edward H. West purchased 55,000 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was acquired at an average price of $9.21 per share, with a total value of $506,550.00. Following the purchase, the chief executive officer now owns 55,000 shares in the company, valued at $506,550. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason Gray sold 6,222 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total value of $56,433.54. Following the completion of the sale, the insider now directly 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 position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by company insiders.

About Mitek Systems

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.