Legal & General Group Plc Lowers Position in Mitek Systems, Inc. $MITK

Legal & General Group Plc decreased its position in Mitek Systems, Inc. (NASDAQ:MITK) by 3.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,809,536 shares of the software maker’s stock after selling 111,812 shares during the period. Legal & General Group Plc owned about 0.06% of Mitek Systems worth $29,641,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Tower Research Capital LLC TRC boosted its holdings in shares of Mitek Systems by 320.3% in the second quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock valued at $60,000 after acquiring an additional 4,586 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Mitek Systems by 305.2% in the fourth quarter. State of Alaska Department of Revenue now owns 8,075 shares of the software maker’s stock valued at $85,000 after acquiring an additional 6,082 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Mitek Systems by 4,147.9% in the third quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock valued at $97,000 after acquiring an additional 9,706 shares in the last quarter. AlphaQuest LLC purchased a new stake in shares of Mitek Systems in the third quarter valued at about $130,000. Finally, Bayesian Capital Management LP purchased a new stake in shares of Mitek Systems in the second quarter valued at about $136,000. Hedge funds and other institutional investors own 83.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on MITK shares. Northland Securities set a $17.00 target price on shares of Mitek Systems in a report on Wednesday, April 15th. Wall Street Zen downgraded shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 9th. Zacks Research downgraded shares of Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Jefferies Financial Group upgraded shares of Mitek Systems from a “hold” rating to a “buy” rating and raised their price objective for the company from $11.00 to $15.00 in a research note on Friday, February 13th. Finally, 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. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Mitek Systems has a consensus rating of “Hold” and a consensus price target of $16.00.

Insider Transactions at Mitek Systems

In other Mitek Systems news, COO Garrett Gafke sold 152,529 shares of Mitek Systems stock in a transaction dated 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 completion of the transaction, the chief operating officer owned 265,387 shares in the company, valued at approximately $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 accessible through this link. Insiders own 2.20% of the company’s stock.

Mitek Systems Stock Performance

Shares of MITK opened at $17.18 on Friday. The company has a current ratio of 2.61, a quick ratio of 2.61 and a debt-to-equity ratio of 0.20. The stock has a market cap of $775.85 million, a P/E ratio of 49.09 and a beta of 0.95. The company has a 50-day moving average of $14.57 and a two-hundred day moving average of $12.26. Mitek Systems, Inc. has a 12-month low of $8.53 and a 12-month high of $17.62.

Mitek Systems (NASDAQ:MITK) last announced its earnings results on Thursday, May 7th. The software maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.12. The company had revenue of $54.84 million during the quarter, compared to analysts’ expectations of $52.59 million. Mitek Systems had a net margin of 8.74% and a return on equity of 16.74%. As a group, research analysts predict that Mitek Systems, Inc. will post 0.86 EPS for the current fiscal year.

Mitek Systems Company 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.