Blue Grotto Capital LLC Cuts Stock Position in Mitek Systems, Inc. (NASDAQ:MITK)

Blue Grotto Capital LLC trimmed its position in Mitek Systems, Inc. (NASDAQ:MITK) by 78.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 447,474 shares of the software maker’s stock after selling 1,622,526 shares during the period. Mitek Systems makes up about 0.9% of Blue Grotto Capital LLC’s holdings, making the stock its 25th biggest position. Blue Grotto Capital LLC owned approximately 0.99% of Mitek Systems worth $4,980,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MITK. KLP Kapitalforvaltning AS purchased a new stake in shares of Mitek Systems in the fourth quarter valued at about $105,000. Semanteon Capital Management LP acquired a new stake in Mitek Systems in the fourth quarter valued at about $341,000. Tocqueville Asset Management L.P. boosted its holdings in Mitek Systems by 45.4% in the 4th quarter. Tocqueville Asset Management L.P. now owns 256,300 shares of the software maker’s stock valued at $2,853,000 after purchasing an additional 80,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Mitek Systems during the 4th quarter worth approximately $1,259,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Mitek Systems during the 4th quarter worth approximately $341,000. 83.64% of the stock is owned by institutional investors and hedge funds.

Mitek Systems Stock Up 0.1 %

MITK opened at $9.01 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 4.59 and a current ratio of 4.59. The company has a market cap of $407.65 million, a price-to-earnings ratio of 100.11 and a beta of 1.08. Mitek Systems, Inc. has a one year low of $7.35 and a one year high of $16.24. The business’s fifty day moving average is $9.69 and its two-hundred day moving average is $9.47.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Monday, February 10th. The software maker reported $0.06 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.07). Mitek Systems had a return on equity of 16.53% and a net margin of 2.59%. Analysts anticipate that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MITK has been the topic of a number of analyst reports. StockNews.com downgraded Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 11th. Maxim Group boosted their target price on shares of Mitek Systems from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Finally, HC Wainwright reiterated a “buy” rating and issued a $13.00 price target on shares of Mitek Systems in a report on Tuesday, February 11th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.88.

Insider Transactions at Mitek Systems

In related news, CEO Edward H. West bought 55,000 shares of the stock in a transaction on Thursday, February 20th. The shares were purchased at an average price of $9.21 per share, for a total transaction of $506,550.00. Following the acquisition, the chief executive officer now owns 55,000 shares in the company, valued at $506,550. This represents a ? increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 2.10% of the company’s stock.

Mitek Systems Profile

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.