Connor Clark & Lunn Investment Management Ltd. Buys New Shares in Mitek Systems, Inc. (NASDAQ:MITK)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Mitek Systems, Inc. (NASDAQ:MITK) during the 4th quarter, Holdings Channel reports. The fund purchased 113,159 shares of the software maker’s stock, valued at approximately $1,259,000.

A number of other large investors also recently modified their holdings of MITK. Raymond James Financial Inc. bought a new stake in Mitek Systems during the fourth quarter worth about $341,000. Victory Capital Management Inc. bought a new stake in shares of Mitek Systems during the 4th quarter worth approximately $284,000. Kovack Advisors Inc. boosted its holdings in shares of Mitek Systems by 62.6% in the 4th quarter. Kovack Advisors Inc. now owns 69,744 shares of the software maker’s stock valued at $776,000 after buying an additional 26,850 shares during the last quarter. Impax Asset Management Group plc bought a new position in shares of Mitek Systems in the fourth quarter valued at $5,565,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in Mitek Systems during the fourth quarter worth $114,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insider Transactions at Mitek Systems

In other news, CEO Edward H. West acquired 55,000 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were purchased at an average cost of $9.21 per share, with a total value of $506,550.00. Following the acquisition, the chief executive officer now directly 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 SEC, which is accessible through this link. 2.10% of the stock is owned by corporate insiders.

Mitek Systems Price Performance

Shares of MITK opened at $9.11 on Thursday. The company’s 50-day moving average is $9.79 and its 200-day moving average is $9.46. 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 firm has a market capitalization of $412.17 million, a PE ratio of 101.22 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.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Monday, February 10th. The software maker reported $0.06 EPS 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 analysts forecast that Mitek Systems, Inc. will post 0.59 EPS for the current year.

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.