Maverick Capital Ltd. Invests $589,000 in Mitek Systems, Inc. $MITK

Maverick Capital Ltd. acquired a new stake in Mitek Systems, Inc. (NASDAQ:MITK) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 43,649 shares of the software maker’s stock, valued at approximately $589,000. Maverick Capital Ltd. owned about 0.10% of Mitek Systems at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the company. Squarepoint Ops LLC grew its stake in Mitek Systems by 2.5% in the 4th quarter. Squarepoint Ops LLC now owns 38,611 shares of the software maker’s stock worth $407,000 after acquiring an additional 944 shares during the period. Aristides Capital LLC raised its holdings in Mitek Systems by 4.5% in the 4th quarter. Aristides Capital LLC now owns 55,434 shares of the software maker’s stock valued at $585,000 after acquiring an additional 2,380 shares during the last quarter. Deutsche Bank AG lifted its stake in shares of Mitek Systems by 7.0% during the 4th quarter. Deutsche Bank AG now owns 37,329 shares of the software maker’s stock worth $394,000 after purchasing an additional 2,431 shares during the period. Royal Bank of Canada boosted its holdings in shares of Mitek Systems by 21.2% during the fourth quarter. Royal Bank of Canada now owns 14,954 shares of the software maker’s stock worth $158,000 after purchasing an additional 2,615 shares during the last quarter. Finally, Intech Investment Management LLC boosted its holdings in shares of Mitek Systems by 17.9% during the fourth quarter. Intech Investment Management LLC now owns 19,303 shares of the software maker’s stock worth $204,000 after purchasing an additional 2,924 shares during the last quarter. Hedge funds and other institutional investors own 83.64% of the company’s stock.

Insider Activity

In other news, COO Garrett Gafke sold 21,108 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $14.19, for a total value of $299,522.52. Following the completion of the sale, the chief operating officer owned 244,279 shares of the company’s stock, valued at $3,466,319.01. This represents a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Weiss Ratings upgraded Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Zacks Research lowered Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Northland Securities set a $17.00 price target on Mitek Systems in a research note on Wednesday, April 15th. Finally, Wall Street Zen cut Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Mitek Systems presently has a consensus rating of “Hold” and an average price target of $16.00.

Mitek Systems Price Performance

MITK stock opened at $16.78 on Wednesday. The company has a market cap of $757.77 million, a PE ratio of 47.94 and a beta of 0.97. 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 50-day moving average price of $17.57 and a two-hundred day moving average price of $14.71. Mitek Systems, Inc. has a 12-month low of $8.53 and a 12-month high of $21.05.

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

Mitek Systems 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.