Wellington Management Group LLP Decreases Stake in Mitek Systems, Inc. (NASDAQ:MITK)

Wellington Management Group LLP cut its holdings in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 16.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 784,981 shares of the software maker’s stock after selling 155,170 shares during the period. Wellington Management Group LLP owned approximately 1.70% of Mitek Systems worth $6,806,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Thompson Siegel & Walmsley LLC boosted its holdings in shares of Mitek Systems by 259.9% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock valued at $8,567,000 after acquiring an additional 553,379 shares during the last quarter. Invenomic Capital Management LP purchased a new stake in Mitek Systems in the third quarter worth approximately $4,068,000. Foundry Partners LLC purchased a new stake in Mitek Systems during the 2nd quarter valued at $3,275,000. EVR Research LP bought a new position in shares of Mitek Systems during the 2nd quarter valued at $2,957,000. Finally, Marshall Wace LLP boosted its stake in shares of Mitek Systems by 251.1% in the 2nd quarter. Marshall Wace LLP now owns 309,163 shares of the software maker’s stock worth $3,456,000 after buying an additional 221,116 shares during the last quarter. 83.64% of the stock is currently owned by institutional investors.

Mitek Systems Stock Performance

Shares of MITK opened at $9.49 on Tuesday. The business has a 50-day simple moving average of $9.04 and a two-hundred day simple moving average of $9.91. The company has a quick ratio of 4.46, a current ratio of 4.46 and a debt-to-equity ratio of 0.68. Mitek Systems, Inc. has a 52 week low of $7.35 and a 52 week high of $16.24. The stock has a market cap of $438.48 million, a price-to-earnings ratio of -63.27 and a beta of 1.12.

Mitek Systems (NASDAQ:MITK) last released its earnings results on Monday, December 16th. The software maker reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.16. Mitek Systems had a negative net margin of 4.05% and a positive return on equity of 12.32%. The company had revenue of $43.22 million during the quarter, compared to analyst estimates of $41.30 million. During the same period in the prior year, the firm posted $0.15 EPS. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. On average, analysts expect that Mitek Systems, Inc. will post 0.56 EPS for the current year.

Insider Transactions at Mitek Systems

In related news, SVP Christopher H. Briggs sold 3,320 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.08, for a total transaction of $30,145.60. Following the completion of the sale, the senior vice president now owns 65,353 shares in the company, valued at approximately $593,405.24. This trade represents a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael E. Diamond sold 4,544 shares of Mitek Systems stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total value of $41,304.96. Following the sale, the insider now directly owns 166,632 shares in the company, valued at $1,514,684.88. This trade represents a 2.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,699 shares of company stock valued at $152,140 over the last three months. Corporate insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. StockNews.com upgraded Mitek Systems from a “hold” rating to a “buy” rating in a research report on Friday, December 6th. Jefferies Financial Group cut shares of Mitek Systems from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $17.00 to $9.50 in a research note on Wednesday, September 4th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Mitek Systems currently has an average rating of “Moderate Buy” and a consensus target price of $12.13.

Mitek Systems Company 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.