State Street Corp Buys 47,418 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

State Street Corp grew its stake in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 3.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,306,351 shares of the software maker’s stock after acquiring an additional 47,418 shares during the period. State Street Corp’s holdings in Mitek Systems were worth $11,326,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Innealta Capital LLC acquired a new stake in Mitek Systems during the 2nd quarter worth approximately $32,000. nVerses Capital LLC increased its position in Mitek Systems by 25.5% during the 3rd quarter. nVerses Capital LLC now owns 6,400 shares of the software maker’s stock worth $55,000 after buying an additional 1,300 shares during the period. Avior Wealth Management LLC acquired a new stake in shares of Mitek Systems during the third quarter worth $60,000. Intech Investment Management LLC acquired a new stake in shares of Mitek Systems during the third quarter worth $117,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Mitek Systems in the second quarter valued at about $138,000. Institutional investors own 83.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MITK. HC Wainwright lifted their price objective on shares of Mitek Systems from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. StockNews.com upgraded shares of Mitek Systems from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Finally, Jefferies Financial Group downgraded Mitek Systems from a “buy” rating to a “hold” rating and reduced their price target for the stock from $17.00 to $9.50 in a research report on Wednesday, September 4th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Mitek Systems presently has a consensus rating of “Buy” and an average target price of $12.63.

Insider Transactions at Mitek Systems

In related news, insider Jason Gray sold 6,222 shares of Mitek Systems stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $9.07, for a total transaction of $56,433.54. Following the sale, the insider now directly owns 164,342 shares of the company’s stock, valued at approximately $1,490,581.94. The trade was a 3.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael E. Diamond sold 4,544 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.09, for a total transaction of $41,304.96. Following the completion of the transaction, the insider now directly owns 166,632 shares of the company’s stock, valued at approximately $1,514,684.88. The trade was a 2.65 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,699 shares of company stock valued at $152,140. Corporate insiders own 2.10% of the company’s stock.

Mitek Systems Price Performance

MITK stock opened at $11.45 on Thursday. The company’s 50-day moving average price is $9.37 and its two-hundred day moving average price is $9.87. The firm has a market cap of $493.39 million, a P/E ratio of -76.33 and a beta of 1.12. 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 12 month low of $7.35 and a 12 month high of $16.24.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Monday, December 16th. The software maker reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $43.22 million for the quarter, compared to analysts’ expectations of $41.30 million. During the same period last year, the firm posted $0.15 earnings per share. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. On average, analysts anticipate that Mitek Systems, Inc. will post 0.56 earnings per share for the current fiscal 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.