Foundry Partners LLC Buys 153,415 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

Foundry Partners LLC grew its stake in Mitek Systems, Inc. (NASDAQ:MITK) by 44.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 500,610 shares of the software maker’s stock after purchasing an additional 153,415 shares during the period. Foundry Partners LLC’s holdings in Mitek Systems were worth $5,572,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Impax Asset Management Group plc purchased a new position in shares of Mitek Systems during the 4th quarter worth about $5,565,000. JPMorgan Chase & Co. grew its stake in shares of Mitek Systems by 52.1% during the fourth quarter. JPMorgan Chase & Co. now owns 399,905 shares of the software maker’s stock valued at $4,451,000 after buying an additional 136,949 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Mitek Systems in the fourth quarter worth approximately $1,259,000. Tocqueville Asset Management L.P. lifted its stake in shares of Mitek Systems by 45.4% during the 4th quarter. Tocqueville Asset Management L.P. now owns 256,300 shares of the software maker’s stock worth $2,853,000 after acquiring an additional 80,000 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Mitek Systems by 357.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 82,578 shares of the software maker’s stock valued at $716,000 after acquiring an additional 64,509 shares during the period. Hedge funds and other institutional investors own 83.64% of the company’s stock.

Mitek Systems Stock Performance

MITK stock opened at $7.47 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 4.59 and a quick ratio of 4.59. Mitek Systems, Inc. has a 1-year low of $7.31 and a 1-year high of $16.24. The business has a 50-day moving average price of $9.41 and a 200 day moving average price of $9.45. The company has a market capitalization of $337.97 million, a P/E ratio of 83.00 and a beta of 1.08.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings results 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 net margin of 2.59% and a return on equity of 16.53%. As a group, equities research analysts forecast that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Edward H. West bought 55,000 shares of Mitek Systems stock in a transaction on Thursday, February 20th. The stock was acquired at an average cost of $9.21 per share, for a total transaction of $506,550.00. Following the completion of the acquisition, the chief executive officer now owns 55,000 shares of the company’s stock, valued at $506,550. This trade represents a ? increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MITK. HC Wainwright reiterated a “buy” rating and issued a $13.00 target price on shares of Mitek Systems in a research note on Tuesday, February 11th. StockNews.com lowered shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 11th. Finally, Maxim Group boosted their price objective on shares of Mitek Systems from $13.00 to $14.00 and gave the company 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.88.

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.