Perennial Investment Advisors LLC Reduces Stock Position in Mitek Systems, Inc. (NASDAQ:MITK)

Perennial Investment Advisors LLC trimmed its holdings in Mitek Systems, Inc. (NASDAQ:MITK) by 20.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,170 shares of the software maker’s stock after selling 10,875 shares during the period. Perennial Investment Advisors LLC’s holdings in Mitek Systems were worth $480,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Avior Wealth Management LLC boosted its holdings in shares of Mitek Systems by 24.7% in the fourth quarter. Avior Wealth Management LLC now owns 8,595 shares of the software maker’s stock worth $96,000 after acquiring an additional 1,700 shares during the period. KLP Kapitalforvaltning AS bought a new position in Mitek Systems in the 4th quarter worth about $105,000. Y Intercept Hong Kong Ltd purchased a new position in Mitek Systems during the fourth quarter valued at approximately $114,000. Lazari Capital Management Inc. bought a new stake in Mitek Systems during the 4th quarter worth approximately $117,000. Finally, Intech Investment Management LLC bought a new position in Mitek Systems in the 3rd quarter valued at $117,000. Institutional investors own 83.64% of the company’s stock.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

MITK has been the subject of several research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $13.00 price target on shares of Mitek Systems in a research note on Tuesday, February 11th. Maxim Group lifted their price target on shares of Mitek Systems from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. Finally, StockNews.com cut shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 11th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $12.88.

Mitek Systems Stock Performance

NASDAQ:MITK opened at $7.47 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 4.59 and a current ratio of 4.59. Mitek Systems, Inc. has a fifty-two week low of $7.31 and a fifty-two week high of $16.24. The firm has a market cap of $337.97 million, a PE ratio of 83.00 and a beta of 1.08. The business has a 50 day moving average price of $9.41 and a 200-day moving average price of $9.46.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings results on Monday, February 10th. The software maker reported $0.06 earnings per share 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%. Equities research analysts predict that Mitek Systems, Inc. will post 0.59 earnings per share 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.