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

State Street Corp increased its holdings in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 3.8% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,306,351 shares of the software maker’s stock after purchasing an additional 47,418 shares during the quarter. State Street Corp owned 2.83% of Mitek Systems worth $11,326,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its position in shares of Mitek Systems by 15.2% during the second quarter. Bank of New York Mellon Corp now owns 189,584 shares of the software maker’s stock worth $2,120,000 after acquiring an additional 24,970 shares in the last quarter. Innealta Capital LLC acquired a new position in Mitek Systems in the 2nd quarter worth $32,000. Principal Financial Group Inc. boosted its stake in Mitek Systems by 13.6% in the 2nd quarter. Principal Financial Group Inc. now owns 44,843 shares of the software maker’s stock worth $501,000 after purchasing an additional 5,373 shares during the period. Kings Path Partners LLC acquired a new stake in shares of Mitek Systems in the 2nd quarter valued at about $833,000. Finally, nVerses Capital LLC bought a new stake in shares of Mitek Systems in the second quarter valued at about $57,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MITK has been the subject of several recent research reports. StockNews.com raised Mitek Systems from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. HC Wainwright raised their price target 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. Finally, Jefferies Financial Group lowered shares of Mitek Systems from a “buy” rating to a “hold” rating and cut their price objective for the stock from $17.00 to $9.50 in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $12.63.

Insider Buying and Selling

In other Mitek Systems news, insider Jason Gray sold 6,222 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $9.07, for a total transaction of $56,433.54. Following the transaction, the insider now owns 164,342 shares of the company’s stock, valued at $1,490,581.94. The trade was a 3.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Christopher H. Briggs sold 3,320 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.08, for a total value of $30,145.60. Following the completion of the sale, the senior vice president now directly owns 65,353 shares of the company’s stock, valued at approximately $593,405.24. The trade was a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,699 shares of company stock worth $152,140. Insiders own 2.10% of the company’s stock.

Mitek Systems Price Performance

NASDAQ:MITK opened at $11.45 on Thursday. The stock’s 50-day simple moving average is $9.37 and its 200 day simple moving average is $9.87. Mitek Systems, Inc. has a 52-week low of $7.35 and a 52-week high of $16.24. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46. The company has a market cap of $493.39 million, a P/E ratio of -76.33 and a beta of 1.12.

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, topping analysts’ consensus estimates of $0.17 by $0.16. The company had revenue of $43.22 million for the quarter, compared to analysts’ expectations of $41.30 million. Mitek Systems had a positive return on equity of 12.32% and a negative net margin of 4.05%. The business’s revenue was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.15 EPS. As a group, sell-side analysts forecast that Mitek Systems, Inc. will post 0.56 EPS for the current fiscal year.

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.