Mitek Systems, Inc. (NASDAQ:MITK) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its holdings in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 13.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,843 shares of the software maker’s stock after acquiring an additional 5,373 shares during the quarter. Principal Financial Group Inc. owned about 0.10% of Mitek Systems worth $501,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Innealta Capital LLC acquired a new position in shares of Mitek Systems during the 2nd quarter valued at $32,000. Thompson Davis & CO. Inc. purchased a new stake in Mitek Systems during the 1st quarter worth $172,000. New York State Common Retirement Fund increased its stake in Mitek Systems by 60.3% during the 4th quarter. New York State Common Retirement Fund now owns 21,077 shares of the software maker’s stock worth $275,000 after buying an additional 7,929 shares during the period. Assenagon Asset Management S.A. increased its stake in Mitek Systems by 13.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 20,738 shares of the software maker’s stock worth $292,000 after buying an additional 2,457 shares during the period. Finally, Aristides Capital LLC increased its stake in Mitek Systems by 46.0% during the 4th quarter. Aristides Capital LLC now owns 23,108 shares of the software maker’s stock worth $301,000 after buying an additional 7,278 shares during the period. Institutional investors and hedge funds own 83.64% of the company’s stock.

Mitek Systems Price Performance

MITK opened at $8.47 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.46 and a current ratio of 4.46. Mitek Systems, Inc. has a 1-year low of $7.35 and a 1-year high of $16.24. The company has a 50-day moving average of $10.37 and a 200-day moving average of $11.80. The company has a market capitalization of $391.31 million, a P/E ratio of -52.94 and a beta of 1.07.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, August 8th. The software maker reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). Mitek Systems had a negative net margin of 4.05% and a positive return on equity of 12.32%. The business had revenue of $45.00 million for the quarter, compared to the consensus estimate of $47.99 million. During the same period in the prior year, the company earned $0.16 EPS. Mitek Systems’s quarterly revenue was up 4.4% on a year-over-year basis. Equities analysts expect that Mitek Systems, Inc. will post 0.56 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on MITK shares. StockNews.com raised shares of Mitek Systems from a “hold” rating to a “buy” rating in a research note on Friday, July 12th. Jefferies Financial Group downgraded shares of Mitek Systems from a “buy” rating to a “hold” rating and dropped their price target for the stock from $17.00 to $9.50 in a research note on Wednesday, September 4th. Craig Hallum dropped their price target on shares of Mitek Systems from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. HC Wainwright dropped their price target on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, Maxim Group dropped their target price on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, August 12th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Mitek Systems presently has a consensus rating of “Moderate Buy” and an average 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.