The Manufacturers Life Insurance Company Grows Stock Position in Mitek Systems, Inc. (NASDAQ:MITK)

The Manufacturers Life Insurance Company grew its position in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 12.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,937 shares of the software maker’s stock after buying an additional 1,923 shares during the period. The Manufacturers Life Insurance Company’s holdings in Mitek Systems were worth $201,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its position in shares of Mitek Systems by 52.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 389,319 shares of the software maker’s stock valued at $5,489,000 after acquiring an additional 134,502 shares during the period. Principal Financial Group Inc. boosted its holdings in Mitek Systems by 78.3% in the 1st quarter. Principal Financial Group Inc. now owns 39,470 shares of the software maker’s stock valued at $557,000 after purchasing an additional 17,337 shares during the period. North Star Investment Management Corp. grew its position in shares of Mitek Systems by 137.5% during the 1st quarter. North Star Investment Management Corp. now owns 277,125 shares of the software maker’s stock valued at $3,907,000 after purchasing an additional 160,450 shares in the last quarter. Private Advisor Group LLC increased its holdings in shares of Mitek Systems by 78.0% in the first quarter. Private Advisor Group LLC now owns 50,930 shares of the software maker’s stock worth $718,000 after purchasing an additional 22,317 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Mitek Systems by 10.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 77,258 shares of the software maker’s stock worth $1,089,000 after buying an additional 7,528 shares in the last quarter. Hedge funds and other institutional investors own 83.64% of the company’s stock.

Mitek Systems Trading Down 1.6 %

MITK opened at $9.05 on Friday. 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 52 week low of $7.35 and a 52 week high of $16.24. The stock has a market cap of $423.46 million, a PE ratio of -56.56 and a beta of 1.07. The business has a 50 day moving average of $8.76 and a 200-day moving average of $11.15.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, August 8th. The software maker reported $0.25 earnings per share (EPS) 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 company had revenue of $45.00 million for the quarter, compared to analysts’ expectations of $47.99 million. During the same quarter in the previous year, the firm posted $0.16 EPS. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. Equities research analysts predict that Mitek Systems, Inc. will post 0.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MITK shares. Jefferies Financial Group cut shares of Mitek Systems from a “buy” rating to a “hold” rating and lowered their price objective for the company from $17.00 to $9.50 in a research report on Wednesday, September 4th. StockNews.com upgraded Mitek Systems from a “hold” rating to a “buy” rating in a report on Friday, July 12th. HC Wainwright decreased their price objective on Mitek Systems from $19.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Craig Hallum cut their target price on Mitek Systems from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Finally, Maxim Group reduced their price target on shares of Mitek Systems from $23.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. 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 data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.13.

About Mitek Systems

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.