Mitek Systems, Inc. (NASDAQ:MITK) Shares Sold by Granite Investment Partners LLC
Granite Investment Partners LLC reduced its position in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 4.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 427,327 shares of the software maker’s stock after selling 20,713 shares during the period. Granite Investment Partners LLC owned 1.28% of Mitek Systems worth $3,590,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MITK. Vanguard Group Inc. boosted its position in Mitek Systems by 8.2% in the first quarter. Vanguard Group Inc. now owns 1,309,044 shares of the software maker’s stock worth $8,705,000 after buying an additional 99,489 shares during the last quarter. Wells Fargo & Company MN boosted its position in Mitek Systems by 1.4% in the first quarter. Wells Fargo & Company MN now owns 1,082,949 shares of the software maker’s stock worth $7,202,000 after buying an additional 15,188 shares during the last quarter. Thomson Horstmann & Bryant Inc. boosted its position in Mitek Systems by 11.4% in the second quarter. Thomson Horstmann & Bryant Inc. now owns 649,330 shares of the software maker’s stock worth $5,454,000 after buying an additional 66,688 shares during the last quarter. Skylands Capital LLC boosted its position in Mitek Systems by 55.6% in the first quarter. Skylands Capital LLC now owns 588,700 shares of the software maker’s stock worth $3,915,000 after buying an additional 210,332 shares during the last quarter. Finally, S Squared Technology LLC boosted its position in Mitek Systems by 7.5% in the first quarter. S Squared Technology LLC now owns 418,918 shares of the software maker’s stock worth $2,786,000 after buying an additional 29,200 shares during the last quarter. Institutional investors own 38.96% of the company’s stock.
Mitek Systems, Inc. (MITK) opened at 9.45 on Friday. The stock has a market cap of $317.38 million, a PE ratio of 160.17 and a beta of 0.68. Mitek Systems, Inc. has a 52 week low of $5.26 and a 52 week high of $10.75. The firm’s 50-day moving average price is $9.43 and its 200-day moving average price is $7.73.
Mitek Systems (NASDAQ:MITK) last posted its earnings results on Thursday, July 27th. The software maker reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The company had revenue of $11.80 million during the quarter, compared to analyst estimates of $11.48 million. Mitek Systems had a return on equity of 10.45% and a net margin of 5.19%. Mitek Systems’s revenue was up 29.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.07 earnings per share. Equities analysts predict that Mitek Systems, Inc. will post $0.29 earnings per share for the current fiscal year.
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A number of research analysts have issued reports on the company. Benchmark Co. lifted their price objective on Mitek Systems from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Monday, July 24th. Northland Securities reiterated a “buy” rating and set a $11.00 price objective on shares of Mitek Systems in a research note on Tuesday, July 25th. Roth Capital set a $12.00 price objective on Mitek Systems and gave the company a “buy” rating in a research note on Friday, July 28th. BidaskClub cut Mitek Systems from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Finally, Zacks Investment Research upgraded Mitek Systems from a “hold” rating to a “strong-buy” rating and set a $11.00 price objective for the company in a research note on Friday, July 14th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Mitek Systems currently has a consensus rating of “Buy” and an average price target of $10.67.
In other Mitek Systems news, CFO Russell C. Clark sold 39,400 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $8.25, for a total transaction of $325,050.00. Following the completion of the sale, the chief financial officer now owns 88,818 shares in the company, valued at $732,748.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 8.52% of the stock is owned by corporate insiders.
About Mitek Systems
Mitek Systems, Inc develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with their camera-equipped smartphones and tablets instead of using the device keyboard.
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