500,000 Shares in Mitek Systems, Inc. (NASDAQ:MITK) Purchased by Impax Asset Management Group plc

Impax Asset Management Group plc acquired a new position in shares of Mitek Systems, Inc. (NASDAQ:MITK) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 500,000 shares of the software maker’s stock, valued at approximately $5,565,000. Impax Asset Management Group plc owned about 1.11% of Mitek Systems at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Barclays PLC grew its position in Mitek Systems by 335.6% in the 3rd quarter. Barclays PLC now owns 78,209 shares of the software maker’s stock valued at $679,000 after acquiring an additional 60,256 shares in the last quarter. BNP Paribas Financial Markets increased its stake in Mitek Systems by 357.0% during the third quarter. BNP Paribas Financial Markets now owns 82,578 shares of the software maker’s stock worth $716,000 after purchasing an additional 64,509 shares during the period. State Street Corp increased its stake in Mitek Systems by 3.8% during the third quarter. State Street Corp now owns 1,306,351 shares of the software maker’s stock worth $11,326,000 after purchasing an additional 47,418 shares during the period. JPMorgan Chase & Co. increased its stake in Mitek Systems by 15.5% during the third quarter. JPMorgan Chase & Co. now owns 262,956 shares of the software maker’s stock worth $2,280,000 after purchasing an additional 35,301 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Mitek Systems by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker’s stock worth $1,134,000 after purchasing an additional 2,460 shares during the period. 83.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MITK. StockNews.com lowered shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 11th. Maxim Group boosted 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, HC Wainwright reiterated a “buy” rating and set a $13.00 price target on shares of Mitek Systems in a research note on Tuesday, February 11th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Mitek Systems has a consensus rating of “Moderate Buy” and a consensus price target of $12.88.

Insider Activity at Mitek Systems

In related news, CEO Edward H. West purchased 55,000 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were bought at an average cost of $9.21 per share, for a total transaction of $506,550.00. Following the completion of the purchase, the chief executive officer now directly owns 55,000 shares of the company’s stock, valued at approximately $506,550. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Christopher H. Briggs sold 3,320 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.08, for a total transaction of $30,145.60. Following the completion of the transaction, the senior vice president now owns 65,353 shares in the company, valued at $593,405.24. This represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,699 shares of company stock valued at $152,140 over the last 90 days. 2.10% of the stock is owned by corporate insiders.

Mitek Systems Stock Up 6.4 %

Shares of NASDAQ:MITK opened at $9.91 on Tuesday. The firm’s 50 day moving average price is $10.45 and its 200 day moving average price is $9.44. The stock has a market cap of $448.37 million, a price-to-earnings ratio of 110.11 and a beta of 1.08. Mitek Systems, Inc. has a fifty-two week low of $7.35 and a fifty-two week high of $16.24. The company has a quick ratio of 4.59, a current ratio of 4.59 and a debt-to-equity ratio of 0.73.

Mitek Systems (NASDAQ:MITK) last issued its 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%. As a group, equities research analysts predict that Mitek Systems, Inc. will post 0.59 earnings per share for the current fiscal year.

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.