Cresset Asset Management LLC Sells 4,767 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

Cresset Asset Management LLC cut its position in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 16.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 24,509 shares of the software maker’s stock after selling 4,767 shares during the quarter. Cresset Asset Management LLC’s holdings in Mitek Systems were worth $273,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in shares of Mitek Systems by 15.5% during the third quarter. JPMorgan Chase & Co. now owns 262,956 shares of the software maker’s stock valued at $2,280,000 after buying an additional 35,301 shares during the period. Barclays PLC lifted its stake in shares of Mitek Systems by 5.0% during the 4th quarter. Barclays PLC now owns 82,142 shares of the software maker’s stock worth $914,000 after acquiring an additional 3,933 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Mitek Systems during the 4th quarter valued at $114,000. Wells Fargo & Company MN grew its position in Mitek Systems by 21.4% in the 4th quarter. Wells Fargo & Company MN now owns 31,644 shares of the software maker’s stock valued at $352,000 after acquiring an additional 5,574 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Mitek Systems in the fourth quarter worth $341,000. 83.64% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $13.00 target price on shares of Mitek Systems in a research note on Tuesday, February 11th. StockNews.com raised shares of Mitek Systems from a “buy” rating to a “strong-buy” rating in a research report on Monday, May 12th. Finally, Maxim Group raised their target price on shares of Mitek Systems from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. One 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $12.88.

Mitek Systems Stock Performance

Shares of Mitek Systems stock opened at $9.77 on Friday. The company has a current ratio of 4.59, a quick ratio of 4.59 and a debt-to-equity ratio of 0.73. The stock’s fifty day moving average price is $8.44 and its 200-day moving average price is $9.36. The firm has a market cap of $442.03 million, a P/E ratio of 108.56 and a beta of 1.11. Mitek Systems, Inc. has a 12 month low of $6.93 and a 12 month high of $13.72.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Thursday, May 8th. The software maker reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.10. Mitek Systems had a net margin of 2.59% and a return on equity of 16.53%. The business had revenue of $51.93 million for the quarter, compared to the consensus estimate of $47.21 million. The company’s revenue for the quarter was up 10.4% compared to the same quarter last year. On average, equities research analysts expect that Mitek Systems, Inc. will post 0.59 earnings per share for the current fiscal year.

Insider Activity at Mitek Systems

In related news, CEO Edward H. West bought 55,000 shares of the stock in a transaction on Thursday, February 20th. The stock was bought at an average price of $9.21 per share, for a total transaction of $506,550.00. Following the completion of the acquisition, the chief executive officer now directly owns 55,000 shares in the company, valued at approximately $506,550. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.10% of the stock is currently owned by corporate insiders.

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.