47,194 Shares in Mitek Systems, Inc. $MITK Purchased by Legato Capital Management LLC

Legato Capital Management LLC bought a new position in shares of Mitek Systems, Inc. (NASDAQ:MITK) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 47,194 shares of the software maker’s stock, valued at approximately $498,000. Legato Capital Management LLC owned 0.10% of Mitek Systems as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Topline Capital Management LLC lifted its holdings in shares of Mitek Systems by 99.6% during the third quarter. Topline Capital Management LLC now owns 1,055,608 shares of the software maker’s stock worth $10,313,000 after purchasing an additional 526,842 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Mitek Systems by 124.5% during the third quarter. Principal Financial Group Inc. now owns 68,944 shares of the software maker’s stock worth $674,000 after purchasing an additional 38,237 shares during the period. Tudor Investment Corp ET AL lifted its holdings in shares of Mitek Systems by 1,026.3% during the third quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock worth $2,255,000 after purchasing an additional 210,352 shares during the period. Skylands Capital LLC lifted its holdings in shares of Mitek Systems by 140.0% during the third quarter. Skylands Capital LLC now owns 225,296 shares of the software maker’s stock worth $2,201,000 after purchasing an additional 131,421 shares during the period. Finally, Teton Advisors LLC acquired a new stake in shares of Mitek Systems during the third quarter worth about $918,000. Institutional investors and hedge funds own 83.64% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on MITK. Weiss Ratings upgraded Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Zacks Research downgraded Mitek Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Jefferies Financial Group upgraded Mitek Systems from a “hold” rating to a “buy” rating and upped their target price for the stock from $11.00 to $15.00 in a research note on Friday, February 13th. Wall Street Zen downgraded Mitek Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Northland Securities set a $17.00 target price on Mitek Systems in a research note on Wednesday, April 15th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Mitek Systems has a consensus rating of “Hold” and an average price target of $16.00.

Mitek Systems Stock Up 4.1%

Shares of MITK opened at $16.68 on Wednesday. The company has a market capitalization of $753.27 million, a price-to-earnings ratio of 47.66 and a beta of 0.95. The stock’s 50-day moving average price is $14.40 and its 200-day moving average price is $12.12. The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.20. Mitek Systems, Inc. has a 52 week low of $8.53 and a 52 week high of $16.81.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings results on Thursday, May 7th. The software maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.12. The company had revenue of $54.84 million for the quarter, compared to the consensus estimate of $52.59 million. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%. On average, sell-side analysts predict that Mitek Systems, Inc. will post 0.88 EPS for the current year.

Insider Transactions at Mitek Systems

In other Mitek Systems news, COO Garrett Gafke sold 152,529 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $13.92, for a total transaction of $2,123,203.68. Following the transaction, the chief operating officer owned 265,387 shares in the company, valued at approximately $3,694,187.04. This represents a 36.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

Mitek Systems Company Profile

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.