Garrett Gafke Sells 21,108 Shares of Mitek Systems (NASDAQ:MITK) Stock

Mitek Systems, Inc. (NASDAQ:MITK) COO Garrett Gafke sold 21,108 shares of the business’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $14.19, for a total transaction of $299,522.52. Following the completion of the transaction, the chief operating officer directly owned 244,279 shares in the company, valued at $3,466,319.01. This trade represents a 7.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Garrett Gafke also recently made the following trade(s):

• On Tuesday, April 28th, Garrett Gafke sold 152,529 shares of Mitek Systems stock. The stock was sold at an average price of $13.92, for a total transaction of $2,123,203.68.

Mitek Systems Stock Performance

MITK opened at $14.26 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.61 and a current ratio of 2.61. The stock has a market capitalization of $643.98 million, a price-to-earnings ratio of 40.74 and a beta of 0.95. The company has a fifty day moving average of $14.30 and a 200 day moving average of $11.80. Mitek Systems, Inc. has a fifty-two week low of $8.53 and a fifty-two week high of $16.48.

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

Institutional Investors Weigh In On Mitek Systems

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Mitek Systems by 5.6% in the 3rd quarter. Vanguard Group Inc. now owns 3,717,031 shares of the software maker’s stock worth $36,315,000 after purchasing an additional 198,068 shares during the period. Invesco Ltd. boosted its stake in Mitek Systems by 0.5% during the fourth quarter. Invesco Ltd. now owns 1,919,576 shares of the software maker’s stock worth $20,252,000 after buying an additional 10,105 shares during the period. Dimensional Fund Advisors LP boosted its stake in Mitek Systems by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,685,657 shares of the software maker’s stock worth $22,756,000 after buying an additional 29,997 shares during the period. Impax Asset Management Group plc increased its position in Mitek Systems by 8.4% during the fourth quarter. Impax Asset Management Group plc now owns 1,295,000 shares of the software maker’s stock valued at $13,662,000 after acquiring an additional 100,000 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Mitek Systems by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 1,262,658 shares of the software maker’s stock valued at $13,323,000 after acquiring an additional 9,921 shares during the last quarter. 83.64% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MITK has been the subject of several research analyst reports. Wall Street Zen cut Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 9th. Weiss Ratings raised Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Zacks Research downgraded Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Jefferies Financial Group raised shares of Mitek Systems from a “hold” rating to a “buy” rating and raised their target price for the company from $11.00 to $15.00 in a report on Friday, February 13th. Finally, Northland Securities set a $17.00 price target on shares of Mitek Systems in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $16.00.

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.