Kovack Advisors Inc. Purchases 46,556 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

Kovack Advisors Inc. raised its position in Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 66.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 116,300 shares of the software maker's stock after acquiring an additional 46,556 shares during the quarter. Kovack Advisors Inc. owned approximately 0.26% of Mitek Systems worth $959,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in Mitek Systems by 6.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,798,287 shares of the software maker's stock worth $20,016,000 after acquiring an additional 112,513 shares during the period. Invesco Ltd. boosted its position in Mitek Systems by 534.4% during the 4th quarter. Invesco Ltd. now owns 1,722,099 shares of the software maker's stock worth $19,167,000 after buying an additional 1,450,652 shares during the period. Marshall Wace LLP lifted its position in shares of Mitek Systems by 2,115.7% in the 4th quarter. Marshall Wace LLP now owns 859,123 shares of the software maker's stock worth $9,562,000 after purchasing an additional 820,349 shares during the period. Impax Asset Management Group plc lifted its position in shares of Mitek Systems by 70.0% during the 1st quarter. Impax Asset Management Group plc now owns 850,000 shares of the software maker's stock valued at $7,012,000 after acquiring an additional 350,000 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in shares of Mitek Systems by 1.5% during the 4th quarter. Ameriprise Financial Inc. now owns 655,656 shares of the software maker's stock valued at $7,297,000 after acquiring an additional 9,894 shares during the period. 83.64% of the stock is owned by institutional investors.

Mitek Systems Trading Up 1.1%

Shares of NASDAQ:MITK traded up $0.10 during midday trading on Friday, reaching $9.47. The company had a trading volume of 177,112 shares, compared to its average volume of 384,558. The company's 50 day moving average price is $9.72 and its 200 day moving average price is $9.35. The stock has a market cap of $428.42 million, a P/E ratio of 33.82 and a beta of 1.15. Mitek Systems, Inc. has a 52-week low of $6.93 and a 52-week high of $13.72.

Mitek Systems (NASDAQ:MITK - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The software maker reported $0.36 EPS for the quarter, beating the consensus estimate of $0.26 by $0.10. Mitek Systems had a net margin of 7.51% and a return on equity of 18.85%. The business had revenue of $51.93 million for the quarter, compared to the consensus estimate of $47.21 million. Mitek Systems's revenue for the quarter was up 10.4% on a year-over-year basis. Research analysts forecast that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of Mitek Systems from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 21st. One research 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 company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $12.88.

Insider Activity

In related news, insider Michael E. Diamond sold 70,352 shares of the company's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $9.77, for a total value of $687,339.04. Following the transaction, the insider directly owned 233,340 shares in the company, valued at approximately $2,279,731.80. This represents a 23.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.10% of the company's stock.

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.