Mitek Systems, Inc. $MITK Shares Sold by Thompson Siegel & Walmsley LLC

Key Points

• Thompson Siegel & Walmsley LLC cut its Mitek Systems stake by 84.5% in the fourth quarter, selling 464,969 shares and leaving it with 85,472 shares worth about $902,000.
• Mitek reported stronger-than-expected quarterly results, with EPS of $0.38 versus the $0.26 estimate and revenue of $54.84 million, above forecasts.
• Despite recent analyst changes, Wall Street’s overall view remains cautious: Mitek has a consensus Hold rating with an average target price of $16, while the stock recently traded above that level at $17.57.

Thompson Siegel & Walmsley LLC lessened its stake in Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 84.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 85,472 shares of the software maker's stock after selling 464,969 shares during the quarter. Thompson Siegel & Walmsley LLC owned approximately 0.19% of Mitek Systems worth $902,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its stake 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 valued at $36,315,000 after purchasing an additional 198,068 shares in the last quarter. Invesco Ltd. raised its stake in shares of Mitek Systems by 1.0% in the 3rd quarter. Invesco Ltd. now owns 1,909,471 shares of the software maker's stock valued at $18,656,000 after purchasing an additional 18,987 shares in the last quarter. Impax Asset Management Group plc raised its stake in shares of Mitek Systems by 8.4% in the 4th quarter. Impax Asset Management Group plc now owns 1,295,000 shares of the software maker's stock valued at $13,662,000 after purchasing an additional 100,000 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Mitek Systems by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 1,262,658 shares of the software maker's stock valued at $13,323,000 after purchasing an additional 9,921 shares in the last quarter. Finally, Independent Advisor Alliance raised its stake in shares of Mitek Systems by 4.5% in the 4th quarter. Independent Advisor Alliance now owns 1,225,119 shares of the software maker's stock valued at $12,925,000 after purchasing an additional 53,016 shares in the last quarter. Institutional investors and hedge funds own 83.64% of the company's stock.

Insider Buying and Selling

In other Mitek Systems news, COO Garrett Gafke sold 152,529 shares of the company's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $13.92, for a total value of $2,123,203.68. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.20% of the company's stock.

Mitek Systems Price Performance

Shares of NASDAQ:MITK opened at $17.57 on Wednesday. Mitek Systems, Inc. has a fifty-two week low of $8.53 and a fifty-two week high of $17.97. The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.20. The company has a market cap of $793.46 million, a PE ratio of 50.20 and a beta of 1.02. The firm has a 50-day simple moving average of $14.64 and a 200 day simple moving average of $12.34.

Mitek Systems (NASDAQ:MITK - Get Free Report) last posted its 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. Mitek Systems had a net margin of 8.74% and a return on equity of 16.74%. The firm had revenue of $54.84 million during the quarter, compared to analysts' expectations of $52.59 million. On average, sell-side analysts anticipate that Mitek Systems, Inc. will post 0.86 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MITK. Weiss Ratings upgraded shares of Mitek Systems from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, May 11th. Northland Securities set a $17.00 target price on shares of Mitek Systems in a research note on Wednesday, April 15th. Wall Street Zen lowered shares of Mitek Systems from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 9th. Zacks Research lowered shares of Mitek Systems from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 16th. Finally, Jefferies Financial Group raised shares of Mitek Systems from a "hold" rating to a "buy" rating and boosted their price objective for the company from $11.00 to $15.00 in a research report on Friday, February 13th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Mitek Systems has a consensus rating of "Hold" and a consensus target price of $16.00.

Mitek Systems 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.

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