Independent Advisor Alliance Sells 160,601 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

Key Points

• Independent Advisor Alliance reduced its holdings in Mitek Systems by 10.7%, now owning approximately 2.96% of the company, valued at $11 million.
• Mitek Systems reported earnings per share of $0.36 for the last quarter, exceeding the consensus estimate of $0.26, with revenue up 10.4% year-over-year.
• Wall Street Zen downgraded Mitek Systems from a "strong-buy" rating to a "buy" rating in a recent research note.

Independent Advisor Alliance trimmed its position in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 10.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,337,491 shares of the software maker's stock after selling 160,601 shares during the period. Independent Advisor Alliance owned approximately 2.96% of Mitek Systems worth $11,034,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of MITK. Vanguard Group Inc. raised its position in shares of Mitek Systems by 0.3% during the first quarter. Vanguard Group Inc. now owns 3,564,891 shares of the software maker's stock valued at $29,410,000 after buying an additional 10,073 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Mitek Systems by 6.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,798,287 shares of the software maker's stock worth $20,016,000 after purchasing an additional 112,513 shares in the last quarter. Invesco Ltd. raised its position in Mitek Systems by 4.4% in the first quarter. Invesco Ltd. now owns 1,797,990 shares of the software maker's stock worth $14,833,000 after purchasing an additional 75,891 shares in the last quarter. Marshall Wace LLP raised its position in Mitek Systems by 2,115.7% in the fourth 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 in the last quarter. Finally, Impax Asset Management Group plc raised its position in Mitek Systems by 70.0% in the first quarter. Impax Asset Management Group plc now owns 850,000 shares of the software maker's stock worth $7,012,000 after purchasing an additional 350,000 shares in the last quarter. 83.64% of the stock is currently owned by institutional investors.

Mitek Systems Trading Down 0.4%

NASDAQ:MITK traded down $0.04 during mid-day trading on Friday, hitting $10.01. The company's stock had a trading volume of 161,047 shares, compared to its average volume of 466,740. Mitek Systems, Inc. has a fifty-two week low of $6.93 and a fifty-two week high of $11.78. The company has a market capitalization of $456.96 million, a price-to-earnings ratio of 30.33 and a beta of 1.13. The stock has a fifty day moving average of $9.67 and a 200-day moving average of $9.26.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered shares of Mitek Systems from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th.

Insiders Place Their Bets

In other Mitek Systems news, insider Michael E. Diamond sold 70,352 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $9.77, for a total transaction of $687,339.04. Following the sale, the insider directly owned 233,340 shares of the company's stock, valued at approximately $2,279,731.80. This represents a 23.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.10% of the company's stock.

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.