Wellington Management Group LLP Boosts Holdings in Mitek Systems, Inc. $MITK

Key Points

• Wellington Management increased its Mitek Systems stake by 47% in the second quarter, purchasing 569,379 additional shares and bringing its holdings to 1.78 million shares, or about 3.95% of the company. Institutional investors and hedge funds collectively own 83.64% of MITK.
• Analyst sentiment is generally positive, with MarketBeat reporting a consensus “Buy” rating and a $19.33 average price target. Wall Street Zen and Zacks Research upgraded the stock to “strong-buy,” while Maxim Group set a $26 target.
• Mitek exceeded quarterly expectations, reporting $0.34 in EPS versus the $0.28 estimate and revenue of $54.04 million versus the $50.82 million consensus. The stock recently opened at $18.57 and has traded between $8.53 and $21.05 over the past year.

Wellington Management Group LLP lifted its holdings in Mitek Systems, Inc. (NASDAQ:MITK - Free Report) by 47.0% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,780,147 shares of the software maker's stock after purchasing an additional 569,379 shares during the period. Wellington Management Group LLP owned approximately 3.95% of Mitek Systems worth $35,834,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in MITK. Vanguard Group Inc. boosted its position in 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 buying an additional 198,068 shares during the period. Invesco Ltd. grew its stake in shares of Mitek Systems by 0.5% in the fourth quarter. Invesco Ltd. now owns 1,919,576 shares of the software maker's stock worth $20,252,000 after acquiring an additional 10,105 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of 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 acquiring an additional 29,997 shares during the period. Geode Capital Management LLC increased its position in shares of 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 worth $13,323,000 after acquiring an additional 9,921 shares during the period. Finally, Independent Advisor Alliance raised its stake in shares of Mitek Systems by 4.5% in the fourth quarter. Independent Advisor Alliance now owns 1,225,119 shares of the software maker's stock valued at $12,925,000 after acquiring an additional 53,016 shares in the last quarter. 83.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Weiss Ratings reiterated a "hold (c+)" rating on shares of Mitek Systems in a report on Friday, August 7th. Wall Street Zen upgraded Mitek Systems from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Zacks Research raised Mitek Systems from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 18th. Finally, Maxim Group set a $26.00 target price on shares of Mitek Systems in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $19.33.

Mitek Systems Stock Performance

NASDAQ:MITK opened at $18.57 on Friday. Mitek Systems, Inc. has a 12 month low of $8.53 and a 12 month high of $21.05. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.74 and a quick ratio of 2.74. The firm has a market capitalization of $837.88 million, a PE ratio of 39.51 and a beta of 0.99. The business's fifty day moving average price is $18.39 and its 200 day moving average price is $16.15.

Mitek Systems (NASDAQ:MITK - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.06. Mitek Systems had a return on equity of 19.16% and a net margin of 11.39%.The company had revenue of $54.04 million during the quarter, compared to the consensus estimate of $50.82 million. On average, sell-side analysts anticipate that Mitek Systems, Inc. will post 0.91 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding MITK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mitek Systems, Inc. (NASDAQ:MITK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.