Raymond James Financial Inc. Invests $341,000 in Mitek Systems, Inc. (NASDAQ:MITK)

Raymond James Financial Inc. acquired a new position in shares of Mitek Systems, Inc. (NASDAQ:MITK - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 30,651 shares of the software maker's stock, valued at approximately $341,000. Raymond James Financial Inc. owned approximately 0.07% of Mitek Systems at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Avior Wealth Management LLC grew its holdings in Mitek Systems by 24.7% during the 4th quarter. Avior Wealth Management LLC now owns 8,595 shares of the software maker's stock valued at $96,000 after purchasing an additional 1,700 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Mitek Systems during the fourth quarter valued at approximately $105,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Mitek Systems in the fourth quarter worth approximately $114,000. Lazari Capital Management Inc. bought a new stake in shares of Mitek Systems during the 4th quarter worth approximately $117,000. Finally, Kingsview Wealth Management LLC lifted its stake in shares of Mitek Systems by 16.1% during the 4th quarter. Kingsview Wealth Management LLC now owns 20,646 shares of the software maker's stock worth $230,000 after acquiring an additional 2,865 shares during the last quarter. 83.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Edward H. West acquired 55,000 shares of Mitek Systems stock in a transaction that occurred on Thursday, February 20th. The stock was purchased at an average price of $9.21 per share, for a total transaction of $506,550.00. Following the purchase, the chief executive officer now directly owns 55,000 shares in the company, valued at $506,550. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 2.10% of the stock is currently owned by insiders.

Mitek Systems Stock Up 0.3%

Shares of MITK traded up $0.03 during midday trading on Monday, reaching $9.77. 671,263 shares of the stock were exchanged, compared to its average volume of 570,951. The company has a market capitalization of $442.03 million, a P/E ratio of 108.56 and a beta of 1.11. The company has a current ratio of 4.59, a quick ratio of 4.59 and a debt-to-equity ratio of 0.73. Mitek Systems, Inc. has a 52 week low of $6.93 and a 52 week high of $14.32. The company's 50 day moving average is $8.38 and its two-hundred day moving average is $9.34.

Mitek Systems (NASDAQ:MITK - Get Free Report) last posted its earnings results on Thursday, May 8th. The software maker reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.10. Mitek Systems had a net margin of 2.59% and a return on equity of 16.53%. The business had revenue of $51.93 million for the quarter, compared to the consensus estimate of $47.21 million. The company's revenue for the quarter was up 10.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Mitek Systems, Inc. will post 0.59 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MITK. HC Wainwright reiterated a "buy" rating and issued a $13.00 target price on shares of Mitek Systems in a research note on Tuesday, February 11th. StockNews.com downgraded shares of Mitek Systems from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, February 11th. Finally, Maxim Group lifted their price objective on shares of Mitek Systems from $13.00 to $14.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $12.88.

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.