Prentiss Smith & Co. Inc. Invests $2.12 Million in Mitek Systems, Inc. (NASDAQ:MITK)
Prentiss Smith & Co. Inc. bought a new position in shares of Mitek Systems, Inc. (NASDAQ:MITK) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 213,050 shares of the software maker’s stock, valued at approximately $2,118,000. Mitek Systems makes up approximately 1.4% of Prentiss Smith & Co. Inc.’s investment portfolio, making the stock its 25th largest holding. Prentiss Smith & Co. Inc. owned about 0.55% of Mitek Systems as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of MITK. Commonwealth Equity Services LLC raised its holdings in Mitek Systems by 22.0% in the second quarter. Commonwealth Equity Services LLC now owns 20,380 shares of the software maker’s stock valued at $202,000 after acquiring an additional 3,675 shares in the last quarter. Eqis Capital Management Inc. bought a new stake in Mitek Systems during the second quarter valued at $124,000. Juncture Wealth Strategies LLC bought a new stake in Mitek Systems during the second quarter valued at $460,000. Marshall Wace LLP increased its stake in Mitek Systems by 48.8% during the first quarter. Marshall Wace LLP now owns 245,032 shares of the software maker’s stock valued at $2,999,000 after purchasing an additional 80,342 shares during the last quarter. Finally, Granite Investment Partners LLC increased its stake in Mitek Systems by 166.1% during the first quarter. Granite Investment Partners LLC now owns 243,952 shares of the software maker’s stock valued at $2,986,000 after purchasing an additional 152,289 shares during the last quarter. 57.47% of the stock is currently owned by institutional investors and hedge funds.
MITK has been the subject of several recent research reports. Roth Capital set a $14.00 target price on shares of Mitek Systems and gave the company a “buy” rating in a research note on Friday, July 19th. National Securities reiterated a “neutral” rating and set a $11.00 target price on shares of Horizon Technology Finance in a research note on Thursday, May 2nd. Benchmark reiterated a “buy” rating and set a $120.00 target price (up previously from $110.00) on shares of SPS Commerce in a research note on Thursday, May 2nd. Zacks Investment Research upgraded shares of HB Fuller from a “sell” rating to a “hold” rating in a research report on Wednesday, July 3rd. Finally, BidaskClub upgraded shares of WhiteHorse Finance from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $14.75.
Mitek Systems (NASDAQ:MITK) last released its quarterly earnings results on Thursday, July 25th. The software maker reported $0.06 EPS for the quarter, topping the consensus estimate of $0.04 by $0.02. The business had revenue of $21.91 million during the quarter, compared to analyst estimates of $21.74 million. Mitek Systems had a negative net margin of 7.61% and a positive return on equity of 6.44%. The company’s quarterly revenue was up 36.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.06 earnings per share. Analysts forecast that Mitek Systems, Inc. will post 0.15 earnings per share for the current fiscal year.
In related news, insider Michael E. Diamond sold 38,587 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $11.00, for a total value of $424,457.00. Following the completion of the transaction, the insider now owns 221,477 shares in the company, valued at approximately $2,436,247. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jeffrey C. Davison sold 13,077 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $9.55, for a total transaction of $124,885.35. The disclosure for this sale can be found here. Insiders sold a total of 58,809 shares of company stock valued at $632,224 in the last quarter. 8.20% of the stock is currently owned by insiders.
About Mitek Systems
Mitek Systems, Inc develops, markets, and sells mobile image capture and identity verification software solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences, fraud detection and reduction, and compliant transactions.
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