Topline Capital Management LLC Raises Stock Holdings in Mitek Systems, Inc. $MITK

by · The Markets Daily

Topline Capital Management LLC boosted its position in shares of Mitek Systems, Inc. (NASDAQ:MITK – Free Report) by 99.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,055,608 shares of the software maker’s stock after buying an additional 526,842 shares during the quarter. Mitek Systems makes up about 1.8% of Topline Capital Management LLC’s holdings, making the stock its 15th biggest holding. Topline Capital Management LLC owned about 2.31% of Mitek Systems worth $10,313,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Inspire Investing LLC purchased a new position in shares of Mitek Systems in the third quarter valued at about $1,005,000. Principal Financial Group Inc. boosted its holdings in shares of Mitek Systems by 124.5% during the third quarter. Principal Financial Group Inc. now owns 68,944 shares of the software maker’s stock worth $674,000 after purchasing an additional 38,237 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Mitek Systems by 96.1% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 64,715 shares of the software maker’s stock worth $641,000 after purchasing an additional 31,718 shares during the period. Skylands Capital LLC grew its stake in shares of Mitek Systems by 140.0% in the third quarter. Skylands Capital LLC now owns 225,296 shares of the software maker’s stock worth $2,201,000 after purchasing an additional 131,421 shares during the last quarter. Finally, Hillsdale Investment Management Inc. increased its holdings in Mitek Systems by 31.2% during the 2nd quarter. Hillsdale Investment Management Inc. now owns 578,100 shares of the software maker’s stock valued at $5,723,000 after purchasing an additional 137,500 shares during the period. Hedge funds and other institutional investors own 83.64% of the company’s stock.

Mitek Systems Price Performance

Shares of Mitek Systems stock opened at $13.87 on Friday. Mitek Systems, Inc. has a 1 year low of $6.93 and a 1 year high of $15.61. The firm has a market cap of $628.59 million, a price-to-earnings ratio of 39.63 and a beta of 0.99. The company has a 50-day moving average of $12.01 and a 200 day moving average of $10.45.

Mitek Systems (NASDAQ:MITK – Get Free Report) last posted its quarterly earnings data on Thursday, February 5th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. The business had revenue of $44.24 million for the quarter, compared to analyst estimates of $42.44 million. Mitek Systems had a net margin of 8.67% and a return on equity of 16.86%. On average, equities analysts anticipate that Mitek Systems, Inc. will post 0.59 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on MITK. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Mitek Systems in a research report on Monday, December 29th. Wall Street Zen upgraded Mitek Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 7th. Finally, Jefferies Financial Group raised Mitek Systems from a “hold” rating to a “buy” rating and boosted their target price for the company from $11.00 to $15.00 in a research note on Friday, February 13th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Mitek Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.

Get Our Latest Stock Report on MITK

Mitek Systems Company Profile

(Free Report)

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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