Legato Capital Management LLC Makes New Investment in Mitek Systems, Inc. $MITK

Legato Capital Management LLC purchased a new position in shares of Mitek Systems, Inc. (NASDAQ:MITK) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 47,194 shares of the software maker’s stock, valued at approximately $498,000.

A number of other hedge funds also recently bought and sold shares of the business. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in Mitek Systems by 1.9% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 121,514 shares of the software maker’s stock valued at $1,187,000 after purchasing an additional 2,225 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in Mitek Systems by 28.6% in the fourth quarter. Harbor Capital Advisors Inc. now owns 15,558 shares of the software maker’s stock valued at $164,000 after purchasing an additional 3,458 shares during the period. First Trust Advisors LP boosted its holdings in Mitek Systems by 2.4% in the third quarter. First Trust Advisors LP now owns 173,076 shares of the software maker’s stock valued at $1,691,000 after purchasing an additional 3,995 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Mitek Systems by 320.3% in the second quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock valued at $60,000 after purchasing an additional 4,586 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in Mitek Systems by 15.6% in the third quarter. Franklin Resources Inc. now owns 35,766 shares of the software maker’s stock valued at $349,000 after purchasing an additional 4,824 shares during the period. Hedge funds and other institutional investors own 83.64% of the company’s stock.

Insider Activity

In other news, COO Garrett Gafke sold 152,529 shares of the company’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $13.92, for a total transaction of $2,123,203.68. Following the completion of the transaction, the chief operating officer directly owned 265,387 shares of the company’s stock, valued at approximately $3,694,187.04. This represents a 36.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.20% of the company’s stock.

Mitek Systems Trading Up 4.1%

NASDAQ:MITK opened at $16.68 on Wednesday. The stock has a 50-day simple moving average of $14.40 and a 200-day simple moving average of $12.12. The stock has a market cap of $753.27 million, a P/E ratio of 47.66 and a beta of 0.95. Mitek Systems, Inc. has a 1 year low of $8.53 and a 1 year high of $16.81. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.61 and a current ratio of 2.61.

Mitek Systems (NASDAQ:MITK) last released its quarterly earnings data on Thursday, May 7th. The software maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.12. The business had revenue of $54.84 million during the quarter, compared to analysts’ expectations of $52.59 million. Mitek Systems had a return on equity of 16.74% and a net margin of 8.74%. As a group, analysts anticipate that Mitek Systems, Inc. will post 0.88 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on MITK shares. Weiss Ratings upgraded Mitek Systems from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Northland Securities set a $17.00 target price on Mitek Systems in a report on Wednesday, April 15th. Wall Street Zen lowered Mitek Systems from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 9th. Jefferies Financial Group upgraded Mitek Systems from a “hold” rating to a “buy” rating and lifted their target price for the company from $11.00 to $15.00 in a report on Friday, February 13th. Finally, Zacks Research lowered Mitek Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Mitek Systems has a consensus rating of “Hold” and a consensus price target of $16.00.

About Mitek Systems

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.