Connor Clark & Lunn Investment Management Ltd. Invests $1.26 Million in Mitek Systems, Inc. (NASDAQ:MITK)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Mitek Systems, Inc. (NASDAQ:MITK) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 113,159 shares of the software maker’s stock, valued at approximately $1,259,000. Connor Clark & Lunn Investment Management Ltd. owned 0.25% of Mitek Systems at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Barclays PLC lifted its stake in shares of Mitek Systems by 335.6% in the 3rd quarter. Barclays PLC now owns 78,209 shares of the software maker’s stock valued at $679,000 after purchasing an additional 60,256 shares during the period. BNP Paribas Financial Markets increased its holdings in Mitek Systems by 357.0% in the third quarter. BNP Paribas Financial Markets now owns 82,578 shares of the software maker’s stock valued at $716,000 after purchasing an additional 64,509 shares during the last quarter. State Street Corp lifted its stake in Mitek Systems by 3.8% in the third quarter. State Street Corp now owns 1,306,351 shares of the software maker’s stock valued at $11,326,000 after buying an additional 47,418 shares during the period. JPMorgan Chase & Co. boosted its holdings in Mitek Systems by 15.5% during the third quarter. JPMorgan Chase & Co. now owns 262,956 shares of the software maker’s stock worth $2,280,000 after buying an additional 35,301 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Mitek Systems by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 130,781 shares of the software maker’s stock worth $1,134,000 after buying an additional 2,460 shares during the period. 83.64% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Edward H. West acquired 55,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was acquired at an average cost of $9.21 per share, for a total transaction of $506,550.00. Following the completion of the acquisition, the chief executive officer now owns 55,000 shares in the company, valued at $506,550. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Mitek Systems Price Performance

NASDAQ MITK opened at $9.11 on Thursday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 4.59 and a current ratio of 4.59. The stock has a market cap of $412.17 million, a price-to-earnings ratio of 101.22 and a beta of 1.08. The business has a 50 day simple moving average of $9.79 and a 200 day simple moving average of $9.46. Mitek Systems, Inc. has a 52-week low of $7.35 and a 52-week high of $16.24.

Mitek Systems (NASDAQ:MITK) last issued its quarterly earnings data on Monday, February 10th. The software maker reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.07). Mitek Systems had a return on equity of 16.53% and a net margin of 2.59%. Analysts anticipate that Mitek Systems, Inc. will post 0.59 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MITK. StockNews.com downgraded shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 11th. HC Wainwright reiterated a “buy” rating and issued a $13.00 target price on shares of Mitek Systems in a report on Tuesday, February 11th. Finally, Maxim Group lifted their price target on shares of Mitek Systems from $13.00 to $14.00 and gave the stock a “buy” rating in a research 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 company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $12.88.

About Mitek Systems

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.