Blue Grotto Capital LLC Cuts Holdings in Mitek Systems, Inc. (NASDAQ:MITK)

Blue Grotto Capital LLC trimmed its holdings in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 78.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 447,474 shares of the software maker’s stock after selling 1,622,526 shares during the period. Mitek Systems comprises 0.9% of Blue Grotto Capital LLC’s investment portfolio, making the stock its 25th largest position. Blue Grotto Capital LLC’s holdings in Mitek Systems were worth $4,980,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Avior Wealth Management LLC boosted its stake 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 acquiring an additional 1,700 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Mitek Systems in the fourth quarter valued at approximately $105,000. Y Intercept Hong Kong Ltd bought a new stake in Mitek Systems during the 4th quarter valued at $114,000. Lazari Capital Management Inc. bought a new stake in shares of Mitek Systems during the fourth quarter valued at about $117,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Mitek Systems in the 3rd quarter worth approximately $117,000. Institutional investors and hedge funds own 83.64% of the company’s stock.

Insider Activity

In other news, CEO Edward H. West purchased 55,000 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was bought at an average price of $9.21 per share, with a total value of $506,550.00. Following the acquisition, the chief executive officer now directly owns 55,000 shares of the company’s stock, valued at approximately $506,550. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Maxim Group raised their price objective on shares of Mitek Systems from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. HC Wainwright reissued a “buy” rating and issued a $13.00 price objective on shares of Mitek Systems in a research note on Tuesday, February 11th. Finally, StockNews.com downgraded shares of Mitek Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 11th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Mitek Systems has a consensus rating of “Moderate Buy” and a consensus target price of $12.88.

Mitek Systems Price Performance

NASDAQ:MITK opened at $9.01 on Wednesday. The firm has a market cap of $407.65 million, a PE ratio of 100.11 and a beta of 1.08. The company’s 50-day moving average price is $9.69 and its two-hundred day moving average price is $9.47. The company has a quick ratio of 4.59, a current ratio of 4.59 and a debt-to-equity ratio of 0.73. Mitek Systems, Inc. has a 12 month low of $7.35 and a 12 month high of $16.24.

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

Mitek Systems 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.