Independent Advisor Alliance Reduces Holdings in Mitek Systems, Inc. (NASDAQ:MITK)

Independent Advisor Alliance cut its holdings in Mitek Systems, Inc. (NASDAQ:MITK) by 10.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,701,813 shares of the software maker’s stock after selling 190,045 shares during the quarter. Independent Advisor Alliance’s holdings in Mitek Systems were worth $14,755,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the stock. Thompson Siegel & Walmsley LLC grew its holdings in shares of Mitek Systems by 259.9% during the second quarter. Thompson Siegel & Walmsley LLC now owns 766,322 shares of the software maker’s stock worth $8,567,000 after buying an additional 553,379 shares in the last quarter. Foundry Partners LLC purchased a new stake in Mitek Systems in the 2nd quarter valued at about $3,275,000. EVR Research LP acquired a new position in shares of Mitek Systems during the 2nd quarter valued at about $2,957,000. Kopp LeRoy C acquired a new position in shares of Mitek Systems during the 1st quarter valued at about $3,340,000. Finally, Marshall Wace LLP lifted its holdings in shares of Mitek Systems by 251.1% during the 2nd quarter. Marshall Wace LLP now owns 309,163 shares of the software maker’s stock worth $3,456,000 after acquiring an additional 221,116 shares during the period. 83.64% of the stock is currently owned by institutional investors and hedge funds.

Mitek Systems Stock Up 2.6 %

Mitek Systems stock opened at $9.34 on Monday. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.46 and a quick ratio of 4.46. The firm has a 50-day moving average price of $8.83 and a two-hundred day moving average price of $10.36. Mitek Systems, Inc. has a 52-week low of $7.35 and a 52-week high of $16.24.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Jefferies Financial Group lowered shares of Mitek Systems from a “buy” rating to a “hold” rating and dropped their price target for the stock from $17.00 to $9.50 in a research report on Wednesday, September 4th. Maxim Group cut their price objective on Mitek Systems from $23.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, August 12th. StockNews.com downgraded shares of Mitek Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, November 19th. Craig Hallum dropped their price objective on shares of Mitek Systems from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, HC Wainwright cut their target price on shares of Mitek Systems from $19.00 to $11.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Mitek Systems has a consensus rating of “Moderate Buy” and a consensus target price of $12.13.

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.