Principal Financial Group Inc. Raises Stock Holdings in Mitek Systems, Inc. $MITK

Principal Financial Group Inc. lifted its holdings in Mitek Systems, Inc. (NASDAQ:MITK) by 124.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 68,944 shares of the software maker’s stock after purchasing an additional 38,237 shares during the quarter. Principal Financial Group Inc. owned 0.15% of Mitek Systems worth $674,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. AQR Capital Management LLC raised its stake in Mitek Systems by 138.3% during the first quarter. AQR Capital Management LLC now owns 111,967 shares of the software maker’s stock valued at $924,000 after purchasing an additional 64,980 shares in the last quarter. CWM LLC increased its holdings in shares of Mitek Systems by 11.6% in the 2nd quarter. CWM LLC now owns 22,696 shares of the software maker’s stock worth $225,000 after buying an additional 2,351 shares during the last quarter. Kovack Advisors Inc. raised its position in shares of Mitek Systems by 26.3% during the 2nd quarter. Kovack Advisors Inc. now owns 146,850 shares of the software maker’s stock valued at $1,454,000 after buying an additional 30,550 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Mitek Systems in the 2nd quarter valued at about $263,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Mitek Systems by 96.1% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 64,715 shares of the software maker’s stock valued at $641,000 after acquiring an additional 31,718 shares during the last quarter. Institutional investors own 83.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Weiss Ratings restated 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 report on Saturday, February 7th. Finally, Jefferies Financial Group upgraded Mitek Systems from a “hold” rating to a “buy” rating and raised their price target for the stock from $11.00 to $15.00 in a research report on Friday, February 13th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $15.00.

Mitek Systems Stock Down 0.9%

MITK opened at $13.43 on Thursday. The business has a fifty day moving average of $10.65 and a 200 day moving average of $9.93. The stock has a market cap of $608.65 million, a P/E ratio of 38.37 and a beta of 1.07. Mitek Systems, Inc. has a 52-week low of $6.93 and a 52-week high of $13.90.

Mitek Systems (NASDAQ:MITK) last announced its quarterly earnings data on Thursday, February 5th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $44.24 million during 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%. Equities analysts anticipate that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

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.