Trading Report: The California State Teachers Retirement System Purchases 61,739 Shares of Mitek Systems Inc. (MITK)

The California State Teachers Retirement System Purchases 61,739  Shares of Mitek Systems Inc. (MITK)

California State Teachers Retirement System acquired a new position in Mitek Systems Inc. (NASDAQ:MITK) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 61,739 shares of the company’s stock, valued at approximately $439,000. California State Teachers Retirement System owned approximately 0.19% of Mitek Systems as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Essex Investment Management Co. LLC raised its position in shares of Mitek Systems by 23.0% in the second quarter. Essex Investment Management Co. LLC now owns 261,159 shares of the company’s stock worth $1,857,000 after buying an additional 48,776 shares during the period. Geode Capital Management LLC raised its position in shares of Mitek Systems by 16.8% in the first quarter. Geode Capital Management LLC now owns 203,965 shares of the company’s stock worth $1,333,000 after buying an additional 29,406 shares during the period. Bank of New York Mellon Corp raised its position in shares of Mitek Systems by 399.8% in the second quarter. Bank of New York Mellon Corp now owns 186,334 shares of the company’s stock worth $1,324,000 after buying an additional 149,050 shares during the period. Menta Capital LLC raised its position in shares of Mitek Systems by 51.6% in the first quarter. Menta Capital LLC now owns 147,252 shares of the company’s stock worth $963,000 after buying an additional 50,138 shares during the period. Finally, Bogle Investment Management L P DE acquired a new position in shares of Mitek Systems during the first quarter worth about $919,000. Hedge funds and other institutional investors own 45.36% of the company’s stock.

Shares of Mitek Systems Inc. (NASDAQ:MITK) traded down 0.0696% during mid-day trading on Wednesday, hitting $7.6047. The stock had a trading volume of 121,681 shares. Mitek Systems Inc. has a 12-month low of $3.10 and a 12-month high of $9.49. The stock has a market cap of $248.88 million, a price-to-earnings ratio of 128.8932 and a beta of 2.23. The firm’s 50-day moving average price is $8.04 and its 200 day moving average price is $7.63.

Mitek Systems (NASDAQ:MITK) last issued its earnings results on Thursday, July 28th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.03. Mitek Systems had a return on equity of 14.96% and a net margin of 5.94%. The business earned $9.10 million during the quarter, compared to analysts’ expectations of $8.31 million. During the same period in the prior year, the firm posted $0.07 EPS. Mitek Systems’s quarterly revenue was up 41.3% compared to the same quarter last year. Equities analysts forecast that Mitek Systems Inc. will post $0.25 EPS for the current fiscal year.

MITK has been the subject of a number of analyst reports. TheStreet lowered Mitek Systems from a “buy” rating to a “hold” rating in a research report on Friday, June 24th. Needham & Company LLC upgraded Mitek Systems from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a research report on Monday, July 11th. Finally, Zacks Investment Research lowered Mitek Systems from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 26th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $8.63.

About Mitek Systems

Mitek Systems, Inc develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with camera-equipped smartphones and tablets instead of using the device keyboard.

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