Praesidium Investment Management Company LLC Acquires New Stake in Alkami Technology, Inc. $ALKT

Key Points

• Praesidium Investment Management Company LLC acquired 1,532,322 shares of Alkami Technology, valued at approximately $40.2 million, making it the 8th largest position in their portfolio.
• Insider activity included a purchase of 650,000 shares by Director Atlantic Genpar at an average price of $20.70, raising their stake by 6.11% and increasing total insider ownership to 18.10%.
• Wall Street has an overall positive outlook for Alkami Technology, with JPMorgan Chase issuing an "overweight" rating and a consensus price target of $39.25.

Praesidium Investment Management Company LLC purchased a new position in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,532,322 shares of the company's stock, valued at approximately $40,223,000. Alkami Technology comprises about 7.5% of Praesidium Investment Management Company LLC's portfolio, making the stock its 8th largest position. Praesidium Investment Management Company LLC owned approximately 1.49% of Alkami Technology at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Cubist Systematic Strategies LLC grew its stake in shares of Alkami Technology by 15.0% during the first quarter. Cubist Systematic Strategies LLC now owns 32,397 shares of the company's stock worth $850,000 after acquiring an additional 4,232 shares during the last quarter. Royal Bank of Canada grew its stake in shares of Alkami Technology by 13.3% during the first quarter. Royal Bank of Canada now owns 792,182 shares of the company's stock worth $20,795,000 after acquiring an additional 92,847 shares during the last quarter. Nomura Holdings Inc. purchased a new stake in shares of Alkami Technology during the first quarter worth about $2,167,000. Sculptor Capital LP purchased a new stake in Alkami Technology in the first quarter valued at approximately $2,439,000. Finally, Vident Advisory LLC boosted its position in Alkami Technology by 79.0% in the first quarter. Vident Advisory LLC now owns 13,903 shares of the company's stock valued at $365,000 after buying an additional 6,134 shares during the last quarter. Hedge funds and other institutional investors own 54.97% of the company's stock.

Insider Activity

In related news, CFO W Bryan Hill sold 20,366 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $24.76, for a total value of $504,262.16. Following the completion of the transaction, the chief financial officer directly owned 409,889 shares of the company's stock, valued at approximately $10,148,851.64. This represents a 4.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Atlantic Genpar (Bermu General acquired 650,000 shares of Alkami Technology stock in a transaction that occurred on Monday, August 11th. The stock was purchased at an average cost of $20.70 per share, with a total value of $13,455,000.00. Following the completion of the purchase, the director owned 11,287,274 shares in the company, valued at $233,646,571.80. The trade was a 6.11% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 1,396,162 shares of company stock worth $29,692,440 in the last quarter. Corporate insiders own 18.10% of the company's stock.

Alkami Technology Stock Performance

NASDAQ:ALKT traded up $0.21 during trading hours on Friday, reaching $25.23. The company had a trading volume of 1,159,280 shares, compared to its average volume of 1,537,405. Alkami Technology, Inc. has a 1-year low of $19.94 and a 1-year high of $42.29. The firm has a market cap of $2.63 billion, a PE ratio of -66.39 and a beta of 0.58. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.68 and a quick ratio of 2.68. The business's 50 day moving average price is $25.76 and its 200-day moving average price is $26.98.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. began coverage on Alkami Technology in a research report on Wednesday, June 18th. They issued an "overweight" rating and a $40.00 target price on the stock. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $39.25.

About Alkami Technology

Alkami Technology, Inc offers cloud-based digital banking solutions in the United States. The company's Alkami Platform allows financial institutions to onboard and engage new users, accelerate revenues, and enhance operational efficiency, with the support of a proprietary, cloud-based, and multi-tenant architecture.