Algebris UK Ltd Takes Position in Alkami Technology, Inc. (NASDAQ:ALKT)

Key Points

• Algebris UK Ltd has invested approximately $3.11 million in Alkami Technology, purchasing 128,033 shares, making it the company's 29th largest holding.
• Major institutional investors, including Vanguard Group Inc. and Alliancebernstein L.P., have also increased their stakes in Alkami Technology, reflecting strong institutional interest.
• Analysts have set a range of price targets for Alkami Technology, with the average target currently at $39.25, indicating a consensus rating of "Moderate Buy."

Algebris UK Ltd purchased a new position in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 128,033 shares of the company's stock, valued at approximately $3,111,000. Alkami Technology accounts for about 0.6% of Algebris UK Ltd's investment portfolio, making the stock its 29th largest position. Algebris UK Ltd owned about 0.12% of Alkami Technology at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. grew its position in Alkami Technology by 12.8% during the 4th quarter. Vanguard Group Inc. now owns 7,447,851 shares of the company's stock valued at $273,187,000 after purchasing an additional 843,129 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Alkami Technology by 5,747.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,707,329 shares of the company's stock valued at $99,305,000 after buying an additional 2,661,027 shares during the last quarter. Whale Rock Capital Management LLC purchased a new position in Alkami Technology in the fourth quarter worth about $78,878,000. Driehaus Capital Management LLC increased its stake in Alkami Technology by 16.7% in the 4th quarter. Driehaus Capital Management LLC now owns 2,093,426 shares of the company's stock worth $76,787,000 after buying an additional 299,728 shares during the period. Finally, Franklin Resources Inc. raised its holdings in shares of Alkami Technology by 0.4% in the fourth quarter. Franklin Resources Inc. now owns 1,811,795 shares of the company's stock valued at $66,457,000 after acquiring an additional 6,970 shares in the last quarter. 54.97% of the stock is owned by hedge funds and other institutional investors.

Alkami Technology Trading Down 7.9%

Shares of NASDAQ ALKT traded down $1.76 during trading on Friday, hitting $20.53. 2,267,917 shares of the company were exchanged, compared to its average volume of 1,124,210. Alkami Technology, Inc. has a 12-month low of $20.62 and a 12-month high of $42.29. The company has a debt-to-equity ratio of 1.23, a quick ratio of 2.75 and a current ratio of 2.75. The company has a fifty day moving average price of $28.72 and a 200-day moving average price of $29.06. The firm has a market capitalization of $2.11 billion, a PE ratio of -54.02 and a beta of 0.59.

Analyst Upgrades and Downgrades

ALKT has been the subject of a number of analyst reports. JPMorgan Chase & Co. initiated coverage on Alkami Technology in a research note on Wednesday, June 18th. They set an "overweight" rating and a $40.00 price objective for the company. JMP Securities restated a "market outperform" rating and set a $46.00 price objective on shares of Alkami Technology in a research note on Thursday, May 1st. Needham & Company LLC lowered their price objective on Alkami Technology from $54.00 to $40.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Barclays dropped their price objective on shares of Alkami Technology from $35.00 to $30.00 and set an "equal weight" rating on the stock in a report on Monday, April 14th. Finally, Lake Street Capital reduced their price objective on Alkami Technology from $47.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $39.25.

Insider Activity

In related news, Director Joseph P. Payne bought 8,200 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was purchased at an average cost of $30.46 per share, for a total transaction of $249,772.00. Following the completion of the acquisition, the director owned 21,128 shares in the company, valued at approximately $643,558.88. This trade represents a 63.43% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO W Bryan Hill sold 20,365 shares of the business's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $28.36, for a total transaction of $577,551.40. Following the transaction, the chief financial officer owned 430,255 shares of the company's stock, valued at approximately $12,202,031.80. The trade was a 4.52% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,690 shares of company stock valued at $785,288. 18.10% of the stock is currently owned by company insiders.

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.