Algert Global LLC Lowers Holdings in Alkami Technology, Inc. $ALKT

Key Points

• Algert Global LLC reduced its stake in Alkami Technology, Inc. by 27.6%, now owning 92,531 shares valued at approximately $2.43 million.
• Various hedge funds made adjustments to their positions in Alkami Technology, with Perkins Coie Trust increasing its holdings by 62.5% during the same period.
• Analyst ratings for Alkami Technology have a consensus of "Moderate Buy" with a target price of $39.25, down from previous estimates by Needham & Company and Lake Street Capital.

Algert Global LLC trimmed its stake in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 27.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 92,531 shares of the company's stock after selling 35,327 shares during the quarter. Algert Global LLC owned about 0.09% of Alkami Technology worth $2,429,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ALKT. Perkins Coie Trust Co boosted its position in Alkami Technology by 62.5% during the first quarter. Perkins Coie Trust Co now owns 1,300 shares of the company's stock worth $34,000 after purchasing an additional 500 shares during the period. Versant Capital Management Inc bought a new position in shares of Alkami Technology in the first quarter worth $36,000. Amalgamated Bank grew its position in Alkami Technology by 50.8% in the first quarter. Amalgamated Bank now owns 2,091 shares of the company's stock valued at $55,000 after acquiring an additional 704 shares during the last quarter. NBC Securities Inc. grew its position in Alkami Technology by 114,550.0% in the first quarter. NBC Securities Inc. now owns 2,293 shares of the company's stock valued at $60,000 after acquiring an additional 2,291 shares during the last quarter. Finally, Quarry LP bought a new position in Alkami Technology in the fourth quarter valued at about $61,000. 54.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. initiated coverage on Alkami Technology in a report on Wednesday, June 18th. They set an "overweight" rating and a $40.00 price target on the stock. Lake Street Capital cut their price target on shares of Alkami Technology from $47.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Needham & Company LLC decreased their price objective on Alkami Technology from $54.00 to $40.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $46.00 target price on shares of Alkami Technology in a report on Thursday, May 1st. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $39.25.

Insider Activity at Alkami Technology

In other Alkami Technology news, CFO W Bryan Hill sold 20,365 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $28.36, for a total value of $577,551.40. Following the completion of the transaction, the chief financial officer owned 430,255 shares in the company, valued at approximately $12,202,031.80. This represents a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Douglas A. Linebarger sold 7,170 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $28.36, for a total value of $203,341.20. Following the transaction, the insider owned 238,172 shares of the company's stock, valued at $6,754,557.92. The trade was a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 1,396,162 shares of company stock worth $29,692,440 and sold 27,690 shares worth $785,288. 18.10% of the stock is owned by corporate insiders.

Alkami Technology Trading Down 1.4%

Shares of Alkami Technology stock traded down $0.3580 during midday trading on Monday, reaching $24.9220. 1,015,753 shares of the company's stock traded hands, compared to its average volume of 1,207,405. The company has a debt-to-equity ratio of 1.17, a quick ratio of 2.68 and a current ratio of 2.68. The company has a market cap of $2.59 billion, a PE ratio of -65.76 and a beta of 0.57. The stock has a 50 day moving average of $26.48 and a 200-day moving average of $27.48. Alkami Technology, Inc. has a 12 month low of $19.94 and a 12 month high of $42.29.

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.