Invesco Ltd. Sells 262,191 Shares of Alkami Technology, Inc. $ALKT

Key Points

• Invesco Ltd. has reduced its stake in Alkami Technology by 18%, owning approximately 1.16% of the company, valued at $31.34 million.
• Several institutional investors have increased their positions in Alkami Technology, with notable increases from Perkins Coie Trust Co (62.5%) and Amalgamated Bank (50.8%).
• Alkami Technology's current stock price is $22.49, with a 52-week range of $19.94 to $42.29, and analysts have set an average price target of $39.25 with a consensus rating of "Moderate Buy."

Invesco Ltd. reduced its position in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 18.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,193,945 shares of the company's stock after selling 262,191 shares during the period. Invesco Ltd. owned about 1.16% of Alkami Technology worth $31,341,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Perkins Coie Trust Co lifted its stake in Alkami Technology by 62.5% in the 1st quarter. Perkins Coie Trust Co now owns 1,300 shares of the company's stock worth $34,000 after acquiring an additional 500 shares in the last quarter. Versant Capital Management Inc purchased a new stake in Alkami Technology in the 1st quarter worth about $36,000. Quarry LP purchased a new stake in Alkami Technology in the 4th quarter worth about $61,000. Amalgamated Bank lifted its stake in Alkami Technology by 50.8% in the 1st quarter. Amalgamated Bank now owns 2,091 shares of the company's stock worth $55,000 after acquiring an additional 704 shares in the last quarter. Finally, NBC Securities Inc. lifted its stake in Alkami Technology by 114,550.0% in the 1st quarter. NBC Securities Inc. now owns 2,293 shares of the company's stock worth $60,000 after acquiring an additional 2,291 shares in the last quarter. 54.97% of the stock is owned by hedge funds and other institutional investors.

Alkami Technology Stock Performance

ALKT traded up $0.0030 during midday trading on Monday, reaching $25.2830. The company's stock had a trading volume of 208,969 shares, compared to its average volume of 1,202,525. The stock has a market cap of $2.63 billion, a P/E ratio of -66.38 and a beta of 0.57. The company has a fifty day simple moving average of $26.48 and a 200 day simple moving average of $27.48. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 1.17. Alkami Technology, Inc. has a twelve month low of $19.94 and a twelve month high of $42.29.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

ALKT has been the subject of a number of recent research reports. Needham & Company LLC cut their price target on Alkami Technology from $54.00 to $40.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Lake Street Capital cut their price target 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. JMP Securities reissued a "market outperform" rating and issued a $46.00 price objective on shares of Alkami Technology in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. started coverage on Alkami Technology in a research note on Wednesday, June 18th. They issued an "overweight" rating and a $40.00 price objective on the stock. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $39.25.

Alkami Technology Company Profile

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.