Russell Investments Group Ltd. Sells 77,457 Shares of Alkami Technology, Inc. $ALKT

Key Points

• Russell Investments Group Ltd. significantly cut its stake in Alkami Technology, Inc. by 63.6% during the first quarter, reducing its holdings to 44,261 shares valued at approximately $1.16 million.
• Several institutional investors, including Vanguard Group Inc. and Ameriprise Financial Inc., have increased their stakes in Alkami Technology, with Vanguard raising its stake by 6.7% and Ameriprise by 37.1%.
• Alkami Technology's stock has seen a recent price target adjustment, with analysts at Lake Street Capital and Needham & Company lowering their projections while maintaining a buy rating, emphasizing a current average target price of $39.25.

Russell Investments Group Ltd. reduced its position in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 63.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,261 shares of the company's stock after selling 77,457 shares during the period. Russell Investments Group Ltd.'s holdings in Alkami Technology were worth $1,162,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Alkami Technology by 6.7% during the 1st quarter. Vanguard Group Inc. now owns 7,949,573 shares of the company's stock valued at $208,676,000 after purchasing an additional 501,722 shares in the last quarter. Whale Rock Capital Management LLC purchased a new position in shares of Alkami Technology during the 4th quarter valued at $78,878,000. Driehaus Capital Management LLC grew its position in shares of Alkami Technology by 16.7% during the 4th quarter. Driehaus Capital Management LLC now owns 2,093,426 shares of the company's stock valued at $76,787,000 after purchasing an additional 299,728 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Alkami Technology by 27.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,533,526 shares of the company's stock worth $40,255,000 after purchasing an additional 328,945 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Alkami Technology by 37.1% in the fourth quarter. Ameriprise Financial Inc. now owns 1,208,179 shares of the company's stock worth $44,316,000 after purchasing an additional 326,979 shares during the last quarter. 54.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Alkami Technology news, Director Atlantic Genpar (Bermu General purchased 650,000 shares of Alkami Technology stock in a transaction on Monday, August 11th. The shares were acquired at an average cost of $20.70 per share, for a total transaction of $13,455,000.00. Following the completion of the transaction, the director directly owned 11,287,274 shares of the company's stock, valued at approximately $233,646,571.80. The trade was a 6.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have purchased 1,396,162 shares of company stock worth $29,692,440 in the last quarter. 18.10% of the stock is owned by company insiders.

Alkami Technology Price Performance

NASDAQ ALKT traded up $0.24 on Wednesday, reaching $24.80. 904,793 shares of the company's stock traded hands, compared to its average volume of 1,546,072. Alkami Technology, Inc. has a 12 month low of $19.94 and a 12 month high of $42.29. 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 stock has a 50-day simple moving average of $25.95 and a 200 day simple moving average of $27.09. The stock has a market cap of $2.58 billion, a PE ratio of -65.26 and a beta of 0.58.

Analyst Ratings Changes

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