Alkami Technology, Inc. (NASDAQ:ALKT) Shares Sold by Legato Capital Management LLC

Key Points

• Legato Capital Management LLC reduced its stake in Alkami Technology, Inc. by 63.8% in the first quarter, now owning 16,746 shares valued at approximately $440,000.
• Vanguard Group Inc. and Alliancebernstein L.P. significantly increased their holdings by 12.8% and 5,747.1% respectively during the fourth quarter, showcasing institutional interest in the company.
• Several analysts have revised their price targets for Alkami Technology, with Needham & Company dropping its target from $54.00 to $40.00 while still maintaining a "buy" rating.

Legato Capital Management LLC lowered its stake in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 63.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,746 shares of the company's stock after selling 29,494 shares during the period. Legato Capital Management LLC's holdings in Alkami Technology were worth $440,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. KLP Kapitalforvaltning AS lifted its holdings in Alkami Technology by 39.4% during the first quarter. KLP Kapitalforvaltning AS now owns 15,200 shares of the company's stock worth $399,000 after buying an additional 4,300 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of Alkami Technology by 8.2% during the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 129,357 shares of the company's stock valued at $3,396,000 after purchasing an additional 9,835 shares during the last quarter. GW&K Investment Management LLC purchased a new stake in shares of Alkami Technology during the 1st quarter valued at $5,330,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of Alkami Technology by 27.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,533,526 shares of the company's stock valued at $40,255,000 after purchasing an additional 328,945 shares during the last quarter. Finally, Edgestream Partners L.P. lifted its holdings in shares of Alkami Technology by 143.1% during the 1st quarter. Edgestream Partners L.P. now owns 168,228 shares of the company's stock valued at $4,416,000 after purchasing an additional 99,024 shares during the last quarter. Hedge funds and other institutional investors own 54.97% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on ALKT. Lake Street Capital decreased their price objective on Alkami Technology from $47.00 to $41.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Barclays decreased their price objective on Alkami Technology from $35.00 to $30.00 and set an "equal weight" rating for the company in a report on Monday, April 14th. 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. JMP Securities reiterated a "market outperform" rating and set a $46.00 price objective on shares of Alkami Technology in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. started coverage on Alkami Technology in a report on Wednesday, June 18th. They set an "overweight" rating and a $40.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $39.25.

Alkami Technology Stock Down 0.6%

ALKT stock traded down $0.16 during midday trading on Friday, reaching $27.26. The stock had a trading volume of 763,444 shares, compared to its average volume of 1,059,513. 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 firm has a fifty day simple moving average of $29.06 and a two-hundred day simple moving average of $29.27. Alkami Technology, Inc. has a 52-week low of $21.70 and a 52-week high of $42.29.

Insiders Place Their Bets

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

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.