Legato Capital Management LLC Decreases Stake in Alkami Technology, Inc. (NASDAQ:ALKT)

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 cut its position in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 63.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund 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 SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Bosun Asset Management LLC raised its position in Alkami Technology by 1.4% in the 4th quarter. Bosun Asset Management LLC now owns 23,151 shares of the company's stock worth $849,000 after buying an additional 313 shares during the last quarter. Perkins Coie Trust Co increased its holdings in Alkami Technology by 62.5% during the first quarter. Perkins Coie Trust Co now owns 1,300 shares of the company's stock valued at $34,000 after buying an additional 500 shares during the last quarter. Amalgamated Bank increased its stake in shares of 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 purchasing an additional 704 shares in the last quarter. Principal Financial Group Inc. increased its position in Alkami Technology by 2.7% in the first quarter. Principal Financial Group Inc. now owns 31,892 shares of the company's stock worth $837,000 after buying an additional 850 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in Alkami Technology by 2.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 58,487 shares of the company's stock worth $1,535,000 after buying an additional 1,166 shares in the last quarter. 54.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Alkami Technology

In related news, CFO W Bryan Hill sold 20,365 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were 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 directly owned 430,255 shares of the company's stock, valued at $12,202,031.80. This represents a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Douglas A. Linebarger sold 7,170 shares of the company'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 transaction of $203,341.20. Following the completion of the sale, the insider directly owned 238,172 shares of the company's stock, valued at $6,754,557.92. The trade was a 2.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,690 shares of company stock worth $785,288 in the last quarter. 18.10% of the stock is owned by company insiders.

Alkami Technology Trading Down 3.0%

Shares of ALKT stock traded down $0.86 during trading hours on Tuesday, reaching $27.33. 232,299 shares of the stock were exchanged, compared to its average volume of 1,092,113. Alkami Technology, Inc. has a 12-month low of $21.70 and a 12-month high of $42.29. The company's 50-day moving average price is $29.01 and its 200-day moving average price is $29.18. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of -71.81 and a beta of 0.59. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 1.23.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ALKT. JPMorgan Chase & Co. initiated coverage on shares of Alkami Technology in a report on Wednesday, June 18th. They issued an "overweight" rating and a $40.00 target price for the company. Needham & Company LLC cut their price objective on shares of Alkami Technology from $54.00 to $40.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Lake Street Capital cut their target price on shares of 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 reaffirmed a "market outperform" rating and set a $46.00 target price on shares of Alkami Technology in a research note on Thursday, May 1st. Finally, Barclays cut their price objective on Alkami Technology from $35.00 to $30.00 and set an "equal weight" rating for the company in a research report on Monday, April 14th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus 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.