New York State Common Retirement Fund Sells 9,549 Shares of Alkami Technology, Inc. (NASDAQ:ALKT)

Key Points

• The New York State Common Retirement Fund reduced its stake in Alkami Technology by 21.4%, currently holding 35,018 shares valued at approximately $919,000.
• Significant institutional investment activity includes a 5,747.1% increase in holdings by Alliancebernstein L.P. and new positions by Whale Rock Capital Management and Champlain Investment Partners during the fourth quarter.
• Wall Street analysts have varying outlooks on Alkami Technology, with target prices ranging from $30.00 to $47.00, leading to an average rating of "Moderate Buy."

New York State Common Retirement Fund reduced its position in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 21.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 35,018 shares of the company's stock after selling 9,549 shares during the period. New York State Common Retirement Fund's holdings in Alkami Technology were worth $919,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in Alkami Technology in the 4th quarter valued at about $1,133,000. Sei Investments Co. increased its position in Alkami Technology by 10.5% in the 4th quarter. Sei Investments Co. now owns 284,286 shares of the company's stock valued at $10,428,000 after acquiring an additional 26,987 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Alkami Technology in the 4th quarter valued at about $400,000. LPL Financial LLC acquired a new stake in Alkami Technology in the 4th quarter valued at about $1,527,000. Finally, Vanguard Group Inc. increased its position in Alkami Technology by 12.8% in the 4th quarter. Vanguard Group Inc. now owns 7,447,851 shares of the company's stock valued at $273,187,000 after acquiring an additional 843,129 shares in the last quarter. 54.97% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on ALKT shares. Barclays lowered their price objective on shares of 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. JMP Securities reiterated a "market outperform" rating and set a $46.00 price target on shares of Alkami Technology in a research report on Thursday, May 1st. Lake Street Capital lowered their price target on shares of Alkami Technology from $47.00 to $41.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Needham & Company LLC lowered their price target on shares of Alkami Technology from $54.00 to $40.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. began coverage on shares of Alkami Technology in a research report on Wednesday, June 18th. They set an "overweight" rating and a $40.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $39.25.

Alkami Technology Trading Down 1.3%

NASDAQ ALKT traded down $0.37 during trading on Tuesday, reaching $27.82. 65,436 shares of the stock traded hands, compared to its average volume of 1,091,490. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of -73.76 and a beta of 0.59. The stock's 50-day moving average price is $29.01 and its 200 day moving average price is $29.18. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 1.23. Alkami Technology, Inc. has a fifty-two week low of $21.70 and a fifty-two week high of $42.29.

Insider Activity at Alkami Technology

In other news, Director Joseph P. Payne acquired 8,200 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was purchased at an average price of $30.46 per share, for a total transaction of $249,772.00. Following the completion of the acquisition, the director owned 21,128 shares in the company, valued at $643,558.88. This trade represents a 63.43% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Douglas A. Linebarger sold 7,170 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $28.36, for a total transaction of $203,341.20. Following the transaction, the insider owned 238,172 shares of the company's stock, valued at approximately $6,754,557.92. This represents a 2.92% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,690 shares of company stock worth $785,288. 18.10% of the stock is currently owned by company insiders.

Alkami Technology 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.