Alkami Technology, Inc. (NASDAQ:ALKT) Shares Sold by New York State Common Retirement Fund

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 cut its stake in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 21.4% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor 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 reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Alliancebernstein L.P. increased its holdings in shares of Alkami Technology by 5,747.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,707,329 shares of the company's stock valued at $99,305,000 after acquiring an additional 2,661,027 shares during the last quarter. Whale Rock Capital Management LLC acquired a new position in Alkami Technology during the 4th quarter worth $78,878,000. Champlain Investment Partners LLC acquired a new position in Alkami Technology during the 4th quarter worth $57,772,000. Invesco Ltd. lifted its holdings in shares of Alkami Technology by 353.1% in the fourth quarter. Invesco Ltd. now owns 1,456,136 shares of the company's stock valued at $53,411,000 after buying an additional 1,134,746 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Alkami Technology by 278.2% in the fourth quarter. JPMorgan Chase & Co. now owns 1,435,370 shares of the company's stock valued at $52,649,000 after buying an additional 1,055,828 shares during the period. 54.97% of the stock is owned by institutional investors and hedge funds.

Alkami Technology Stock Performance

Shares of NASDAQ:ALKT opened at $27.26 on Friday. The business's fifty day moving average price is $29.06 and its two-hundred day moving average price is $29.31. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.75 and a quick ratio of 2.75. Alkami Technology, Inc. has a fifty-two week low of $21.70 and a fifty-two week high of $42.29. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of -71.74 and a beta of 0.59.

Insider Buying and Selling at Alkami Technology

In other Alkami Technology news, insider Douglas A. Linebarger sold 7,170 shares of Alkami Technology stock in a transaction 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 transaction, the insider owned 238,172 shares in the company, valued at approximately $6,754,557.92. The trade was a 2.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph P. Payne acquired 8,200 shares of the business's stock in a transaction on Thursday, May 15th. The stock was acquired at an average price of $30.46 per share, with a total value of $249,772.00. Following the transaction, the director owned 21,128 shares in the company, valued at approximately $643,558.88. The trade was a 63.43% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 27,690 shares of company stock worth $785,288. 18.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

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

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.

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