Alliancebernstein L.P. Buys 158,094 Shares of Alkami Technology, Inc. $ALKT

Key Points

• Alliancebernstein L.P. increased its holdings in Alkami Technology, Inc. by 5.8% during the first quarter, owning over 2.8 million shares, valued at approximately $75.2 million.
• Several other institutional investors have also boosted their stakes in Alkami Technology, with a combined ownership of 54.97% of the company's stock.
• Alkami Technology's stock currently holds an average rating of "Moderate Buy" from analysts, with a consensus target price of $39.25.

Alliancebernstein L.P. grew its stake in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 5.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,865,423 shares of the company's stock after purchasing an additional 158,094 shares during the period. Alliancebernstein L.P. owned approximately 2.78% of Alkami Technology worth $75,217,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in Alkami Technology by 6.7% in the 1st quarter. Vanguard Group Inc. now owns 7,949,573 shares of the company's stock valued at $208,676,000 after buying an additional 501,722 shares in the last quarter. Champlain Investment Partners LLC lifted its holdings in shares of Alkami Technology by 64.0% during the first quarter. Champlain Investment Partners LLC now owns 2,583,053 shares of the company's stock valued at $67,805,000 after acquiring an additional 1,008,025 shares during the period. Whale Rock Capital Management LLC acquired a new stake in shares of Alkami Technology in the 4th quarter valued at $78,878,000. Ameriprise Financial Inc. grew its holdings in shares of Alkami Technology by 61.6% in the 1st quarter. Ameriprise Financial Inc. now owns 1,952,063 shares of the company's stock worth $51,242,000 after purchasing an additional 743,884 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position 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 worth $40,255,000 after purchasing an additional 328,945 shares in the last quarter. Institutional investors own 54.97% of the company's stock.

Insider Activity at Alkami Technology

In related news, CAO Prerna Sachdeva sold 2,967 shares of Alkami Technology stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $24.76, for a total value of $73,462.92. Following the completion of the sale, the chief accounting officer directly owned 66,061 shares in the company, valued at $1,635,670.36. This trade represents a 4.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Atlantic Genpar (Bermu General acquired 650,000 shares of the company's stock in a transaction on Monday, August 11th. The shares were purchased at an average cost of $20.70 per share, with a total value of $13,455,000.00. Following the completion of the acquisition, the director directly owned 11,287,274 shares in the company, valued at approximately $233,646,571.80. The trade was a 6.11% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 1,396,162 shares of company stock worth $29,692,440 over the last 90 days. Insiders own 18.10% of the company's stock.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. started coverage on shares of Alkami Technology in a research note on Wednesday, June 18th. They set an "overweight" rating and a $40.00 price objective on the stock. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $39.25.

Alkami Technology Trading Down 0.0%

ALKT traded down $0.01 during mid-day trading on Friday, reaching $25.29. The stock had a trading volume of 746,937 shares, compared to its average volume of 1,310,287. The firm's fifty day simple moving average is $25.30 and its two-hundred day simple moving average is $26.79. The stock has a market capitalization of $2.63 billion, a P/E ratio of -66.55 and a beta of 0.58. Alkami Technology, Inc. has a 52 week low of $19.94 and a 52 week high of $42.29. The company has a debt-to-equity ratio of 1.17, a quick ratio of 2.68 and a current ratio of 2.68.

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.