Ameriprise Financial Inc. Buys 743,884 Shares of Alkami Technology, Inc. $ALKT

Key Points

• Ameriprise Financial Inc. has increased its stake in Alkami Technology, Inc. by 61.6%, now holding 1,952,063 shares valued at approximately $51.2 million.
• In the first quarter, other institutional investors, including Vanguard Group and GAMMA Investing LLC, also significantly increased their holdings in Alkami Technology.
• Analysts have mixed ratings on Alkami Technology, with a consensus rating of "Moderate Buy" and a price target of $39.25, while recent ratings adjustments indicate varied outlooks from firms like JPMorgan and Needham.

Ameriprise Financial Inc. increased its stake in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 61.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,952,063 shares of the company's stock after purchasing an additional 743,884 shares during the quarter. Ameriprise Financial Inc. owned approximately 1.89% of Alkami Technology worth $51,242,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of ALKT. Whale Rock Capital Management LLC bought a new stake in shares of Alkami Technology in the 4th quarter worth approximately $78,878,000. Vanguard Group Inc. lifted its position in shares of Alkami Technology by 6.7% during the first quarter. Vanguard Group Inc. now owns 7,949,573 shares of the company's stock worth $208,676,000 after acquiring an additional 501,722 shares in the last quarter. Braun Stacey Associates Inc. purchased a new stake in shares of Alkami Technology during the first quarter worth $9,179,000. Massachusetts Financial Services Co. MA lifted its position in shares of Alkami Technology by 27.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,533,526 shares of the company's stock worth $40,255,000 after acquiring an additional 328,945 shares in the last quarter. Finally, Driehaus Capital Management LLC lifted its position in shares of Alkami Technology by 16.7% during the fourth quarter. Driehaus Capital Management LLC now owns 2,093,426 shares of the company's stock worth $76,787,000 after acquiring an additional 299,728 shares in the last quarter. Institutional investors own 54.97% of the company's stock.

Analyst Upgrades and Downgrades

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

Alkami Technology Trading Down 0.4%

Alkami Technology stock traded down $0.09 during mid-day trading on Monday, hitting $25.60. The company's stock had a trading volume of 869,982 shares, compared to its average volume of 1,727,468. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.68 and a quick ratio of 2.68. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of -67.37 and a beta of 0.58. The business has a 50 day moving average price of $26.23 and a 200-day moving average price of $27.18. Alkami Technology, Inc. has a 12 month low of $19.94 and a 12 month high of $42.29.

Insider Activity at Alkami Technology

In other news, Director Atlantic Genpar (Bermu General acquired 650,000 shares of the stock in a transaction dated Monday, August 11th. The stock was purchased at an average cost of $20.70 per share, with a total value of $13,455,000.00. Following the completion of the purchase, the director 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have bought 1,396,162 shares of company stock worth $29,692,440 over the last ninety days. Corporate insiders own 18.10% of the company's stock.

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.