Bank of America Corp DE Raises Position in Alkami Technology, Inc. (NASDAQ:ALKT)

Bank of America Corp DE lifted its position in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 7.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 229,629 shares of the company's stock after acquiring an additional 15,293 shares during the quarter. Bank of America Corp DE owned approximately 0.23% of Alkami Technology worth $8,423,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Essex Investment Management Co. LLC acquired a new stake in shares of Alkami Technology during the 4th quarter valued at $34,000. Quarry LP bought a new position in Alkami Technology during the 4th quarter worth $61,000. Blue Trust Inc. raised its position in Alkami Technology by 162.6% during the 4th quarter. Blue Trust Inc. now owns 3,188 shares of the company's stock worth $117,000 after purchasing an additional 1,974 shares during the last quarter. Tower Research Capital LLC TRC raised its position in Alkami Technology by 73.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,031 shares of the company's stock worth $148,000 after purchasing an additional 1,710 shares during the last quarter. Finally, Bank of Montreal Can bought a new position in Alkami Technology during the 4th quarter worth $203,000. Institutional investors and hedge funds own 54.97% of the company's stock.

Analyst Upgrades and Downgrades

ALKT has been the subject of several analyst reports. Barclays lowered their target price 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. Lake Street Capital lowered their target price on Alkami Technology from $47.00 to $41.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Stephens raised Alkami Technology from an "equal weight" rating to an "overweight" rating and set a $40.00 target price for the company in a research report on Thursday, March 13th. JMP Securities reaffirmed a "market outperform" rating and set a $46.00 target price on shares of Alkami Technology in a research report on Thursday, May 1st. Finally, The Goldman Sachs Group lowered their price objective on Alkami Technology from $39.00 to $32.00 and set a "neutral" rating for the company in a research report on Monday, March 3rd. 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 currently has an average rating of "Moderate Buy" and a consensus price target of $39.88.

Insider Buying and Selling

In other news, Director Joseph P. Payne purchased 8,200 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were acquired at an average cost of $30.46 per share, with a total value of $249,772.00. Following the purchase, the director now owns 21,128 shares in the company, valued at $643,558.88. This represents a 63.43% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Douglas A. Linebarger sold 4,358 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $30.41, for a total value of $132,526.78. Following the transaction, the insider now directly owns 244,404 shares in the company, valued at approximately $7,432,325.64. This trade represents a 1.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.10% of the stock is owned by company insiders.

Alkami Technology Trading Down 0.5%

Shares of NASDAQ:ALKT traded down $0.14 during midday trading on Wednesday, reaching $29.10. The company's stock had a trading volume of 294,374 shares, compared to its average volume of 850,812. The firm has a market capitalization of $3.00 billion, a price-to-earnings ratio of -62.09 and a beta of 0.56. The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.52 and a current ratio of 3.52. The firm has a 50 day moving average price of $26.92 and a two-hundred day moving average price of $32.09. Alkami Technology, Inc. has a fifty-two week low of $21.70 and a fifty-two week high of $42.29.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.08 by ($0.13). Alkami Technology had a negative net margin of 14.55% and a negative return on equity of 11.31%. The business had revenue of $89.66 million during the quarter, compared to analyst estimates of $89.63 million. As a group, analysts forecast that Alkami Technology, Inc. will post -0.34 earnings per share for the current year.

About Alkami Technology

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.