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

Bank of America Corp DE increased its stake in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 7.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 229,629 shares of the company's stock after buying an additional 15,293 shares during the quarter. Bank of America Corp DE owned about 0.23% of Alkami Technology worth $8,423,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Essex Investment Management Co. LLC bought a new stake in Alkami Technology in the fourth quarter worth about $34,000. Quarry LP purchased a new position in Alkami Technology during the 4th quarter valued at $61,000. Blue Trust Inc. grew its position in Alkami Technology by 162.6% in the 4th quarter. Blue Trust Inc. now owns 3,188 shares of the company's stock valued at $117,000 after acquiring an additional 1,974 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in Alkami Technology by 73.7% in the fourth 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 period. Finally, Bank of Montreal Can bought a new stake in shares of Alkami Technology during the fourth quarter worth $203,000. Hedge funds and other institutional investors own 54.97% of the company's stock.

Alkami Technology Stock Up 0.8%

Shares of NASDAQ:ALKT traded up $0.22 during trading hours on Tuesday, hitting $29.24. The company's stock had a trading volume of 596,180 shares, compared to its average volume of 852,795. The firm's fifty day moving average price is $26.86 and its 200 day moving average price is $32.11. Alkami Technology, Inc. has a 52 week low of $21.70 and a 52 week high of $42.29. The company has a market capitalization of $3.01 billion, a price-to-earnings ratio of -62.21 and a beta of 0.56. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.52 and a quick ratio of 3.52.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. The Goldman Sachs Group cut their price target on shares of Alkami Technology from $39.00 to $32.00 and set a "neutral" rating on the stock in a report on Monday, March 3rd. Needham & Company LLC dropped their target price on shares of Alkami Technology from $54.00 to $40.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Lake Street Capital reduced their target price on shares of Alkami Technology from $47.00 to $41.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Stephens raised shares of Alkami Technology from an "equal weight" rating to an "overweight" rating and set a $40.00 price target for the company in a research note on Thursday, March 13th. Finally, JMP Securities reissued a "market outperform" rating and issued a $46.00 price objective on shares of Alkami Technology in a research note on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $39.88.

Insider Buying and Selling

In other news, CFO W Bryan Hill sold 17,409 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $30.41, for a total transaction of $529,407.69. Following the transaction, the chief financial officer now directly owns 450,620 shares of the company's stock, valued at approximately $13,703,354.20. This represents a 3.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Douglas A. Linebarger sold 4,358 shares of the business's stock in a transaction 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 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 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.