Bank of New York Mellon Corp Acquires 236,284 Shares of Alkami Technology, Inc. (NASDAQ:ALKT)

Bank of New York Mellon Corp raised its holdings in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 81.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 525,146 shares of the company's stock after acquiring an additional 236,284 shares during the period. Bank of New York Mellon Corp owned about 0.51% of Alkami Technology worth $13,785,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Principal Financial Group Inc. grew its holdings in shares of Alkami Technology by 2.7% during the first quarter. Principal Financial Group Inc. now owns 31,892 shares of the company's stock worth $837,000 after purchasing an additional 850 shares during the last quarter. Teacher Retirement System of Texas bought a new position in shares of Alkami Technology during the 1st quarter worth approximately $248,000. Amalgamated Bank boosted its holdings in shares of Alkami Technology by 50.8% during the 1st quarter. Amalgamated Bank now owns 2,091 shares of the company's stock worth $55,000 after buying an additional 704 shares in the last quarter. KBC Group NV bought a new position in shares of Alkami Technology during the 1st quarter worth approximately $73,000. Finally, Diversified Trust Co boosted its holdings in shares of Alkami Technology by 65.2% during the 1st quarter. Diversified Trust Co now owns 26,791 shares of the company's stock worth $703,000 after buying an additional 10,575 shares in the last quarter. 54.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on ALKT shares. Lake Street Capital decreased their price target on shares of Alkami Technology from $47.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Barclays cut their price target on shares of Alkami Technology from $35.00 to $30.00 and set an "equal weight" rating on the stock in a report on Monday, April 14th. JMP Securities reissued a "market outperform" rating and issued a $46.00 price objective on shares of Alkami Technology in a report on Thursday, May 1st. JPMorgan Chase & Co. initiated coverage on Alkami Technology in a report on Wednesday, June 18th. They issued an "overweight" rating and a $40.00 price objective for the company. Finally, Needham & Company LLC lowered their price target on shares of Alkami Technology from $54.00 to $40.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Alkami Technology presently has a consensus rating of "Moderate Buy" and an average price target of $39.25.

Insider Buying and Selling at Alkami Technology

In other Alkami Technology news, CFO W Bryan Hill sold 20,365 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $28.36, for a total value of $577,551.40. Following the completion of the sale, the chief financial officer owned 430,255 shares in the company, valued at approximately $12,202,031.80. The trade was a 4.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Douglas A. Linebarger sold 7,170 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $28.36, for a total value of $203,341.20. Following the transaction, the insider directly owned 238,172 shares in the company, valued at $6,754,557.92. This trade represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,690 shares of company stock worth $785,288. 18.10% of the stock is currently owned by insiders.

Alkami Technology Price Performance

NASDAQ:ALKT traded down $0.01 during mid-day trading on Wednesday, reaching $28.09. The stock had a trading volume of 1,433,380 shares, compared to its average volume of 935,124. The firm has a 50 day moving average price of $29.20 and a two-hundred day moving average price of $29.43. The stock has a market capitalization of $2.89 billion, a P/E ratio of -73.92 and a beta of 0.59. Alkami Technology, Inc. has a one year low of $21.70 and a one year high of $42.29. The company has a debt-to-equity ratio of 1.23, a quick ratio of 2.75 and a current ratio of 2.75.

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.