Alkami Technology, Inc. (NASDAQ:ALKT) Stake Boosted by Bank of New York Mellon Corp

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

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ALKT. Perkins Coie Trust Co lifted its stake in Alkami Technology by 62.5% during the first quarter. Perkins Coie Trust Co now owns 1,300 shares of the company's stock valued at $34,000 after purchasing an additional 500 shares during the last quarter. Versant Capital Management Inc acquired a new stake in Alkami Technology during the first quarter valued at approximately $36,000. Amalgamated Bank lifted its stake in Alkami Technology by 50.8% during the first quarter. Amalgamated Bank now owns 2,091 shares of the company's stock valued at $55,000 after purchasing an additional 704 shares during the last quarter. NBC Securities Inc. lifted its stake in Alkami Technology by 114,550.0% during the first quarter. NBC Securities Inc. now owns 2,293 shares of the company's stock valued at $60,000 after purchasing an additional 2,291 shares during the last quarter. Finally, Quarry LP acquired a new stake in Alkami Technology during the fourth quarter valued at approximately $61,000. 54.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. began coverage on shares of Alkami Technology in a report on Wednesday, June 18th. They set an "overweight" rating and a $40.00 price target on the stock. JMP Securities reissued a "market outperform" rating and set a $46.00 price objective on shares of Alkami Technology in a research note on Thursday, May 1st. Needham & Company LLC cut their target price on Alkami Technology from $54.00 to $40.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Barclays dropped 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. Finally, Lake Street Capital reduced their price target on Alkami Technology from $47.00 to $41.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $39.25.

Insider Buying and Selling at Alkami Technology

In related 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 transaction of $577,551.40. Following the completion of the sale, the chief financial officer directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas A. Linebarger sold 7,170 shares of the company's stock in a transaction 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 completion of the transaction, the insider directly owned 238,172 shares in the company, valued at approximately $6,754,557.92. This trade represents a 2.92% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,690 shares of company stock valued at $785,288. 18.10% of the stock is owned by company insiders.

Alkami Technology Stock Down 0.2%

Alkami Technology stock traded down $0.05 during midday trading on Tuesday, reaching $28.17. The company's stock had a trading volume of 257,183 shares, compared to its average volume of 927,892. Alkami Technology, Inc. has a 52-week low of $21.70 and a 52-week high of $42.29. The stock has a market capitalization of $2.90 billion, a P/E ratio of -74.00 and a beta of 0.59. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.75 and a quick ratio of 2.75. The stock's 50-day simple moving average is $29.36 and its 200-day simple moving average is $29.51.

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.