Burkehill Global Management LP Lowers Stock Holdings in Alkami Technology, Inc. (NASDAQ:ALKT)

Key Points

• Burkehill Global Management LP has decreased its stake in Alkami Technology by 42.9%, selling 150,000 shares and now owning 200,000 shares valued at approximately $5.25 million.
• Institutional investors collectively own 54.97% of Alkami Technology, with several firms like Bosun Asset Management LLC and Covestor Ltd recently increasing their stakes.
• Despite recent price target reductions by several analysts, Alkami Technology has a consensus rating of "Moderate Buy" with a target price of $39.25.

Burkehill Global Management LP lessened its stake in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 42.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 200,000 shares of the company's stock after selling 150,000 shares during the quarter. Burkehill Global Management LP owned approximately 0.19% of Alkami Technology worth $5,250,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Perkins Coie Trust Co raised its holdings in shares of Alkami Technology by 62.5% in the 1st quarter. Perkins Coie Trust Co now owns 1,300 shares of the company's stock worth $34,000 after purchasing an additional 500 shares during the period. Versant Capital Management Inc bought a new stake in shares of Alkami Technology in the 1st quarter worth approximately $36,000. Amalgamated Bank raised its holdings in shares of Alkami Technology by 50.8% in the 1st quarter. Amalgamated Bank now owns 2,091 shares of the company's stock worth $55,000 after purchasing an additional 704 shares during the period. NBC Securities Inc. raised its holdings in shares of Alkami Technology by 114,550.0% in the 1st quarter. NBC Securities Inc. now owns 2,293 shares of the company's stock worth $60,000 after purchasing an additional 2,291 shares during the period. Finally, Quarry LP bought a new stake in shares of Alkami Technology in the 4th quarter worth approximately $61,000. Institutional investors own 54.97% of the company's stock.

Alkami Technology Price Performance

Shares of ALKT traded up $1.08 during trading hours on Tuesday, reaching $21.74. 2,100,081 shares of the stock traded hands, compared to its average volume of 1,549,549. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 1.17. Alkami Technology, Inc. has a 52-week low of $19.94 and a 52-week high of $42.29. The company's 50-day moving average price is $27.48 and its two-hundred day moving average price is $28.24. The company has a market cap of $2.26 billion, a P/E ratio of -57.21 and a beta of 0.57.

Insider Transactions at Alkami Technology

In other news, insider Douglas A. Linebarger sold 7,170 shares of the 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 $203,341.20. Following the sale, the insider directly owned 238,172 shares in the company, valued at approximately $6,754,557.92. This represents a 2.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph P. Payne purchased 8,200 shares of the firm'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 completion of the purchase, the director directly owned 21,128 shares in the company, valued at $643,558.88. The trade was a 63.43% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 27,690 shares of company stock worth $785,288 in the last three months. Insiders own 18.10% of the company's stock.

Wall Street Analyst Weigh In

ALKT has been the topic of a number of research reports. 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. JMP Securities reissued a "market outperform" rating and set a $46.00 target price on shares of Alkami Technology in a report on Thursday, May 1st. Barclays lowered their target price 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. JPMorgan Chase & Co. started coverage on shares of Alkami Technology in a report on Wednesday, June 18th. They set an "overweight" rating and a $40.00 target price on the stock. Finally, Lake Street Capital lowered their target price on shares of Alkami Technology from $47.00 to $41.00 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 given a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $39.25.

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.