Congress Asset Management Co. Takes Position in Alkami Technology, Inc. $ALKT

Key Points

• Congress Asset Management Co. acquired a new stake in Alkami Technology, Inc. during the 2nd quarter, purchasing 181,953 shares valued at approximately $5.48 million.
• Institutional investors own 54.97% of Alkami Technology's stock, with notable purchases made by various hedge funds during the same period.
• JPMorgan Chase & Co. recently initiated coverage with an "overweight" rating and a price target of $40.00 for Alkami Technology's shares.

Congress Asset Management Co. bought a new stake in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 181,953 shares of the company's stock, valued at approximately $5,484,000. Congress Asset Management Co. owned approximately 0.18% of Alkami Technology as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Riverbridge Partners LLC lifted its position in Alkami Technology by 24.4% during the 2nd quarter. Riverbridge Partners LLC now owns 2,098,790 shares of the company's stock worth $63,258,000 after buying an additional 412,299 shares in the last quarter. Harbour Capital Advisors LLC acquired a new position in Alkami Technology during the 2nd quarter worth about $364,000. Diversified Trust Co lifted its position in Alkami Technology by 27.0% during the 2nd quarter. Diversified Trust Co now owns 34,017 shares of the company's stock worth $1,025,000 after buying an additional 7,226 shares in the last quarter. Moody National Bank Trust Division acquired a new position in Alkami Technology during the 2nd quarter worth about $217,000. Finally, Harbor Capital Advisors Inc. lifted its position in Alkami Technology by 370.5% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 63,660 shares of the company's stock worth $1,919,000 after buying an additional 50,131 shares in the last quarter. Institutional investors and hedge funds own 54.97% of the company's stock.

Alkami Technology Stock Performance

Shares of NASDAQ:ALKT opened at $25.68 on Friday. The stock has a market capitalization of $2.67 billion, a P/E ratio of -67.58 and a beta of 0.58. Alkami Technology, Inc. has a 1-year low of $19.94 and a 1-year high of $42.29. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 1.17. The business has a 50-day moving average price of $24.61 and a two-hundred day moving average price of $26.63.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. assumed coverage on shares of Alkami Technology in a research report on Wednesday, June 18th. They set an "overweight" rating and a $40.00 price target on the stock. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Alkami Technology currently has an average rating of "Moderate Buy" and an average price target of $39.25.

Insiders Place Their Bets

In other Alkami Technology news, CAO Prerna Sachdeva sold 2,967 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $24.76, for a total transaction of $73,462.92. Following the completion of the sale, the chief accounting officer directly owned 66,061 shares of the company's stock, valued at approximately $1,635,670.36. The trade was a 4.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO W Bryan Hill sold 20,366 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $24.76, for a total value of $504,262.16. Following the sale, the chief financial officer directly owned 409,889 shares of the company's stock, valued at $10,148,851.64. This represents a 4.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders bought 1,396,162 shares of company stock valued at $29,692,440. 18.10% of the stock is currently owned by insiders.

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.

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