Long Path Partners LP Purchases 516,034 Shares of Alkami Technology, Inc. $ALKT

Key Points

• Long Path Partners LP significantly increased its stake in Alkami Technology, acquiring an additional 516,034 shares, bringing their total holdings to 685,532 shares, which comprises approximately 7.0% of their investment portfolio.
• Insiders have been active, with CEO Douglas A. Linebarger selling 7,170 shares, while Atlantic Genpar purchased 229,391 shares, reflecting a mixed sentiment among company executives.
• Analysts have mixed views on the stock, with six analysts rating it a Buy and target prices ranging from $40 to $46, indicating a general optimism amidst some recent downward adjustments.

Long Path Partners LP boosted its holdings in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 304.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 685,532 shares of the company's stock after buying an additional 516,034 shares during the quarter. Alkami Technology makes up approximately 7.0% of Long Path Partners LP's investment portfolio, making the stock its 6th largest position. Long Path Partners LP owned 0.67% of Alkami Technology worth $17,995,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. George Kaiser Family Foundation acquired a new position in Alkami Technology in the 1st quarter valued at approximately $2,948,000. Amalgamated Bank increased its holdings in Alkami Technology by 50.8% in 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 period. Vanguard Group Inc. raised its position in Alkami Technology by 6.7% during the 1st quarter. Vanguard Group Inc. now owns 7,949,573 shares of the company's stock worth $208,676,000 after purchasing an additional 501,722 shares during the last quarter. GAMMA Investing LLC raised its position in Alkami Technology by 1,386.9% during the 1st quarter. GAMMA Investing LLC now owns 10,973 shares of the company's stock worth $288,000 after purchasing an additional 10,235 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its holdings in Alkami Technology by 2.0% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 58,487 shares of the company's stock worth $1,535,000 after buying an additional 1,166 shares during the period. 54.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Alkami Technology

In other news, insider Douglas A. Linebarger sold 7,170 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 $203,341.20. Following the completion of the sale, the insider owned 238,172 shares in the company, valued at $6,754,557.92. The trade was a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Atlantic Genpar (Bermu General bought 229,391 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was purchased at an average price of $22.44 per share, for a total transaction of $5,147,534.04. Following the completion of the acquisition, the director owned 12,033,436 shares in the company, valued at $270,030,303.84. This represents a 1.94% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 1,396,162 shares of company stock valued at $29,692,440 and sold 27,690 shares valued at $785,288. Insiders own 18.10% of the company's stock.

Analysts Set New Price Targets

ALKT has been the subject of several recent research reports. Lake Street Capital decreased their price target on Alkami Technology from $47.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. JPMorgan Chase & Co. began coverage on shares of Alkami Technology in a research report on Wednesday, June 18th. They set an "overweight" rating and a $40.00 target price for the company. JMP Securities restated a "market outperform" rating and issued a $46.00 price target on shares of Alkami Technology in a research report on Thursday, May 1st. Finally, Needham & Company LLC decreased their price objective on shares of Alkami Technology from $54.00 to $40.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Alkami Technology currently has an average rating of "Moderate Buy" and an average target price of $39.25.

Alkami Technology Stock Up 6.7%

Shares of NASDAQ ALKT opened at $25.28 on Monday. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 1.17. The firm has a market cap of $2.63 billion, a PE ratio of -66.53 and a beta of 0.57. The company's fifty day simple moving average is $26.48 and its 200 day simple moving average is $27.48. Alkami Technology, Inc. has a 12-month low of $19.94 and a 12-month high of $42.29.

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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