Lord Abbett & CO. LLC Sells 88,194 Shares of Alkami Technology, Inc. $ALKT

Key Points

• Lord Abbett & CO. LLC reduced its stake in Alkami Technology by 15.3%, holding 487,111 shares worth approximately $12.79 million after selling 88,194 shares.
• Several institutional investors, including Vanguard Group Inc. and Ameriprise Financial Inc., increased their holdings in Alkami Technology, with institutional ownership now at 54.97%.
• Alkami Technology's stock received mixed reviews from analysts, with a consensus rating of "Moderate Buy" and a price target averaging $39.25 despite recent price target reductions from some analysts.

Lord Abbett & CO. LLC trimmed its position in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 15.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 487,111 shares of the company's stock after selling 88,194 shares during the quarter. Lord Abbett & CO. LLC owned 0.47% of Alkami Technology worth $12,787,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Perkins Coie Trust Co grew its holdings in Alkami Technology by 62.5% in 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 period. Versant Capital Management Inc purchased a new position in shares of Alkami Technology during the 1st quarter worth approximately $36,000. Amalgamated Bank grew its holdings in Alkami Technology by 50.8% during the 1st quarter. Amalgamated Bank now owns 2,091 shares of the company's stock valued at $55,000 after buying an additional 704 shares during the last quarter. NBC Securities Inc. boosted its holdings in shares of Alkami Technology by 114,550.0% during the first 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 last quarter. Finally, Quarry LP purchased a new position in Alkami Technology in the fourth quarter valued at about $61,000. 54.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alkami Technology

In other news, CFO W Bryan Hill sold 20,365 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 $577,551.40. Following the sale, the chief financial officer directly owned 430,255 shares of the company's stock, valued at approximately $12,202,031.80. This represents a 4.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Atlantic Genpar (Bermu General bought 650,000 shares of the stock in a transaction dated Monday, August 11th. The stock was purchased at an average price of $20.70 per share, with a total value of $13,455,000.00. Following the acquisition, the director owned 11,287,274 shares of the company's stock, valued at $233,646,571.80. The trade was a 6.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 1,396,162 shares of company stock worth $29,692,440 and sold 27,690 shares worth $785,288. Corporate insiders own 18.10% of the company's stock.

Wall Street Analysts Forecast Growth

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

Alkami Technology Stock Up 3.3%

ALKT stock traded up $0.7270 during midday trading on Thursday, hitting $23.0170. The company's stock had a trading volume of 246,656 shares, compared to its average volume of 1,184,058. The stock has a market capitalization of $2.40 billion, a P/E ratio of -60.20 and a beta of 0.57. The company's fifty day moving average price is $26.61 and its 200 day moving average price is $27.75. Alkami Technology, Inc. has a twelve month low of $19.94 and a twelve month high of $42.29. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.68 and a quick ratio of 2.68.

Alkami Technology Company 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.