Rhumbline Advisers Increases Stock Holdings in Alkami Technology, Inc. $ALKT

Key Points

• Rhumbline Advisers increased its holdings in Alkami Technology by 17.4% this quarter, owning about 88,430 shares valued at $2.32 million.
• Institutional investors hold approximately 54.97% of Alkami Technology's stock, with several firms, including Perkins Coie Trust Co and Amalgamated Bank, significantly increasing their stakes during the same period.
• Alkami Technology has an average target price of $39.25 according to analysts, with a consensus rating of "Moderate Buy."

Rhumbline Advisers lifted its stake in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 17.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 88,430 shares of the company's stock after buying an additional 13,078 shares during the quarter. Rhumbline Advisers owned about 0.09% of Alkami Technology worth $2,321,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in ALKT. Praesidium Investment Management Company LLC purchased a new stake in shares of Alkami Technology during the first quarter worth about $40,223,000. Champlain Investment Partners LLC grew its position in shares of Alkami Technology by 64.0% during the first quarter. Champlain Investment Partners LLC now owns 2,583,053 shares of the company's stock worth $67,805,000 after purchasing an additional 1,008,025 shares in the last quarter. Ameriprise Financial Inc. grew its position in shares of Alkami Technology by 61.6% during the first quarter. Ameriprise Financial Inc. now owns 1,952,063 shares of the company's stock worth $51,242,000 after purchasing an additional 743,884 shares in the last quarter. Long Path Partners LP grew its position in shares of Alkami Technology by 304.4% during the first quarter. Long Path Partners LP now owns 685,532 shares of the company's stock worth $17,995,000 after purchasing an additional 516,034 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Alkami Technology by 6.7% during the first 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 in the last quarter. Hedge funds and other institutional investors own 54.97% of the company's stock.

Wall Street Analyst Weigh In

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

Alkami Technology Price Performance

NASDAQ ALKT traded down $1.24 during trading on Friday, hitting $25.29. 2,436,954 shares of the stock traded hands, compared to its average volume of 1,160,114. The company has a market capitalization of $2.63 billion, a P/E ratio of -66.55 and a beta of 0.58. The firm has a 50-day simple moving average of $24.87 and a 200-day simple moving average of $26.63. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 1.17. Alkami Technology, Inc. has a 12-month low of $19.94 and a 12-month high of $42.29.

Insider Buying and Selling at Alkami Technology

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

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.