Rhumbline Advisers Boosts 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 increased its position in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 17.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 88,430 shares of the company's stock after buying an additional 13,078 shares during the period. Rhumbline Advisers owned 0.09% of Alkami Technology worth $2,321,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Perkins Coie Trust Co boosted its holdings in Alkami Technology by 62.5% during the first quarter. Perkins Coie Trust Co now owns 1,300 shares of the company's stock worth $34,000 after buying an additional 500 shares in the last quarter. Versant Capital Management Inc purchased a new stake in Alkami Technology during the first quarter worth $36,000. Amalgamated Bank boosted its holdings in Alkami Technology by 50.8% during the first quarter. Amalgamated Bank now owns 2,091 shares of the company's stock worth $55,000 after buying an additional 704 shares in the last quarter. Summit Securities Group LLC purchased a new stake in Alkami Technology during the first quarter worth $59,000. Finally, NBC Securities Inc. boosted its holdings in 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 buying an additional 2,291 shares in the last quarter. 54.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alkami Technology

In other Alkami Technology news, CFO W Bryan Hill sold 20,366 shares of Alkami Technology stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $24.76, for a total transaction of $504,262.16. Following the completion of the sale, the chief financial officer directly owned 409,889 shares in the company, valued at $10,148,851.64. This trade represents a 4.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Atlantic Genpar (Bermu General purchased 229,391 shares of the company's stock in a transaction on Wednesday, August 13th. The shares were bought at an average price of $22.44 per share, with a total value of $5,147,534.04. Following the completion of the transaction, the director owned 12,033,436 shares of the company's stock, valued at approximately $270,030,303.84. The trade was a 1.94% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 1,396,162 shares of company stock worth $29,692,440 over the last three months. Insiders own 18.10% of the company's stock.

Analysts Set New Price Targets

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

Alkami Technology Trading Down 4.7%

Alkami Technology stock traded down $1.24 during midday trading on Friday, hitting $25.29. 2,436,954 shares of the stock were exchanged, compared to its average volume of 1,200,554. Alkami Technology, Inc. has a fifty-two week low of $19.94 and a fifty-two week high of $42.29. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of -66.55 and a beta of 0.58. The stock's 50-day simple moving average is $24.87 and its 200 day simple moving average is $26.66. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 1.17.

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.