Royal Bank of Canada Has $25.65 Million Position in Alkami Technology, Inc. (NASDAQ:ALKT)

Royal Bank of Canada increased its position in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 2.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 699,335 shares of the company's stock after buying an additional 15,949 shares during the period. Royal Bank of Canada owned 0.70% of Alkami Technology worth $25,652,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Essex Investment Management Co. LLC acquired a new position in shares of Alkami Technology in the fourth quarter valued at $34,000. Quarry LP acquired a new position in shares of Alkami Technology in the fourth quarter valued at $61,000. Blue Trust Inc. increased its holdings in shares of Alkami Technology by 162.6% in the fourth quarter. Blue Trust Inc. now owns 3,188 shares of the company's stock valued at $117,000 after purchasing an additional 1,974 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Alkami Technology by 73.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,031 shares of the company's stock valued at $148,000 after purchasing an additional 1,710 shares during the last quarter. Finally, Bank of Montreal Can bought a new stake in shares of Alkami Technology in the fourth quarter valued at about $203,000. 54.97% of the stock is currently owned by institutional investors and hedge funds.

Alkami Technology Price Performance

ALKT traded up $0.09 on Thursday, hitting $28.98. 171,074 shares of the stock were exchanged, compared to its average volume of 850,131. Alkami Technology, Inc. has a 12 month low of $21.70 and a 12 month high of $42.29. The business has a 50-day moving average of $26.96 and a two-hundred day moving average of $32.06. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.52 and a quick ratio of 3.52. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of -61.73 and a beta of 0.56.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.13). The firm had revenue of $89.66 million for the quarter, compared to the consensus estimate of $89.63 million. Alkami Technology had a negative return on equity of 11.31% and a negative net margin of 14.55%. Sell-side analysts forecast that Alkami Technology, Inc. will post -0.34 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ALKT. The Goldman Sachs Group reduced their target price on shares of Alkami Technology from $39.00 to $32.00 and set a "neutral" rating for the company in a research report on Monday, March 3rd. Barclays reduced their target price on shares of Alkami Technology from $35.00 to $30.00 and set an "equal weight" rating for the company in a research report on Monday, April 14th. Stephens raised shares of Alkami Technology from an "equal weight" rating to an "overweight" rating and set a $40.00 target price for the company in a research report on Thursday, March 13th. Lake Street Capital reduced their target price 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. Finally, JMP Securities reissued a "market outperform" rating and issued a $46.00 target price on shares of Alkami Technology in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $39.88.

Insiders Place Their Bets

In other Alkami Technology news, CFO W Bryan Hill sold 17,409 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $30.41, for a total transaction of $529,407.69. Following the completion of the transaction, the chief financial officer now owns 450,620 shares of the company's stock, valued at approximately $13,703,354.20. The trade was a 3.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas A. Linebarger sold 4,358 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $30.41, for a total value of $132,526.78. Following the transaction, the insider now directly owns 244,404 shares of the company's stock, valued at approximately $7,432,325.64. The trade was a 1.75% decrease in their position. The disclosure for this sale can be found here. Insiders own 18.10% of the company's stock.

Alkami Technology 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.