Royal Bank of Canada Increases Stake in Alkami Technology, Inc. $ALKT

Royal Bank of Canada raised its holdings in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 13.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 792,182 shares of the company's stock after acquiring an additional 92,847 shares during the quarter. Royal Bank of Canada owned about 0.77% of Alkami Technology worth $20,795,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Northern Trust Corp increased its holdings in Alkami Technology by 21.7% in the 4th quarter. Northern Trust Corp now owns 652,106 shares of the company's stock valued at $23,919,000 after buying an additional 116,170 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Alkami Technology by 37.1% in the 4th quarter. Ameriprise Financial Inc. now owns 1,208,179 shares of the company's stock valued at $44,316,000 after acquiring an additional 326,979 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Alkami Technology in the 4th quarter valued at about $4,900,000. Bank of America Corp DE increased its stake in Alkami Technology by 7.1% during the 4th quarter. Bank of America Corp DE now owns 229,629 shares of the company's stock worth $8,423,000 after purchasing an additional 15,293 shares in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in Alkami Technology during the 4th quarter worth approximately $550,000. Institutional investors own 54.97% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. began coverage on shares of Alkami Technology in a report on Wednesday, June 18th. They issued an "overweight" rating and a $40.00 price objective on the stock. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $39.25.

Insider Buying and Selling

In other news, Director Atlantic Genpar (Bermu General bought 650,000 shares of the business's stock in a transaction that occurred on Monday, August 11th. The shares were bought at an average cost of $20.70 per share, for a total transaction of $13,455,000.00. Following the acquisition, the director directly owned 11,287,274 shares in the company, valued at approximately $233,646,571.80. This trade represents a 6.11% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Prerna Sachdeva sold 2,967 shares of the firm's stock in a transaction 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 in the company, valued at approximately $1,635,670.36. This trade represents a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have bought a total of 1,396,162 shares of company stock worth $29,692,440 in the last ninety days. Corporate insiders own 18.10% of the company's stock.

Alkami Technology Trading Down 0.0%

NASDAQ:ALKT traded down $0.01 on Friday, reaching $25.29. 746,937 shares of the stock traded hands, compared to its average volume of 1,310,287. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of -66.55 and a beta of 0.58. Alkami Technology, Inc. has a 1-year low of $19.94 and a 1-year high of $42.29. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 1.17. The company's 50 day moving average is $25.30 and its 200-day moving average is $26.77.

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.