Royce & Associates LP Acquires 83,532 Shares of Alkami Technology, Inc. (NASDAQ:ALKT)

Key Points

• Royce & Associates LP increased its stake in Alkami Technology, acquiring an additional 83,532 shares, bringing its total ownership to 298,542 shares valued at approximately $7.84 million.
• A variety of institutional investors, including Amalgamated Bank and GAMMA Investing LLC, have also significantly increased their holdings in Alkami Technology during the first quarter, reflecting growing confidence in the company.
• Alkami Technology's stock has experienced a decline of 0.6%, with analysts setting varied price targets, where the consensus target stands at $39.25, indicating potential for appreciation.

Royce & Associates LP raised its stake in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 38.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 298,542 shares of the company's stock after purchasing an additional 83,532 shares during the period. Royce & Associates LP owned 0.29% of Alkami Technology worth $7,837,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Alkami Technology by 12.8% during the 4th quarter. Vanguard Group Inc. now owns 7,447,851 shares of the company's stock worth $273,187,000 after acquiring an additional 843,129 shares during the period. Alliancebernstein L.P. grew its holdings in Alkami Technology by 5,747.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,707,329 shares of the company's stock worth $99,305,000 after acquiring an additional 2,661,027 shares during the period. Whale Rock Capital Management LLC acquired a new stake in Alkami Technology during the 4th quarter worth about $78,878,000. Driehaus Capital Management LLC grew its stake in shares of Alkami Technology by 16.7% in the 4th quarter. Driehaus Capital Management LLC now owns 2,093,426 shares of the company's stock valued at $76,787,000 after buying an additional 299,728 shares during the period. Finally, Franklin Resources Inc. grew its stake in shares of Alkami Technology by 0.4% in the 4th quarter. Franklin Resources Inc. now owns 1,811,795 shares of the company's stock valued at $66,457,000 after buying an additional 6,970 shares during the period. 54.97% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Joseph P. Payne purchased 8,200 shares of Alkami Technology stock in a transaction dated Thursday, May 15th. The stock was purchased at an average cost of $30.46 per share, for a total transaction of $249,772.00. Following the transaction, the director directly owned 21,128 shares of the company's stock, valued at approximately $643,558.88. This trade represents a 63.43% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO W Bryan Hill sold 20,365 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $28.36, for a total transaction of $577,551.40. Following the completion of the transaction, the chief financial officer owned 430,255 shares of the company's stock, valued at $12,202,031.80. This trade represents a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,690 shares of company stock valued at $785,288. 18.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. JMP Securities restated a "market outperform" rating and issued a $46.00 target price on shares of Alkami Technology in a research note on Thursday, May 1st. Needham & Company LLC cut their price target on Alkami Technology from $54.00 to $40.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Lake Street Capital cut their price target on Alkami Technology from $47.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. JPMorgan Chase & Co. initiated coverage on Alkami Technology in a research note on Wednesday, June 18th. They set an "overweight" rating and a $40.00 price target for the company. Finally, Barclays cut their price target on Alkami Technology from $35.00 to $30.00 and set an "equal weight" rating for the company in a research note on Monday, April 14th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, Alkami Technology has a consensus rating of "Moderate Buy" and an average target price of $39.25.

Alkami Technology Stock Performance

Shares of Alkami Technology stock traded up $0.92 during mid-day trading on Monday, hitting $28.18. 672,255 shares of the stock were exchanged, compared to its average volume of 1,098,900. The company has a debt-to-equity ratio of 1.23, a quick ratio of 2.75 and a current ratio of 2.75. The company has a market capitalization of $2.90 billion, a P/E ratio of -74.16 and a beta of 0.59. The company has a 50-day simple moving average of $29.06 and a 200 day simple moving average of $29.22. Alkami Technology, Inc. has a 12 month low of $21.70 and a 12 month high of $42.29.

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.