Select Equity Group L.P. Raises Stake in Alkami Technology, Inc. $ALKT

Key Points

• Select Equity Group L.P. increased its stake in Alkami Technology, Inc. by 706.8% in Q1, now owning 526,026 shares valued at approximately $13.8 million.
• Several other hedge funds also boosted their holdings, with total institutional ownership now at 54.97%.
• Alkami Technology received an "overweight" rating from JPMorgan Chase & Co. with a target price set at $40.00, indicating positive analyst sentiment.

Select Equity Group L.P. grew its stake in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 706.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 526,026 shares of the company's stock after purchasing an additional 460,827 shares during the period. Select Equity Group L.P. owned about 0.51% of Alkami Technology worth $13,808,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Petrus Trust Company LTA increased its holdings in Alkami Technology by 17.4% during the 1st quarter. Petrus Trust Company LTA now owns 37,943 shares of the company's stock worth $996,000 after purchasing an additional 5,634 shares in the last quarter. Polar Asset Management Partners Inc. bought a new stake in Alkami Technology during the 1st quarter worth approximately $2,439,000. Millennium Management LLC increased its holdings in Alkami Technology by 64.7% during the 1st quarter. Millennium Management LLC now owns 698,677 shares of the company's stock worth $18,340,000 after purchasing an additional 274,439 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Alkami Technology by 19.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,081 shares of the company's stock worth $947,000 after purchasing an additional 5,884 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Alkami Technology by 5.8% during the 1st quarter. Alliancebernstein L.P. now owns 2,865,423 shares of the company's stock worth $75,217,000 after buying an additional 158,094 shares in the last quarter. 54.97% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Atlantic Genpar (Bermu General bought 650,000 shares of Alkami Technology stock in a transaction dated Monday, August 11th. The stock was purchased at an average cost of $20.70 per share, with a total value of $13,455,000.00. Following the transaction, the director directly owned 11,287,274 shares of the company's stock, valued at approximately $233,646,571.80. The trade was a 6.11% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Prerna Sachdeva sold 2,967 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $24.76, for a total transaction of $73,462.92. Following the transaction, the chief accounting officer directly owned 66,061 shares of the company's stock, valued at $1,635,670.36. This represents a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders purchased 1,396,162 shares of company stock valued at $29,692,440 in the last three months. Company insiders own 18.10% of the company's stock.

Analyst Upgrades and Downgrades

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

Alkami Technology Stock Performance

Shares of Alkami Technology stock traded down $0.06 on Friday, reaching $25.25. 234,463 shares of the company traded hands, compared to its average volume of 1,201,861. Alkami Technology, Inc. has a 52 week low of $19.94 and a 52 week high of $42.29. The company has a 50 day moving average of $25.40 and a 200 day moving average of $26.82. The firm has a market capitalization of $2.63 billion, a PE ratio of -66.42 and a beta of 0.58. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.68 and a quick ratio of 2.68.

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.