Select Equity Group L.P. Boosts Stock Position 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 holdings in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 706.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 526,026 shares of the company's stock after acquiring an additional 460,827 shares during the quarter. Select Equity Group L.P. owned 0.51% of Alkami Technology worth $13,808,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Perkins Coie Trust Co lifted its holdings in shares of 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 purchasing an additional 500 shares during the period. Versant Capital Management Inc acquired a new stake in shares of Alkami Technology during the first quarter worth about $36,000. Amalgamated Bank lifted its holdings in shares of 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 purchasing an additional 704 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Alkami Technology during the first quarter worth about $59,000. Finally, NBC Securities Inc. lifted its holdings in shares of 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 purchasing an additional 2,291 shares during the period. Institutional investors and hedge funds own 54.97% of the company's stock.

Insider Buying and Selling at Alkami Technology

In related news, Director Atlantic Genpar (Bermu General purchased 650,000 shares of the firm's stock in a transaction on Monday, August 11th. The stock was bought at an average cost of $20.70 per share, with a total value of $13,455,000.00. Following the completion of the acquisition, the director owned 11,287,274 shares of the company's stock, valued at $233,646,571.80. The trade was a 6.11% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Prerna Sachdeva sold 2,967 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer directly owned 66,061 shares of the company's stock, valued at $1,635,670.36. The trade was a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 1,396,162 shares of company stock valued at $29,692,440. 18.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

Alkami Technology Stock Performance

NASDAQ:ALKT traded down $0.27 during trading hours on Tuesday, reaching $25.56. The company had a trading volume of 924,973 shares, compared to its average volume of 1,454,486. Alkami Technology, Inc. has a 1-year low of $19.94 and a 1-year high of $42.29. The firm has a market cap of $2.66 billion, a PE ratio of -67.26 and a beta of 0.58. The business's 50 day moving average price is $25.59 and its 200-day moving average price is $26.87. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.68 and a quick ratio of 2.68.

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.