Alkami Technology, Inc. $ALKT Shares Purchased by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company increased its stake in Alkami Technology by 47.7%, acquiring an additional 409,830 shares during the first quarter, bringing its total holdings to 1,269,771 shares worth approximately $33.3 million.
• Institutional investors now own 54.97% of Alkami Technology stock, highlighting significant interest from firms such as Whale Rock Capital Management and Champlain Investment Partners.
• Analysts at JPMorgan Chase & Co. have rated Alkami Technology as "overweight" with a price target of $40.00, contributing to an overall "Moderate Buy" rating by analysts.

The Manufacturers Life Insurance Company grew its stake in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 47.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,269,771 shares of the company's stock after purchasing an additional 409,830 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 1.23% of Alkami Technology worth $33,331,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. State of Wyoming lifted its holdings in Alkami Technology by 518.3% during the 1st quarter. State of Wyoming now owns 5,107 shares of the company's stock valued at $134,000 after buying an additional 4,281 shares in the last quarter. Next Century Growth Investors LLC increased its position in shares of Alkami Technology by 7.3% during the first quarter. Next Century Growth Investors LLC now owns 452,284 shares of the company's stock worth $11,872,000 after acquiring an additional 30,661 shares during the period. Champlain Investment Partners LLC increased its position in shares of Alkami Technology by 64.0% during the first quarter. Champlain Investment Partners LLC now owns 2,583,053 shares of the company's stock worth $67,805,000 after acquiring an additional 1,008,025 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Alkami Technology by 35.3% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 220,000 shares of the company's stock valued at $5,775,000 after acquiring an additional 57,358 shares in the last quarter. Finally, Corebridge Financial Inc. boosted its holdings in shares of Alkami Technology by 12.6% in the first quarter. Corebridge Financial Inc. now owns 29,714 shares of the company's stock valued at $780,000 after purchasing an additional 3,325 shares during the period. Hedge funds and other institutional investors own 54.97% of the company's stock.

Alkami Technology Stock Up 0.8%

Alkami Technology stock traded up $0.21 during trading hours on Friday, reaching $25.23. The stock had a trading volume of 1,159,280 shares, compared to its average volume of 1,523,621. The company has a market cap of $2.63 billion, a price-to-earnings ratio of -66.39 and a beta of 0.58. The business's 50 day moving average price is $25.76 and its 200-day moving average price is $26.91. Alkami Technology, Inc. has a 52 week low of $19.94 and a 52 week high of $42.29. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.68 and a quick ratio of 2.68.

Wall Street Analyst Weigh In

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

Insider Transactions at Alkami Technology

In other Alkami Technology news, CFO W Bryan Hill sold 20,366 shares of Alkami Technology stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $24.76, for a total value of $504,262.16. Following the transaction, the chief financial officer directly owned 409,889 shares of the company's stock, valued at approximately $10,148,851.64. The trade was a 4.73% decrease 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 company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $24.76, for a total value of $73,462.92. Following the transaction, the chief accounting officer directly owned 66,061 shares in the company, valued at approximately $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. Insiders have bought a total of 1,396,162 shares of company stock valued at $29,692,440 in the last 90 days. Insiders own 18.10% of the company's stock.

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.