Whale Rock Capital Management LLC Takes Position in Alkami Technology, Inc. (NASDAQ:ALKT)

Whale Rock Capital Management LLC purchased a new position in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 2,150,440 shares of the company's stock, valued at approximately $78,878,000. Whale Rock Capital Management LLC owned 2.14% of Alkami Technology as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in the company. Essex Investment Management Co. LLC purchased a new position in shares of Alkami Technology in the fourth quarter valued at $34,000. Quarry LP bought a new stake in shares of Alkami Technology during the fourth quarter valued at about $61,000. Blue Trust Inc. lifted its holdings in shares of Alkami Technology by 162.6% in the fourth quarter. Blue Trust Inc. now owns 3,188 shares of the company's stock worth $117,000 after buying an additional 1,974 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Alkami Technology by 73.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,031 shares of the company's stock valued at $148,000 after acquiring an additional 1,710 shares during the period. Finally, Bank of Montreal Can purchased a new position in Alkami Technology during the fourth quarter valued at approximately $203,000. Hedge funds and other institutional investors own 54.97% of the company's stock.

Alkami Technology Price Performance

Shares of Alkami Technology stock opened at $30.70 on Tuesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.52 and a current ratio of 3.52. Alkami Technology, Inc. has a 52-week low of $21.70 and a 52-week high of $42.29. The company has a fifty day moving average of $26.46 and a 200-day moving average of $32.40. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of -65.32 and a beta of 0.56.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.08 by ($0.13). Alkami Technology had a negative net margin of 14.55% and a negative return on equity of 11.31%. The company had revenue of $89.66 million for the quarter, compared to the consensus estimate of $89.63 million. Equities research analysts expect that Alkami Technology, Inc. will post -0.34 EPS for the current year.

Insider Activity

In other Alkami Technology news, CFO W Bryan Hill sold 17,409 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $30.41, for a total transaction of $529,407.69. Following the transaction, the chief financial officer now directly owns 450,620 shares of the company's stock, valued at approximately $13,703,354.20. The trade was a 3.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph P. Payne bought 8,200 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was bought at an average cost of $30.46 per share, with a total value of $249,772.00. Following the completion of the transaction, the director now owns 21,128 shares in the company, valued at approximately $643,558.88. This trade represents a 63.43% increase in their position. The disclosure for this purchase can be found here. Insiders own 18.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ALKT shares. JMP Securities reissued a "market outperform" rating and set a $46.00 price objective on shares of Alkami Technology in a research note on Thursday, May 1st. The Goldman Sachs Group cut their price objective on Alkami Technology from $39.00 to $32.00 and set a "neutral" rating for the company in a report on Monday, March 3rd. Needham & Company LLC lowered their target price on shares of Alkami Technology from $54.00 to $40.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Barclays dropped their target price on shares of Alkami Technology from $35.00 to $30.00 and set an "equal weight" rating for the company in a research report on Monday, April 14th. Finally, Lake Street Capital decreased their price target on shares of Alkami Technology from $47.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, Alkami Technology presently has an average rating of "Moderate Buy" and an average price target of $39.88.

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.

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