Zions Bancorporation National Association UT Invests $1.14 Million in Alkami Technology, Inc. (NASDAQ:ALKT)

Key Points

• Zions Bancorporation National Association UT invested approximately $1.14 million in Alkami Technology, acquiring 43,258 shares of stock in the first quarter of the year.
• Institutional investors and hedge funds collectively own 54.97% of Alkami Technology, indicating substantial institutional interest in the company.
• Alkami Technology's stock has experienced significant analyst activity, with two hold ratings and six buy ratings, achieving a consensus rating of "Moderate Buy" with an average price target of $39.25.

Zions Bancorporation National Association UT acquired a new stake in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 43,258 shares of the company's stock, valued at approximately $1,136,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. LPL Financial LLC acquired a new stake in shares of Alkami Technology during the 4th quarter valued at approximately $1,527,000. Geode Capital Management LLC increased its stake in shares of Alkami Technology by 15.8% during the 4th quarter. Geode Capital Management LLC now owns 1,426,038 shares of the company's stock worth $52,320,000 after purchasing an additional 194,051 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Alkami Technology by 71.3% during the 4th quarter. Wells Fargo & Company MN now owns 30,805 shares of the company's stock worth $1,130,000 after purchasing an additional 12,827 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of Alkami Technology by 123.2% during the 4th quarter. Russell Investments Group Ltd. now owns 121,718 shares of the company's stock worth $4,465,000 after purchasing an additional 67,194 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in shares of Alkami Technology during the 4th quarter worth approximately $203,000. Institutional investors and hedge funds own 54.97% of the company's stock.

Analyst Upgrades and Downgrades

ALKT has been the subject of a number of recent research reports. Needham & Company LLC dropped their price objective on shares of Alkami Technology from $54.00 to $40.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. 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. Barclays lowered 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 note on Monday, April 14th. Lake Street Capital lowered their target price on shares of Alkami Technology from $47.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. started coverage on shares of Alkami Technology in a research note on Wednesday, June 18th. They issued an "overweight" rating and a $40.00 target price for the company. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Alkami Technology presently has a consensus rating of "Moderate Buy" and an average price target of $39.25.

Insider Activity at Alkami Technology

In other Alkami Technology news, insider Douglas A. Linebarger sold 7,170 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $28.36, for a total value of $203,341.20. Following the transaction, the insider owned 238,172 shares in the company, valued at $6,754,557.92. The trade was a 2.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joseph P. Payne acquired 8,200 shares of the business's stock in a transaction on Thursday, May 15th. The stock was purchased at an average price of $30.46 per share, for a total transaction of $249,772.00. Following the acquisition, the director directly owned 21,128 shares in the company, valued at $643,558.88. This represents a 63.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 27,690 shares of company stock worth $785,288. 18.10% of the stock is currently owned by corporate insiders.

Alkami Technology Stock Performance

NASDAQ:ALKT opened at $20.12 on Friday. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of -52.95 and a beta of 0.57. The firm's fifty day simple moving average is $27.78 and its 200 day simple moving average is $28.43. Alkami Technology, Inc. has a twelve month low of $19.94 and a twelve month high of $42.29.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.