Insider Buying: Alkami Technology (NASDAQ:ALKT) Director Purchases 900,000 Shares of Stock

Alkami Technology, Inc. (NASDAQ:ALKT) Director Atlantic L.P. General purchased 900,000 shares of Alkami Technology stock in a transaction that occurred on Wednesday, March 11th. The shares were bought at an average price of $18.41 per share, with a total value of $16,569,000.00. Following the completion of the transaction, the director owned 14,879,451 shares of the company’s stock, valued at $273,930,692.91. This represents a 6.44% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Atlantic L.P. General also recently made the following trade(s):

• On Monday, March 9th, Atlantic L.P. General purchased 842,266 shares of Alkami Technology stock. The stock was bought at an average cost of $17.35 per share, with a total value of $14,613,315.10.
• On Tuesday, March 10th, Atlantic L.P. General acquired 1,103,749 shares of Alkami Technology stock. The stock was bought at an average price of $17.56 per share, for a total transaction of $19,381,832.44.

Alkami Technology Stock Performance

Shares of NASDAQ ALKT traded up $0.61 during midday trading on Wednesday, reaching $18.57. 3,595,295 shares of the stock were exchanged, compared to its average volume of 2,604,573. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 1.01. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of -40.37 and a beta of 0.57. The firm has a 50-day simple moving average of $18.97 and a two-hundred day simple moving average of $21.60. Alkami Technology, Inc. has a twelve month low of $14.11 and a twelve month high of $31.66.

Hedge Funds Weigh In On Alkami Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. General Atlantic L.P. grew its position in shares of Alkami Technology by 24.3% in the third quarter. General Atlantic L.P. now owns 11,991,480 shares of the company’s stock valued at $297,868,000 after purchasing an additional 2,346,162 shares during the period. Vanguard Group Inc. raised its position in shares of Alkami Technology by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 8,414,419 shares of the company’s stock worth $194,121,000 after purchasing an additional 456,275 shares during the last quarter. Westfield Capital Management Co. LP raised its position in shares of Alkami Technology by 33.1% during the 4th quarter. Westfield Capital Management Co. LP now owns 4,118,355 shares of the company’s stock worth $95,010,000 after purchasing an additional 1,023,297 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its stake in Alkami Technology by 56.3% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,872,873 shares of the company’s stock valued at $96,202,000 after buying an additional 1,394,617 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Alkami Technology by 13.3% in the 3rd quarter. Alliancebernstein L.P. now owns 3,679,746 shares of the company’s stock worth $91,405,000 after buying an additional 430,632 shares during the last quarter. 54.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ALKT shares. Needham & Company LLC cut their price objective on shares of Alkami Technology from $32.00 to $22.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Barclays dropped their target price on Alkami Technology from $25.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Alkami Technology in a research note on Wednesday, January 21st. Citizens Jmp reduced their price target on Alkami Technology from $40.00 to $28.00 and set a “market outperform” rating for the company in a report on Thursday, February 26th. Finally, JPMorgan Chase & Co. lowered their price target on Alkami Technology from $38.00 to $22.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 18th. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $28.57.

Alkami Technology Company Profile

Alkami Technology, Inc is a provider of cloud-based digital banking and engagement solutions tailored for banks and credit unions. The company’s platform offers a comprehensive suite of online and mobile banking features, including bill payment, peer-to-peer transfers, card management, streamlined account opening and real-time alerts, all designed to enhance the end-user experience and drive customer loyalty.

Built on a multi-tenant, software-as-a-service (SaaS) architecture hosted in the cloud, Alkami’s platform leverages modern APIs and a partner ecosystem to integrate third-party fintech applications and services.