Bank of New York Mellon Corp Raises Stake in Alkami Technology, Inc. (NASDAQ:ALKT)

Bank of New York Mellon Corp lifted its holdings in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 86.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 288,862 shares of the company's stock after purchasing an additional 134,198 shares during the quarter. Bank of New York Mellon Corp owned 0.29% of Alkami Technology worth $10,595,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Advisors Asset Management Inc. lifted its position in shares of Alkami Technology by 117.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,166 shares of the company's stock valued at $37,000 after acquiring an additional 631 shares during the period. Covestor Ltd lifted its position in Alkami Technology by 6,300.0% during the third quarter. Covestor Ltd now owns 2,688 shares of the company's stock worth $85,000 after purchasing an additional 2,646 shares during the period. Blue Trust Inc. grew its stake in Alkami Technology by 162.6% during 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. Icon Wealth Advisors LLC bought a new position in Alkami Technology in the 3rd quarter valued at about $155,000. Finally, GSA Capital Partners LLP acquired a new position in Alkami Technology during the third quarter valued at approximately $203,000. 54.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on ALKT shares. Barclays dropped their price objective on Alkami Technology from $41.00 to $35.00 and set an "equal weight" rating for the company in a research report on Monday, March 3rd. JPMorgan Chase & Co. raised their target price on shares of Alkami Technology from $42.00 to $45.00 and gave the company an "overweight" rating in a research report on Monday, December 9th. Stephens upgraded Alkami Technology from an "equal weight" rating to an "overweight" rating and set a $40.00 price target for the company in a research note on Thursday. Finally, The Goldman Sachs Group cut their price target on Alkami Technology from $39.00 to $32.00 and set a "neutral" rating on the stock in a research note on Monday, March 3rd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Alkami Technology has an average rating of "Moderate Buy" and a consensus price target of $41.00.

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Insider Transactions at Alkami Technology

In related news, insider Douglas A. Linebarger sold 4,358 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $30.41, for a total transaction of $132,526.78. Following the transaction, the insider now directly owns 244,404 shares of the company's stock, valued at $7,432,325.64. This trade represents a 1.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO W Bryan Hill sold 17,409 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $30.41, for a total transaction of $529,407.69. Following the transaction, the chief financial officer now owns 450,620 shares in the company, valued at approximately $13,703,354.20. This trade represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 121,767 shares of company stock valued at $4,004,934 over the last three months. Corporate insiders own 38.00% of the company's stock.

Alkami Technology Trading Up 1.8 %

Shares of Alkami Technology stock traded up $0.45 on Monday, reaching $25.71. 2,350,277 shares of the company's stock were exchanged, compared to its average volume of 657,851. The company has a market capitalization of $2.63 billion, a P/E ratio of -54.70 and a beta of 0.49. Alkami Technology, Inc. has a 52 week low of $22.65 and a 52 week high of $42.29. The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.52 and a current ratio of 3.52. The firm's 50-day moving average is $32.54 and its two-hundred day moving average is $34.65.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($0.05) 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 firm had revenue of $89.66 million during the quarter, compared to the consensus estimate of $89.63 million. Sell-side analysts predict that Alkami Technology, Inc. will post -0.34 EPS for the current fiscal year.

Alkami Technology 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.