Norges Bank Purchases New Shares in Alkami Technology, Inc. (NASDAQ:ALKT)

Norges Bank bought a new position in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 79,600 shares of the company's stock, valued at approximately $2,920,000. Norges Bank owned about 0.08% of Alkami Technology at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Essex Investment Management Co. LLC purchased a new stake in shares of Alkami Technology in the fourth quarter worth approximately $34,000. Blue Trust Inc. lifted its stake in Alkami Technology by 162.6% during the 4th quarter. Blue Trust Inc. now owns 3,188 shares of the company's stock valued at $117,000 after acquiring an additional 1,974 shares in the last quarter. Stifel Financial Corp purchased a new position in Alkami Technology during the 3rd quarter worth $223,000. Atria Investments Inc bought a new stake in shares of Alkami Technology in the 4th quarter worth $239,000. Finally, Harbor Capital Advisors Inc. grew its stake in shares of Alkami Technology by 10.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 6,727 shares of the company's stock worth $247,000 after acquiring an additional 615 shares in the last quarter. Institutional investors and hedge funds own 54.97% of the company's stock.

Insider Buying and Selling at Alkami Technology

In other news, CFO W Bryan Hill sold 17,409 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $30.41, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Douglas A. Linebarger sold 4,358 shares of the company'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 $132,526.78. Following the sale, the insider now owns 244,404 shares of the company's stock, valued at $7,432,325.64. This represents a 1.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 38.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ALKT. Stephens raised shares of Alkami Technology from an "equal weight" rating to an "overweight" rating and set a $40.00 price objective for the company in a research report on Thursday, March 13th. Barclays reduced their target price on Alkami Technology from $35.00 to $30.00 and set an "equal weight" rating for the company in a report on Monday. Finally, The Goldman Sachs Group dropped their price target on Alkami Technology from $39.00 to $32.00 and set a "neutral" rating on the stock in a report on Monday, March 3rd. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.38.

Alkami Technology Stock Performance

Alkami Technology stock traded up $0.25 during mid-day trading on Wednesday, reaching $25.20. The company's stock had a trading volume of 148,604 shares, compared to its average volume of 782,256. The company has a market capitalization of $2.60 billion, a P/E ratio of -53.51 and a beta of 0.56. The firm's fifty day moving average price is $27.77 and its two-hundred day moving average price is $33.67. Alkami Technology, Inc. has a 12-month low of $21.70 and a 12-month 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.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.05) earnings per share 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 analysts' expectations of $89.63 million. Sell-side analysts predict that Alkami Technology, Inc. will post -0.34 EPS for the current fiscal year.

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.