Principal Financial Group Inc. Makes New $875,000 Investment in Alkami Technology, Inc. (NASDAQ:ALKT)

Principal Financial Group Inc. purchased a new stake in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) during the third quarter, according to its most recent filing with the SEC. The fund purchased 27,755 shares of the company's stock, valued at approximately $875,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Olympiad Research LP purchased a new position in shares of Alkami Technology in the 3rd quarter worth $429,000. Arlington Capital Management Inc. grew its stake in shares of Alkami Technology by 3.5% in the 3rd quarter. Arlington Capital Management Inc. now owns 71,005 shares of the company's stock worth $2,239,000 after buying an additional 2,417 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in shares of Alkami Technology by 12.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 6,112 shares of the company's stock worth $193,000 after buying an additional 691 shares in the last quarter. US Bancorp DE purchased a new position in shares of Alkami Technology in the 3rd quarter worth $259,000. Finally, Taylor Frigon Capital Management LLC purchased a new position in shares of Alkami Technology in the 3rd quarter worth $2,579,000. 54.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Lake Street Capital lifted their price objective on shares of Alkami Technology from $30.00 to $36.00 and gave the stock a "buy" rating in a research note on Thursday, August 1st. Craig Hallum lifted their price target on shares of Alkami Technology from $38.00 to $45.00 and gave the stock a "buy" rating in a research note on Thursday, October 31st. Needham & Company LLC lifted their price target on shares of Alkami Technology from $43.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday, October 31st. Barclays lifted their price target on shares of Alkami Technology from $35.00 to $41.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group lifted their price target on shares of Alkami Technology from $34.00 to $39.00 and gave the stock a "neutral" rating in a research note on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $37.44.

Insider Buying and Selling

In related news, insider Stephen Bohanon sold 35,893 shares of the business's stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $33.60, for a total transaction of $1,206,004.80. Following the completion of the transaction, the insider now owns 403,786 shares in the company, valued at $13,567,209.60. The trade was a 8.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO W Bryan Hill sold 69,511 shares of the business's stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $33.34, for a total transaction of $2,317,496.74. Following the transaction, the chief financial officer now owns 489,340 shares of the company's stock, valued at approximately $16,314,595.60. This trade represents a 12.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,366,077 shares of company stock worth $125,011,332 in the last 90 days. 38.00% of the stock is owned by corporate insiders.

Alkami Technology Stock Up 5.0 %

Shares of NASDAQ:ALKT traded up $1.95 during trading hours on Friday, hitting $40.69. The company's stock had a trading volume of 1,226,685 shares, compared to its average volume of 1,063,774. Alkami Technology, Inc. has a 52 week low of $21.19 and a 52 week high of $41.36. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.52 and a quick ratio of 3.52. The company has a market capitalization of $4.09 billion, a price-to-earnings ratio of -86.57 and a beta of 0.43. The firm's fifty day moving average price is $35.10 and its 200 day moving average price is $31.62.

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.