Vanguard Group Inc. Buys 843,129 Shares of Alkami Technology, Inc. (NASDAQ:ALKT)

Vanguard Group Inc. boosted its holdings in Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 12.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,447,851 shares of the company's stock after purchasing an additional 843,129 shares during the period. Vanguard Group Inc. owned about 7.41% of Alkami Technology worth $273,187,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ALKT. Charles Schwab Investment Management Inc. boosted its stake in shares of Alkami Technology by 29.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 534,375 shares of the company's stock worth $16,854,000 after buying an additional 120,845 shares during the last quarter. FMR LLC boosted its position in Alkami Technology by 10.2% during the third quarter. FMR LLC now owns 1,523,747 shares of the company's stock valued at $48,059,000 after purchasing an additional 141,319 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Alkami Technology by 46.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,447 shares of the company's stock valued at $298,000 after purchasing an additional 3,004 shares during the last quarter. Walleye Capital LLC bought a new position in Alkami Technology in the third quarter valued at approximately $365,000. Finally, Captrust Financial Advisors increased its position in shares of Alkami Technology by 70.9% during the 3rd quarter. Captrust Financial Advisors now owns 28,482 shares of the company's stock worth $898,000 after purchasing an additional 11,813 shares during the last quarter. 54.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ALKT shares. The Goldman Sachs Group cut their price objective on Alkami Technology from $39.00 to $32.00 and set a "neutral" rating for the company in a report on Monday, March 3rd. Barclays cut their price target on shares of Alkami Technology from $41.00 to $35.00 and set an "equal weight" rating for the company in a research note on Monday, March 3rd. Finally, Stephens upgraded shares of Alkami Technology from an "equal weight" rating to an "overweight" rating and set a $40.00 price objective on the stock in a research note on Thursday, March 13th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $41.00.

Alkami Technology Stock Performance

Shares of NASDAQ:ALKT traded up $2.38 on Wednesday, reaching $24.92. 2,846,106 shares of the company's stock were exchanged, compared to its average volume of 762,958. Alkami Technology, Inc. has a twelve month low of $21.70 and a twelve month high of $42.29. The company has a fifty day moving average of $28.65 and a 200-day moving average of $33.85. The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of -53.02 and a beta of 0.56. The company has a current ratio of 3.52, a quick ratio of 3.52 and a debt-to-equity ratio of 0.05.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.08 by ($0.13). Alkami Technology had a negative return on equity of 11.31% and a negative net margin of 14.55%. The company had revenue of $89.66 million for the quarter, compared to analyst estimates of $89.63 million. On average, research analysts predict that Alkami Technology, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Alkami Technology news, insider Douglas A. Linebarger sold 4,358 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $30.41, for a total transaction of $132,526.78. Following the completion of the sale, the insider now directly owns 244,404 shares in the company, valued at $7,432,325.64. This 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 the SEC website. Also, CFO W Bryan Hill sold 100,000 shares of the firm's stock in a transaction on Monday, January 13th. The shares were sold at an average price of $33.43, for a total value of $3,343,000.00. Following the completion of the sale, the chief financial officer now directly owns 353,841 shares in the company, valued at approximately $11,828,904.63. This represents a 22.03 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 121,767 shares of company stock worth $4,004,934. Company insiders own 38.00% of the company's stock.

Alkami Technology Company 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.