Summit Global Investments Makes New Investment in Alkami Technology, Inc. (NASDAQ:ALKT)

Summit Global Investments purchased a new position in shares of Alkami Technology, Inc. (NASDAQ:ALKT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 17,471 shares of the company’s stock, valued at approximately $641,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Burkehill Global Management LP purchased a new position in shares of Alkami Technology during the fourth quarter worth approximately $12,838,000. JPMorgan Chase & Co. grew its position in Alkami Technology by 474.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 379,542 shares of the company’s stock worth $11,971,000 after purchasing an additional 313,478 shares during the last quarter. Castleark Management LLC purchased a new position in Alkami Technology during the 3rd quarter worth $6,050,000. Loomis Sayles & Co. L P purchased a new position in shares of Alkami Technology during the third quarter worth about $6,032,000. Finally, Geode Capital Management LLC grew its holdings in shares of Alkami Technology by 16.4% during the third quarter. Geode Capital Management LLC now owns 1,231,987 shares of the company’s stock worth $38,865,000 after buying an additional 173,394 shares during the last quarter. Hedge funds and other institutional investors own 54.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ALKT shares. Barclays lowered their target price on Alkami Technology from $41.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Monday, March 3rd. The Goldman Sachs Group lowered their price objective on shares of Alkami Technology from $39.00 to $32.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. Stephens raised shares of Alkami Technology from an “equal weight” rating to an “overweight” rating and set a $40.00 target price on the stock in a report on Thursday, March 13th. Finally, JPMorgan Chase & Co. lifted their price objective on Alkami Technology from $42.00 to $45.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.00.

Alkami Technology Stock Up 1.1 %

ALKT opened at $26.55 on Monday. The business’s fifty day moving average is $31.60 and its two-hundred day moving average is $34.41. 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 company has a market cap of $2.71 billion, a price-to-earnings ratio of -56.49 and a beta of 0.49. Alkami Technology, Inc. has a one year low of $22.65 and a one year high of $42.29.

Alkami Technology (NASDAQ:ALKT) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate 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 business had revenue of $89.66 million during the quarter, compared to analysts’ expectations of $89.63 million. Analysts anticipate that Alkami Technology, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity at Alkami Technology

In related news, CFO W Bryan Hill sold 17,409 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $30.41, for a total value of $529,407.69. Following the sale, the chief financial officer now owns 450,620 shares of the company’s stock, valued at approximately $13,703,354.20. This represents a 3.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 value of $132,526.78. Following the completion of the sale, the insider now 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 121,767 shares of company stock valued at $4,004,934. 38.00% of the stock is owned by corporate insiders.

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.