Alliancebernstein L.P. Acquires 2,661,027 Shares of Alkami Technology, Inc. (NASDAQ:ALKT)

Alliancebernstein L.P. boosted its stake in shares of Alkami Technology, Inc. (NASDAQ:ALKT) by 5,747.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,707,329 shares of the company’s stock after acquiring an additional 2,661,027 shares during the quarter. Alliancebernstein L.P. owned about 2.69% of Alkami Technology worth $99,305,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. boosted its holdings 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 purchasing an additional 615 shares during the period. Essex Investment Management Co. LLC purchased a new position in Alkami Technology during the fourth quarter worth $34,000. Quantbot Technologies LP boosted its stake in shares of Alkami Technology by 20.6% during the 3rd quarter. Quantbot Technologies LP now owns 8,915 shares of the company’s stock worth $281,000 after purchasing an additional 1,524 shares during the period. Blue Trust Inc. grew its stake in shares of Alkami Technology by 162.6% during the fourth quarter. Blue Trust Inc. now owns 3,188 shares of the company’s stock valued at $117,000 after buying an additional 1,974 shares during the last quarter. Finally, Amundi grew its position in Alkami Technology by 9.5% in the 4th quarter. Amundi now owns 28,492 shares of the company’s stock valued at $1,023,000 after acquiring an additional 2,478 shares during the last quarter. 54.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on ALKT. Barclays reduced their price target on shares of 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. 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 research report on Thursday, March 13th. JPMorgan Chase & Co. boosted their price target on Alkami Technology from $42.00 to $45.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Finally, The Goldman Sachs Group reduced their price objective 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 investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Alkami Technology has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Insiders Place Their Bets

In related news, CFO W Bryan Hill sold 17,409 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief financial officer now owns 450,620 shares in the company, valued at $13,703,354.20. This trade represents a 3.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Douglas A. Linebarger sold 4,358 shares of the company’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 $132,526.78. Following the completion of the sale, the insider now owns 244,404 shares in the company, valued at approximately $7,432,325.64. This represents a 1.75 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 121,767 shares of company stock valued at $4,004,934. 38.00% of the stock is currently owned by corporate insiders.

Alkami Technology Stock Up 1.5 %

Shares of Alkami Technology stock opened at $26.92 on Thursday. The company has a quick ratio of 3.52, a current ratio of 3.52 and a debt-to-equity ratio of 0.05. The company has a market cap of $2.75 billion, a P/E ratio of -57.28 and a beta of 0.49. The firm’s 50 day moving average price is $30.30 and its 200-day moving average price is $34.23. Alkami Technology, Inc. has a 52-week low of $22.86 and a 52-week high of $42.29.

Alkami Technology (NASDAQ:ALKT) 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). The business had revenue of $89.66 million for the quarter, compared to analyst estimates of $89.63 million. Alkami Technology had a negative return on equity of 11.31% and a negative net margin of 14.55%. On average, 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.