Castleark Management LLC Invests $6.05 Million in Alkami Technology, Inc. (NASDAQ:ALKT)

Castleark Management LLC bought a new stake in Alkami Technology, Inc. (NASDAQ:ALKT) during the 3rd quarter, HoldingsChannel reports. The firm bought 191,820 shares of the company’s stock, valued at approximately $6,050,000.

Other institutional investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its holdings in Alkami Technology by 14.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,502 shares of the company’s stock worth $283,000 after purchasing an additional 1,460 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Alkami Technology during the 2nd quarter valued at $2,668,000. Perkins Coie Trust Co bought a new stake in shares of Alkami Technology during the 2nd quarter worth $85,000. Bank of New York Mellon Corp grew its position in Alkami Technology by 45.8% during the second quarter. Bank of New York Mellon Corp now owns 173,294 shares of the company’s stock valued at $4,935,000 after buying an additional 54,453 shares during the period. Finally, nVerses Capital LLC purchased a new stake in Alkami Technology during the second quarter worth about $88,000. Institutional investors own 54.97% of the company’s stock.

Insider Activity

In related news, CFO W Bryan Hill sold 17,807 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $38.37, for a total value of $683,254.59. Following the transaction, the chief financial officer now directly owns 353,841 shares in the company, valued at approximately $13,576,879.17. This represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stephen Bohanon sold 15,491 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $38.37, for a total transaction of $594,389.67. Following the completion of the transaction, the insider now directly owns 358,204 shares in the company, valued at $13,744,287.48. The trade was a 4.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,360,184 shares of company stock worth $245,134,620 in the last three months. Corporate insiders own 38.00% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. The Goldman Sachs Group increased their target price on shares of Alkami Technology from $34.00 to $39.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Needham & Company LLC increased their price objective on Alkami Technology from $43.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Craig Hallum boosted their target price on Alkami Technology from $38.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Barclays increased their price target on 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, JMP Securities lifted their target price on shares of Alkami Technology from $38.00 to $41.00 and gave the stock a “market outperform” rating in a research note on Tuesday, October 29th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $37.44.

Alkami Technology Stock Performance

Alkami Technology stock opened at $40.40 on Friday. Alkami Technology, Inc. has a 1-year low of $21.19 and a 1-year high of $42.29. The company has a current ratio of 3.52, a quick ratio of 3.52 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $4.06 billion, a PE ratio of -83.81 and a beta of 0.46. The firm’s 50 day simple moving average is $36.64 and its 200 day simple moving average is $32.38.

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.