Bank of New York Mellon Corp Acquires 236,284 Shares of Alkami Technology, Inc. (NASDAQ:ALKT)

Bank of New York Mellon Corp grew its position in Alkami Technology, Inc. (NASDAQ:ALKT) by 81.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 525,146 shares of the company’s stock after purchasing an additional 236,284 shares during the quarter. Bank of New York Mellon Corp owned about 0.51% of Alkami Technology worth $13,785,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Perkins Coie Trust Co raised its holdings in Alkami Technology by 62.5% in the 1st quarter. Perkins Coie Trust Co now owns 1,300 shares of the company’s stock valued at $34,000 after acquiring an additional 500 shares during the last quarter. Versant Capital Management Inc acquired a new position in Alkami Technology during the 1st quarter worth about $36,000. Amalgamated Bank grew its holdings in shares of Alkami Technology by 50.8% in the first quarter. Amalgamated Bank now owns 2,091 shares of the company’s stock valued at $55,000 after purchasing an additional 704 shares in the last quarter. NBC Securities Inc. boosted its holdings in Alkami Technology by 114,550.0% in the first quarter. NBC Securities Inc. now owns 2,293 shares of the company’s stock valued at $60,000 after purchasing an additional 2,291 shares during the period. Finally, Quarry LP purchased a new stake in shares of Alkami Technology during the fourth quarter worth approximately $61,000. Institutional investors and hedge funds own 54.97% of the company’s stock.

Wall Street Analyst Weigh In

ALKT has been the topic of several analyst reports. Lake Street Capital decreased their price target on shares of Alkami Technology from $47.00 to $41.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. JMP Securities reaffirmed a “market outperform” rating and set a $46.00 price target on shares of Alkami Technology in a research report on Thursday, May 1st. Barclays cut their price target on Alkami Technology from $35.00 to $30.00 and set an “equal weight” rating on the stock in a report on Monday, April 14th. Needham & Company LLC decreased their target price on shares of Alkami Technology from $54.00 to $40.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. assumed coverage on shares of Alkami Technology in a research report on Wednesday, June 18th. They set an “overweight” rating and a $40.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $39.25.

Insiders Place Their Bets

In other news, insider Douglas A. Linebarger sold 7,170 shares of the business’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $28.36, for a total transaction of $203,341.20. Following the transaction, the insider directly owned 238,172 shares of the company’s stock, valued at approximately $6,754,557.92. The trade was a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joseph P. Payne bought 8,200 shares of the stock in a transaction dated Thursday, May 15th. The shares were acquired at an average price of $30.46 per share, with a total value of $249,772.00. Following the completion of the purchase, the director directly owned 21,128 shares of the company’s stock, valued at approximately $643,558.88. This represents a 63.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 27,690 shares of company stock worth $785,288. Company insiders own 18.10% of the company’s stock.

Alkami Technology Stock Performance

Shares of ALKT stock opened at $27.81 on Friday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 2.75 and a current ratio of 2.75. The firm has a market cap of $2.86 billion, a P/E ratio of -73.18 and a beta of 0.59. The firm’s 50 day moving average price is $29.36 and its 200-day moving average price is $29.56. Alkami Technology, Inc. has a one year low of $21.70 and a one year high of $42.29.

About Alkami Technology

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.