Principal Financial Group Inc. Buys 850 Shares of Alkami Technology, Inc. (NASDAQ:ALKT)

Principal Financial Group Inc. increased its stake in shares of Alkami Technology, Inc. (NASDAQ:ALKT) by 2.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,892 shares of the company’s stock after acquiring an additional 850 shares during the quarter. Principal Financial Group Inc.’s holdings in Alkami Technology were worth $837,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Perkins Coie Trust Co boosted its position in shares of Alkami Technology by 62.5% during the first quarter. Perkins Coie Trust Co now owns 1,300 shares of the company’s stock valued at $34,000 after purchasing an additional 500 shares in the last quarter. Versant Capital Management Inc purchased a new position in Alkami Technology during the first quarter valued at $36,000. Quarry LP purchased a new position in Alkami Technology during the fourth quarter valued at $61,000. Amalgamated Bank raised its stake in Alkami Technology by 50.8% during the first quarter. Amalgamated Bank now owns 2,091 shares of the company’s stock valued at $55,000 after buying an additional 704 shares during the last quarter. Finally, NBC Securities Inc. raised its stake in Alkami Technology by 114,550.0% during the first quarter. NBC Securities Inc. now owns 2,293 shares of the company’s stock valued at $60,000 after buying an additional 2,291 shares during the last quarter. 54.97% of the stock is currently owned by institutional investors.

Alkami Technology Trading Down 0.4%

Shares of ALKT stock opened at $27.81 on Friday. Alkami Technology, Inc. has a 1 year low of $21.70 and a 1 year high of $42.29. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.75 and a quick ratio of 2.75. The stock’s 50 day simple moving average is $29.36 and its two-hundred day simple moving average is $29.56. The company has a market cap of $2.86 billion, a PE ratio of -73.18 and a beta of 0.59.

Analysts Set New Price Targets

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

Insider Activity

In other news, insider Douglas A. Linebarger sold 7,170 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $28.36, for a total transaction of $203,341.20. Following the transaction, the insider owned 238,172 shares of the company’s stock, valued at approximately $6,754,557.92. This represents a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO W Bryan Hill sold 20,365 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $28.36, for a total value of $577,551.40. Following the transaction, the chief financial officer directly owned 430,255 shares in the company, valued at approximately $12,202,031.80. This represents a 4.52% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,690 shares of company stock valued at $785,288. 18.10% of the stock is currently owned by 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.