PNC Financial Services Group Inc. Decreases Stock Position in Alkami Technology, Inc. $ALKT

PNC Financial Services Group Inc. lessened its stake in shares of Alkami Technology, Inc. (NASDAQ:ALKT) by 16.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 5,964 shares of the company’s stock after selling 1,186 shares during the period. PNC Financial Services Group Inc.’s holdings in Alkami Technology were worth $157,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of ALKT. Perkins Coie Trust Co raised its holdings in Alkami Technology by 62.5% during the 1st quarter. Perkins Coie Trust Co now owns 1,300 shares of the company’s stock valued at $34,000 after buying an additional 500 shares during the period. Versant Capital Management Inc purchased a new stake in Alkami Technology during the 1st quarter valued at $36,000. Amalgamated Bank raised its holdings in Alkami Technology by 50.8% during the 1st 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 period. NBC Securities Inc. raised its holdings in Alkami Technology by 114,550.0% during the 1st 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 period. Finally, Quarry LP purchased a new stake in Alkami Technology during the 4th quarter valued at $61,000. Hedge funds and other institutional investors own 54.97% of the company’s stock.

Analyst Ratings Changes

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

Alkami Technology Stock Performance

Shares of Alkami Technology stock opened at $22.47 on Tuesday. Alkami Technology, Inc. has a 52 week low of $19.94 and a 52 week high of $42.29. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 1.17. The stock’s fifty day moving average is $26.87 and its two-hundred day moving average is $27.82. The company has a market capitalization of $2.34 billion, a PE ratio of -59.13 and a beta of 0.57.

Insider Activity

In other news, Director Atlantic Genpar (Bermu General purchased 650,000 shares of the business’s stock in a transaction dated Monday, August 11th. The shares were purchased at an average price of $20.70 per share, for a total transaction of $13,455,000.00. Following the completion of the purchase, the director owned 11,287,274 shares in the company, valued at approximately $233,646,571.80. This represents a 6.11% increase in their position. The purchase 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 firm’s stock in a transaction 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 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 bought 1,396,162 shares of company stock worth $29,692,440 and have sold 27,690 shares worth $785,288. Insiders own 18.10% of the company’s stock.

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.