Summit Global Investments Makes New $641,000 Investment in Alkami Technology, Inc. (NASDAQ:ALKT)

Summit Global Investments bought a new position in shares of Alkami Technology, Inc. (NASDAQ:ALKT) during the 4th quarter, Holdings Channel.com reports. The firm bought 17,471 shares of the company’s stock, valued at approximately $641,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in shares of Alkami Technology by 474.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 379,542 shares of the company’s stock worth $11,971,000 after acquiring an additional 313,478 shares during the period. FMR LLC increased its position in Alkami Technology by 10.2% during the third quarter. FMR LLC now owns 1,523,747 shares of the company’s stock worth $48,059,000 after purchasing an additional 141,319 shares during the last quarter. Geode Capital Management LLC raised its stake in Alkami Technology by 16.4% during the third quarter. Geode Capital Management LLC now owns 1,231,987 shares of the company’s stock worth $38,865,000 after purchasing an additional 173,394 shares during the period. Principal Financial Group Inc. acquired a new position in shares of Alkami Technology in the 3rd quarter valued at $875,000. Finally, Diversified Trust Co acquired a new position in shares of Alkami Technology in the 4th quarter valued at $595,000. 54.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on ALKT. Stephens upgraded Alkami Technology from an “equal weight” rating to an “overweight” rating and set a $40.00 price objective for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. increased their target price on Alkami Technology from $42.00 to $45.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. The Goldman Sachs Group cut 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. Finally, Barclays cut their price objective on Alkami Technology from $41.00 to $35.00 and set an “equal weight” 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 company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Alkami Technology Stock Up 1.1 %

Shares of NASDAQ:ALKT opened at $26.55 on Monday. 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 company has a fifty day simple moving average of $31.60 and a 200 day simple moving average of $34.41. The firm has a market cap of $2.71 billion, a PE ratio of -56.49 and a beta of 0.49. Alkami Technology, Inc. has a 12-month low of $22.65 and a 12-month high of $42.29.

Alkami Technology (NASDAQ:ALKT) last released its earnings results on Thursday, February 27th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.13). The company had revenue of $89.66 million during the quarter, compared to the consensus estimate 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, equities research analysts anticipate that Alkami Technology, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity at Alkami Technology

In related news, CFO W Bryan Hill sold 17,409 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $30.41, for a total transaction of $529,407.69. Following the completion of the sale, the chief financial officer now owns 450,620 shares of the company’s stock, valued at $13,703,354.20. This represents a 3.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction, the insider now directly owns 244,404 shares of the company’s stock, valued at $7,432,325.64. This trade represents a 1.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 121,767 shares of company stock valued at $4,004,934 over the last three months. 38.00% of the stock is owned by insiders.

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.