Covestor Ltd Increases Position in Alkami Technology, Inc. (NASDAQ:ALKT)

Covestor Ltd lifted its holdings in shares of Alkami Technology, Inc. (NASDAQ:ALKT) by 6,300.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,688 shares of the company’s stock after acquiring an additional 2,646 shares during the quarter. Covestor Ltd’s holdings in Alkami Technology were worth $85,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Driehaus Capital Management LLC boosted its stake in Alkami Technology by 56.2% in the second quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company’s stock valued at $31,080,000 after acquiring an additional 392,483 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Alkami Technology by 124.1% in the 2nd quarter. Millennium Management LLC now owns 514,677 shares of the company’s stock worth $14,658,000 after purchasing an additional 284,977 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in Alkami Technology in the first quarter valued at approximately $5,569,000. Massachusetts Financial Services Co. MA grew its holdings in Alkami Technology by 13.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,570,179 shares of the company’s stock valued at $44,719,000 after purchasing an additional 181,194 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Alkami Technology by 12.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,053,567 shares of the company’s stock worth $30,002,000 after buying an additional 120,468 shares during the last quarter. 54.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ALKT. Lake Street Capital upped their price target on Alkami Technology from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. JMP Securities upped their price objective on shares of Alkami Technology from $38.00 to $41.00 and gave the company a “market outperform” rating in a report on Tuesday, October 29th. Craig Hallum lifted their target price on shares of Alkami Technology from $38.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. The Goldman Sachs Group upped their price target on shares of Alkami Technology from $34.00 to $39.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Finally, Barclays raised their price objective on shares of Alkami Technology from $35.00 to $41.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Alkami Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.44.

Alkami Technology Stock Performance

Alkami Technology stock opened at $37.79 on Thursday. Alkami Technology, Inc. has a 1-year low of $21.19 and a 1-year high of $41.36. 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 $3.80 billion, a PE ratio of -80.40 and a beta of 0.43. The firm’s 50 day simple moving average is $33.85 and its 200 day simple moving average is $30.96.

Insider Activity

In related news, Director Atlantic Genpar (Bermu General sold 375,000 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $37.50, for a total value of $14,062,500.00. Following the sale, the director now owns 12,680,049 shares in the company, valued at approximately $475,501,837.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Alkami Technology news, insider Douglas A. Linebarger sold 5,239 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $38.02, for a total value of $199,186.78. Following the completion of the transaction, the insider now owns 248,585 shares of the company’s stock, valued at $9,451,201.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Atlantic Genpar (Bermu General sold 375,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $37.50, for a total transaction of $14,062,500.00. Following the sale, the director now owns 12,680,049 shares in the company, valued at approximately $475,501,837.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,112,491 shares of company stock worth $115,454,041 in the last three months. Corporate insiders own 38.00% of the company’s stock.

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.