Castleark Management LLC Makes New Investment in Alkami Technology, Inc. (NASDAQ:ALKT)

Castleark Management LLC bought a new position in shares of Alkami Technology, Inc. (NASDAQ:ALKT) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 191,820 shares of the company’s stock, valued at approximately $6,050,000. Castleark Management LLC owned approximately 0.19% of Alkami Technology as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in ALKT. Park Place Capital Corp bought a new stake in Alkami Technology during the third quarter worth $28,000. Advisors Asset Management Inc. lifted its stake in Alkami Technology by 117.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,166 shares of the company’s stock valued at $37,000 after purchasing an additional 631 shares during the last quarter. Blue Trust Inc. grew its holdings in Alkami Technology by 507.0% during the third quarter. Blue Trust Inc. now owns 1,214 shares of the company’s stock worth $38,000 after purchasing an additional 1,014 shares during the period. Point72 Asset Management L.P. acquired a new position in Alkami Technology during the second quarter worth approximately $40,000. Finally, Perkins Coie Trust Co acquired a new stake in shares of Alkami Technology in the second quarter valued at approximately $85,000. Institutional investors own 54.97% of the company’s stock.

Insider Activity

In other Alkami Technology news, CFO W Bryan Hill sold 55,046 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $31.19, for a total value of $1,716,884.74. Following the completion of the transaction, the chief financial officer now directly owns 471,403 shares in the company, valued at approximately $14,703,059.57. This trade represents a 10.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Atlantic Genpar (Bermu General sold 3,000,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $39.75, for a total transaction of $119,250,000.00. Following the completion of the transaction, the director now owns 9,680,049 shares of the company’s stock, valued at approximately $384,781,947.75. This trade represents a 23.66 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,360,184 shares of company stock worth $245,134,620. Corporate insiders own 38.00% of the company’s stock.

Alkami Technology Stock Performance

Alkami Technology stock opened at $40.40 on Friday. The company has a quick ratio of 3.52, a current ratio of 3.52 and a debt-to-equity ratio of 0.05. The stock has a market cap of $4.06 billion, a PE ratio of -83.81 and a beta of 0.46. Alkami Technology, Inc. has a 12-month low of $21.19 and a 12-month high of $42.29. The business’s 50-day moving average price is $36.64 and its two-hundred day moving average price is $32.38.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. JMP Securities boosted their target price on Alkami Technology from $38.00 to $41.00 and gave the stock a “market outperform” rating in a report on Tuesday, October 29th. 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 research report on Thursday, October 31st. Needham & Company LLC increased their price objective on Alkami Technology from $43.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. The Goldman Sachs Group boosted their target price on shares of Alkami Technology from $34.00 to $39.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Finally, Craig Hallum lifted their price objective 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. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $37.44.

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.