Sompo Asset Management Co. Ltd. Sells 13,500 Shares of Alkami Technology, Inc. (NASDAQ:ALKT)

Sompo Asset Management Co. Ltd. trimmed its holdings in Alkami Technology, Inc. (NASDAQ:ALKT) by 55.3% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 10,920 shares of the company’s stock after selling 13,500 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Alkami Technology were worth $311,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in ALKT. Wasatch Advisors LP purchased a new position in Alkami Technology during the 1st quarter valued at $37,178,000. Lisanti Capital Growth LLC purchased a new position in Alkami Technology during the 1st quarter valued at $3,316,000. Trexquant Investment LP purchased a new position in Alkami Technology during the 4th quarter valued at $1,094,000. Quest Partners LLC purchased a new position in Alkami Technology during the 4th quarter valued at $113,000. Finally, Bank of New York Mellon Corp increased its position in Alkami Technology by 45.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 173,294 shares of the company’s stock valued at $4,935,000 after purchasing an additional 54,453 shares during the period. 54.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alkami Technology

In other Alkami Technology news, insider Stephen Bohanon sold 35,893 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $33.60, for a total transaction of $1,206,004.80. Following the transaction, the insider now owns 403,786 shares in the company, valued at approximately $13,567,209.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Alkami Technology news, insider Stephen Bohanon sold 35,893 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $33.60, for a total transaction of $1,206,004.80. Following the transaction, the insider now owns 403,786 shares in the company, valued at approximately $13,567,209.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brian R. Smith sold 83,333 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $31.17, for a total transaction of $2,597,489.61. Following the transaction, the director now owns 784,549 shares in the company, valued at approximately $24,454,392.33. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,593,370 shares of company stock worth $112,203,873. Company insiders own 38.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Needham & Company LLC upped their target price on shares of Alkami Technology from $32.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. JMP Securities upped their target price on shares of Alkami Technology from $35.00 to $38.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 1st. Lake Street Capital upped their target price on shares of Alkami Technology from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. The Goldman Sachs Group upped their target price on shares of Alkami Technology from $28.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Finally, Craig Hallum upped their target price on shares of Alkami Technology from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $33.89.

Alkami Technology Stock Performance

Shares of Alkami Technology stock opened at $31.64 on Friday. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of -52.73 and a beta of 0.47. The firm’s 50-day moving average is $31.91 and its 200 day moving average is $27.97. Alkami Technology, Inc. has a 1 year low of $16.49 and a 1 year high of $36.00. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.75 and a quick ratio of 3.75.

Alkami Technology (NASDAQ:ALKT) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. The company had revenue of $82.16 million for the quarter, compared to analysts’ expectations of $81.32 million. Alkami Technology had a negative net margin of 17.47% and a negative return on equity of 13.43%. Alkami Technology’s revenue was up 24.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.17) EPS. Sell-side analysts anticipate that Alkami Technology, Inc. will post -0.36 EPS for the current fiscal year.

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.