Lord Abbett & CO. LLC Reduces Position in Alkami Technology, Inc. (NASDAQ:ALKT)

Lord Abbett & CO. LLC reduced its position in shares of Alkami Technology, Inc. (NASDAQ:ALKT) by 1.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 584,490 shares of the company’s stock after selling 7,699 shares during the period. Lord Abbett & CO. LLC’s holdings in Alkami Technology were worth $18,435,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. nVerses Capital LLC raised its stake in Alkami Technology by 16.1% in the third quarter. nVerses Capital LLC now owns 3,600 shares of the company’s stock valued at $114,000 after buying an additional 500 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in shares of 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 acquiring an additional 631 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Alkami Technology by 12.7% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 6,112 shares of the company’s stock worth $193,000 after acquiring an additional 691 shares in the last quarter. Park Place Capital Corp purchased a new stake in Alkami Technology during the third quarter worth approximately $28,000. Finally, Blue Trust Inc. boosted its holdings in Alkami Technology by 507.0% in the third quarter. Blue Trust Inc. now owns 1,214 shares of the company’s stock valued at $38,000 after purchasing an additional 1,014 shares in the last quarter. Institutional investors and hedge funds own 54.97% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on ALKT shares. JMP Securities raised their price objective on shares of Alkami Technology from $38.00 to $41.00 and gave the stock a “market outperform” rating in a report on Tuesday, October 29th. Craig Hallum lifted their price target 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. JPMorgan Chase & Co. upped their price objective on shares of Alkami Technology from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. Needham & Company LLC raised their price objective on Alkami Technology from $43.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, Barclays boosted their target price on Alkami Technology from $35.00 to $41.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Alkami Technology has a consensus rating of “Moderate Buy” and a consensus price target of $40.88.

Insiders Place Their Bets

In other news, Director Atlantic Genpar (Bermu General sold 3,000,000 shares of Alkami Technology stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $39.75, for a total value of $119,250,000.00. Following the sale, the director now owns 9,680,049 shares of the company’s stock, valued at $384,781,947.75. The trade was a 23.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Douglas A. Linebarger sold 5,239 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $38.02, for a total transaction of $199,186.78. Following the transaction, the insider now directly owns 248,585 shares of the company’s stock, valued at $9,451,201.70. This represents a 2.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,372,426 shares of company stock valued at $246,013,820. 38.00% of the stock is owned by company insiders.

Alkami Technology Stock Performance

NASDAQ ALKT opened at $39.61 on Monday. The firm has a market cap of $3.98 billion, a P/E ratio of -84.28 and a beta of 0.46. Alkami Technology, Inc. has a 52-week low of $22.62 and a 52-week high of $42.29. The business’s 50-day moving average price is $37.54 and its 200 day moving average price is $32.92. The company has a quick ratio of 3.52, a current ratio of 3.52 and a debt-to-equity ratio of 0.05.

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.