Connor Clark & Lunn Investment Management Ltd. Grows Position in Alkami Technology, Inc. (NASDAQ:ALKT)

Connor Clark & Lunn Investment Management Ltd. grew its stake in Alkami Technology, Inc. (NASDAQ:ALKT) by 108.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 54,494 shares of the company’s stock after buying an additional 28,395 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Alkami Technology were worth $1,719,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. nVerses Capital LLC increased its position in shares of Alkami Technology by 16.1% in the 3rd quarter. nVerses Capital LLC now owns 3,600 shares of the company’s stock valued at $114,000 after acquiring an additional 500 shares during the period. Harbor Capital Advisors Inc. grew its stake in Alkami Technology by 12.7% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 6,112 shares of the company’s stock valued at $193,000 after purchasing an additional 691 shares during the last quarter. Park Place Capital Corp acquired a new position in shares of Alkami Technology in the third quarter valued at about $28,000. Blue Trust Inc. raised its stake in shares of Alkami Technology by 507.0% in 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 last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Alkami Technology during the second quarter worth about $40,000. 54.97% of the stock is currently owned by institutional investors and hedge funds.

Alkami Technology Stock Up 3.8 %

Shares of ALKT opened at $42.22 on Tuesday. The firm has a market cap of $4.24 billion, a P/E ratio of -89.83 and a beta of 0.43. Alkami Technology, Inc. has a 12 month low of $21.19 and a 12 month high of $42.29. The stock’s 50 day moving average is $35.34 and its two-hundred day moving average is $31.73. The company has a current ratio of 3.52, a quick ratio of 3.52 and a debt-to-equity ratio of 0.05.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Craig Hallum increased their price target on shares of Alkami Technology from $38.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Needham & Company LLC increased their price objective on shares of Alkami Technology from $43.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Barclays raised their target price 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. Lake Street Capital upped their price target on shares of Alkami Technology from $30.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, The Goldman Sachs Group boosted their price objective on Alkami Technology from $34.00 to $39.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Alkami Technology currently has an average rating of “Moderate Buy” and a consensus price target of $37.44.

Insider Activity

In related news, CFO W Bryan Hill sold 17,937 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $31.59, for a total transaction of $566,629.83. Following the completion of the transaction, the chief financial officer now owns 471,403 shares in the company, valued at $14,891,620.77. This represents a 3.67 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Alex Shootman sold 37,758 shares of Alkami Technology stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $29.75, for a total value of $1,123,300.50. Following the completion of the sale, the chief executive officer now owns 1,056,207 shares in the company, valued at approximately $31,422,158.25. The trade was a 3.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,296,566 shares of company stock worth $122,693,836 in the last quarter. Corporate insiders own 25.90% of the company’s stock.

About Alkami Technology

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.