Activist hedge fund Jana Partners has taken a new position in Alkami Technology during the third quarter, according to a report by Reuters citing unnamed people familiar with the matter — a move that signals growing activist attention on the under-pressure digital banking software provider.
The size of the stake has not been disclosed, but it is expected to appear in Jana’s upcoming 13F filing, which will reveal its US equity holdings as of the end of Q3.
Alkami, headquartered in Plano, Texas, provides cloud-based digital banking tools used for account opening, fraud prevention and data analytics. The company’s shares have dropped 46% over the past year, pressured by the costly acquisition of account-opening platform MANTL, slowing growth in Q2 and a revenue guidance cut in Q3. Alkami currently trades near $20, giving it a market value of about $2bn.
Despite the sell-off, analysts remain positive on its technology platform, assigning a median price target of $32.56 – representing roughly 60% upside.
The stake comes as consolidation interest in fintech accelerates. Private equity firm Centerbridge agreed to acquire MeridianLink for $2bn in August, and major Alkami shareholder General Atlantic shifted to an “active” filing status this summer, signalling it may push for strategic changes or even a sale.
Jana has a long record of activism in the sector, having played roles in the takeovers of New Relic and Frontier Communications.
