SCHEDULE: JANA Partners Discloses 5.1% Stake in Alkami Technology

JANA Partners Management, LP has disclosed a 5.1% beneficial ownership stake in Alkami Technology, Inc., citing the shares as undervalued.

Summary

• JANA Partners Management, LP (JANA) has acquired 5,431,388 shares of Alkami Technology, Inc. (Alkami) common stock.
• This stake represents 5.1% of Alkami's outstanding shares, based on 106,148,144 shares outstanding as of February 20, 2026.
• The aggregate purchase price for these shares was approximately $119 million.
• JANA believes Alkami's shares are undervalued and represent an attractive investment opportunity.
• JANA also holds notional principal amount derivative agreements (cash settled swaps) representing economic exposure comparable to an additional 2.8% of Alkami's shares (2,953,899 shares), with expiration dates ranging from October 16, 2028 to April 15, 2030.
• All transactions in the past 60 days were open market purchases, including 300,000 shares on February 26, 2026, at a weighted average price of $15.00, and 236,723 shares on March 25, 2026, at a weighted average price of $16.01.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this filing as highly positive, given that a prominent activist investor has taken a significant stake and explicitly stated their belief that the shares are undervalued and an attractive investment opportunity.

Positives

• JANA Partners, a private money management firm, views Alkami's shares as undervalued, suggesting potential for future price appreciation.
• The acquisition of a significant 5.1% stake by an institutional investor like JANA Partners can signal confidence in the company's long-term prospects.

Future Outlook

JANA Partners' investment thesis is based on the belief that Alkami Technology's shares are undervalued, implying an expectation of future appreciation. The firm also holds derivative agreements with expiration dates extending to April 2030, indicating a long-term view on the investment.

Industry Context

StockSavvy.ai notes that activist investor filings like this Schedule 13D often signal that a significant shareholder believes the company's current market valuation does not reflect its intrinsic value. This can put pressure on management to consider strategic alternatives or operational improvements to unlock shareholder value, a common theme in the competitive financial technology sector where growth and profitability are closely scrutinized.

Stakeholder Impact

• Shareholders: The disclosure of a significant stake by JANA Partners, an activist investor, could lead to increased scrutiny of Alkami's management and strategy, potentially driving efforts to enhance shareholder value. This could result in positive share price movement if JANA's thesis gains traction.
• Management: Alkami's management may face pressure from JANA Partners to implement changes or explore strategic options to address the perceived undervaluation.

Key Dates

Recommendation

A seasoned investor or institution would likely view JANA Partners' significant stake and explicit statement of undervaluation as a strong signal. JANA's reputation as an activist investor suggests they will actively work to unlock value, making Alkami an attractive 'strong buy' for investors aligning with this thesis, anticipating potential strategic changes or improved performance.

Keywords

Alkami Technology, JANA Partners, Schedule 13D, Institutional Ownership, Investment Opportunity, Undervalued Stock, Common Stock, Financial Technology, Fintech