JANA Sells 1.4 Million Alkami Shares, Slipping Below 5% To Open Private Talks With Board
The activist investor now holds 4.98% of Alkami and says the lower stake gives it more room to talk privately with directors.
JANA Partners sold 1,412,000 Alkami shares in the open market between October 20 and October 28, dropping its stake in the digital banking software company to 4.98%. In an amended ownership filing made Friday, the activist fund said the cut puts it below the reporting threshold and gives it "greater flexibility to engage in private discussions with the Board."
Four sales across nine days
JANA Partners Management now holds 5,335,707 Alkami shares, with sole voting power over all of them. The 4.98% figure is measured against 107,042,319 shares outstanding as of September 30, 2026, the count in Alkami's quarterly report filed October 29.
The trading schedule lists four sales on four trade dates, all in the open market:
- October 20: 475,802 shares at $14.32.
- October 21: 539,198 shares at $14.97.
- October 27: 43,000 shares at $15.35.
- October 28: 354,000 shares at $15.25.
October 28 is the event date that triggered the amendment. Alkami shares closed at $12.40 on Friday, below every sale price on the schedule.
From activist filer to quiet talks
The filing is the second amendment to the Schedule 13D, the public disclosure an activist investor must file once it holds more than 5%. JANA first reported its position in that document on June 29, 2026. Dropping under the threshold changes what JANA has to tell the market, and the fund says that is the point.
Alkami, based in Plano, Texas, sells cloud-based software that lets community, regional and super-regional banks and credit unions offer digital banking, online account opening, and data and marketing tools. As of December 31, 2025, it served 301 financial institutions on its digital banking platform and had 22.4 million live registered users. SaaS subscriptions made up 95.0% of its 2025 revenue of $443.6 million.
The company has a market value of $1.4 billion based on Friday's close.
JANA sold at prices ranging from $14.32 to $15.35 a share over those four trading days, and the stock closed Friday at $12.40.
Sources
- SCHEDULE 13D/A — JANA Partners Management, LP re: ALKAMI TECHNOLOGY, INC. (ALKT) — SEC EDGAR
- SCHEDULE 13D/A Exhibit 99 — SCHEDULE A — SEC EDGAR
