Arizona State Retirement System Purchases 1,750 Shares of Alkami Technology, Inc. (NASDAQ:ALKT)

Arizona State Retirement System grew its position in shares of Alkami Technology, Inc. (NASDAQ:ALKT) by 14.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,543 shares of the company’s stock after buying an additional 1,750 shares during the quarter. Arizona State Retirement System’s holdings in Alkami Technology were worth $386,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ALKT. Hodges Capital Management Inc. lifted its holdings in Alkami Technology by 24.0% during the second quarter. Hodges Capital Management Inc. now owns 211,500 shares of the company’s stock worth $6,024,000 after acquiring an additional 40,949 shares during the period. Rhumbline Advisers increased its position in shares of Alkami Technology by 11.2% during the 2nd quarter. Rhumbline Advisers now owns 68,658 shares of the company’s stock valued at $1,955,000 after purchasing an additional 6,928 shares during the last quarter. nVerses Capital LLC bought a new stake in shares of Alkami Technology during the 2nd quarter worth $88,000. Bank of New York Mellon Corp boosted its holdings in shares of Alkami Technology by 45.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 173,294 shares of the company’s stock worth $4,935,000 after buying an additional 54,453 shares during the last quarter. Finally, Perkins Coie Trust Co bought a new position in Alkami Technology during the second quarter valued at about $85,000. Hedge funds and other institutional investors own 54.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Needham & Company LLC lifted their price objective on shares of Alkami Technology from $32.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Barclays lifted their price target on shares of Alkami Technology from $31.00 to $35.00 and gave the stock an “equal weight” rating in a report on Thursday, August 1st. Craig Hallum increased their price objective on Alkami Technology from $31.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, August 1st. The Goldman Sachs Group boosted their target price on Alkami Technology from $28.00 to $34.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, Lake Street Capital increased their price target on Alkami Technology from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $33.89.

Alkami Technology Stock Up 1.2 %

Shares of NASDAQ ALKT opened at $30.62 on Wednesday. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.05. The company has a market cap of $2.99 billion, a P/E ratio of -51.03 and a beta of 0.47. Alkami Technology, Inc. has a 52 week low of $16.49 and a 52 week high of $36.00. The business has a 50-day simple moving average of $31.83 and a two-hundred day simple moving average of $27.87.

Alkami Technology (NASDAQ:ALKT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.03 by $0.02. Alkami Technology had a negative net margin of 17.47% and a negative return on equity of 13.43%. The company had revenue of $82.16 million during the quarter, compared to analysts’ expectations of $81.32 million. During the same quarter in the previous year, the company earned ($0.17) earnings per share. Alkami Technology’s revenue for the quarter was up 24.9% on a year-over-year basis. Research analysts anticipate that Alkami Technology, Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Transactions at Alkami Technology

In related news, CEO Alex Shootman sold 37,758 shares of Alkami Technology stock in a transaction on Monday, September 9th. The stock was sold at an average price of $29.75, for a total transaction of $1,123,300.50. Following the completion of the sale, the chief executive officer now owns 1,056,207 shares of the company’s stock, valued at $31,422,158.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Alkami Technology news, insider Stephen Bohanon sold 15,605 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $31.59, for a total value of $492,961.95. Following the completion of the transaction, the insider now owns 388,181 shares of the company’s stock, valued at approximately $12,262,637.79. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Alex Shootman sold 37,758 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $29.75, for a total transaction of $1,123,300.50. Following the completion of the transaction, the chief executive officer now directly owns 1,056,207 shares in the company, valued at approximately $31,422,158.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,593,370 shares of company stock valued at $112,203,873. 38.00% of the stock is currently owned by company insiders.

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.