Alkami Technology (NASDAQ:ALKT) Sets New 1-Year High on Analyst Upgrade

Alkami Technology, Inc. (NASDAQ:ALKT)’s share price hit a new 52-week high during mid-day trading on Thursday after Barclays raised their price target on the stock from $35.00 to $41.00. Barclays currently has an equal weight rating on the stock. Alkami Technology traded as high as $40.31 and last traded at $39.93, with a volume of 4248 shares changing hands. The stock had previously closed at $38.18.

Other research analysts also recently issued research reports about the company. JMP Securities increased their target price on Alkami Technology from $38.00 to $41.00 and gave the stock a “market outperform” rating in a report on Tuesday. The Goldman Sachs Group raised their price objective on Alkami Technology from $28.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Needham & Company LLC increased their target price on shares of Alkami Technology from $43.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday. Lake Street Capital lifted 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, Craig Hallum increased their price objective on shares of Alkami Technology from $38.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Alkami Technology has an average rating of “Moderate Buy” and a consensus target price of $36.89.

Insider Buying and Selling at Alkami Technology

In other Alkami Technology news, insider Stephen Bohanon sold 35,893 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $33.60, for a total value of $1,206,004.80. Following the sale, the insider now owns 403,786 shares in the company, valued at approximately $13,567,209.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Alkami Technology news, insider Stephen Bohanon sold 35,893 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $33.60, for a total transaction of $1,206,004.80. Following the completion of the transaction, the insider now owns 403,786 shares in the company, valued at approximately $13,567,209.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO W Bryan Hill sold 55,046 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $31.19, for a total value of $1,716,884.74. Following the completion of the transaction, the chief financial officer now directly owns 471,403 shares of the company’s stock, valued at approximately $14,703,059.57. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,648,416 shares of company stock valued at $113,920,758 in the last ninety days. Company insiders own 38.00% of the company’s stock.

Institutional Trading of Alkami Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in ALKT. Park Place Capital Corp acquired a new position in shares of Alkami Technology during the third quarter valued at approximately $28,000. Blue Trust Inc. increased its position in shares of Alkami Technology by 507.0% during the 3rd quarter. Blue Trust Inc. now owns 1,214 shares of the company’s stock valued at $38,000 after purchasing an additional 1,014 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Alkami Technology during the 2nd quarter valued at $40,000. Perkins Coie Trust Co bought a new stake in shares of Alkami Technology in the 2nd quarter worth $85,000. Finally, nVerses Capital LLC acquired a new stake in shares of Alkami Technology in the second quarter valued at $88,000. 54.97% of the stock is currently owned by institutional investors.

Alkami Technology Price Performance

The company has a 50 day moving average of $33.11 and a two-hundred day moving average of $30.10. The firm has a market cap of $3.62 billion, a P/E ratio of -67.80 and a beta of 0.46. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.05.

Alkami Technology (NASDAQ:ALKT) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share 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 analyst estimates of $81.32 million. During the same quarter last year, the firm posted ($0.17) EPS. The business’s revenue for the quarter was up 24.9% on a year-over-year basis. Sell-side analysts expect that Alkami Technology, Inc. will post -0.36 EPS for the current year.

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.