Needham & Company LLC Forecasts Strong Price Appreciation for Alkami Technology (NASDAQ:ALKT) Stock

Alkami Technology (NASDAQ:ALKT) had its price objective lifted by stock analysts at Needham & Company LLC from $43.00 to $54.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 43.62% from the company’s previous close.

A number of other research analysts have also commented on the stock. JMP Securities lifted their price objective on shares of Alkami Technology from $38.00 to $41.00 and gave the company a “market outperform” rating in a research note on Tuesday. Craig Hallum lifted their price objective on shares of Alkami Technology from $31.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. The Goldman Sachs Group boosted their price target on shares of Alkami Technology from $28.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Lake Street Capital boosted their price target on shares of Alkami Technology from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Barclays boosted their price target on shares of Alkami Technology from $31.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 1st. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.44.

Alkami Technology Price Performance

Shares of NASDAQ:ALKT opened at $37.60 on Thursday. The company’s fifty day moving average price is $33.18 and its 200 day moving average price is $30.19. Alkami Technology has a 12 month low of $18.03 and a 12 month high of $41.36. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.75 and a quick ratio of 3.75. The firm has a market capitalization of $3.72 billion, a P/E ratio of -80.00 and a beta of 0.46.

Alkami Technology (NASDAQ:ALKT) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. The company had revenue of $82.16 million for the quarter, compared to analyst estimates of $81.32 million. Alkami Technology had a negative net margin of 14.55% and a negative return on equity of 11.43%. Alkami Technology’s quarterly revenue was up 24.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.17) earnings per share. As a group, sell-side analysts predict that Alkami Technology will post -0.36 earnings per share for the current fiscal year.

Insider Transactions at Alkami Technology

In other news, Director Atlantic Genpar (Bermu General sold 1,666,667 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $31.17, for a total value of $51,950,010.39. Following the completion of the transaction, the director now directly owns 15,555,049 shares in the company, valued at approximately $484,850,877.33. This 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, Director Atlantic Genpar (Bermu General sold 1,666,667 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $31.17, for a total transaction of $51,950,010.39. Following the completion of the transaction, the director now directly owns 15,555,049 shares of the company’s stock, valued at $484,850,877.33. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Alex Shootman sold 37,758 shares of Alkami Technology stock in a transaction dated Monday, September 9th. The shares were 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 of the company’s stock, valued at $31,422,158.25. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,648,416 shares of company stock valued at $113,920,758 over the last 90 days. Corporate insiders own 38.00% of the company’s stock.

Institutional Trading of Alkami Technology

Several hedge funds have recently bought and sold shares of the company. Park Place Capital Corp bought a new stake in shares of Alkami Technology during the 3rd quarter worth about $28,000. Blue Trust Inc. raised 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 worth $38,000 after buying an additional 1,014 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Alkami Technology during the 2nd quarter worth about $40,000. Perkins Coie Trust Co bought a new stake in shares of Alkami Technology during the 2nd quarter worth about $85,000. Finally, nVerses Capital LLC bought a new stake in shares of Alkami Technology during the 2nd quarter worth about $88,000. 54.97% of the stock is currently owned by institutional investors.

Alkami Technology Company Profile

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.