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

Alkami Technology, Inc. (NASDAQ:ALKT) 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 traded. The stock had previously closed at $38.18.

ALKT has been the topic of a number of other research reports. The Goldman Sachs Group lifted their price target on 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 lifted their target price on shares of Alkami Technology from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. JMP Securities upped their price target on shares of Alkami Technology from $38.00 to $41.00 and gave the company a “market outperform” rating in a research report on Tuesday. Needham & Company LLC lifted their price objective on shares of Alkami Technology from $43.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Craig Hallum increased their target price on Alkami Technology from $38.00 to $45.00 and gave the company a “buy” rating in a report on Thursday. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.89.

Insider Buying and Selling

In related news, insider Stephen Bohanon sold 15,605 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $31.59, for a total transaction of $492,961.95. Following the completion of the sale, the insider now directly owns 388,181 shares in the company, valued at approximately $12,262,637.79. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Alkami Technology news, insider Stephen Bohanon sold 15,605 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $31.59, for a total transaction of $492,961.95. Following the transaction, the insider now directly owns 388,181 shares in the company, valued at $12,262,637.79. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Alex Shootman sold 37,758 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $29.75, for a total value of $1,123,300.50. Following the transaction, the chief executive officer now owns 1,056,207 shares in the company, valued at approximately $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. Over the last ninety days, insiders sold 3,648,416 shares of company stock worth $113,920,758. Corporate insiders own 38.00% of the company’s stock.

Hedge Funds Weigh In On Alkami Technology

Several institutional investors have recently bought and sold shares of ALKT. Trust Point Inc. acquired a new stake in shares of Alkami Technology in the third quarter valued at about $1,029,000. Lisanti Capital Growth LLC acquired a new stake in shares of Alkami Technology in the first quarter valued at about $3,316,000. Driehaus Capital Management LLC grew its position in shares of Alkami Technology by 56.2% in the second quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company’s stock valued at $31,080,000 after purchasing an additional 392,483 shares during the last quarter. Millennium Management LLC grew its position in shares of Alkami Technology by 124.1% in the second quarter. Millennium Management LLC now owns 514,677 shares of the company’s stock valued at $14,658,000 after purchasing an additional 284,977 shares during the last quarter. Finally, Hodges Capital Management Inc. grew its position in shares of Alkami Technology by 24.0% in the second quarter. Hodges Capital Management Inc. now owns 211,500 shares of the company’s stock valued at $6,024,000 after purchasing an additional 40,949 shares during the last quarter. 54.97% of the stock is currently owned by institutional investors.

Alkami Technology Trading Down 4.1 %

The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of -67.80 and a beta of 0.46. The company has a 50-day moving average price of $33.11 and a 200-day moving average price of $30.10. 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 released its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. Alkami Technology had a negative return on equity of 13.43% and a negative net margin of 17.47%. The business had revenue of $82.16 million for the quarter, compared to the consensus estimate of $81.32 million. During the same period last year, the business earned ($0.17) earnings per share. The firm’s revenue for the quarter was up 24.9% compared to the same quarter last year. Research analysts predict that Alkami Technology, Inc. will post -0.36 EPS for the current fiscal 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.