Alkami Technology (NASDAQ:ALKT) Sets New 52-Week High on Analyst Upgrade

Alkami Technology, Inc. (NASDAQ:ALKT)’s share price hit a new 52-week high on Thursday after Needham & Company LLC raised their price target on the stock from $43.00 to $54.00. Needham & Company LLC currently has a buy rating on the stock. Alkami Technology traded as high as $40.31 and last traded at $39.93, with a volume of 4248 shares. The stock had previously closed at $38.18.

Other analysts have also recently issued research reports about the stock. The Goldman Sachs Group upped their price target on shares of Alkami Technology from $28.00 to $34.00 and gave the company a “neutral” 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. Lake Street Capital upped their price objective 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. Craig Hallum upped their price objective on shares of Alkami Technology from $31.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Barclays upped their price objective on shares of Alkami Technology from $31.00 to $35.00 and gave the company an “equal weight” rating in a report 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $35.44.

Insider Buying and Selling at Alkami Technology

In other news, Director Atlantic Genpar (Bermu General sold 1,666,667 shares of the stock in a transaction that occurred 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 represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Atlantic Genpar (Bermu General sold 1,666,667 shares of the stock in a transaction that occurred 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 represents a 0.00 % decrease in their position. The transaction 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 the stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 1,056,207 shares of the company’s stock, valued at $31,422,158.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,648,416 shares of company stock worth $113,920,758. Insiders own 38.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Alkami Technology by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 4,650,560 shares of the company’s stock worth $114,264,000 after buying an additional 88,390 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in Alkami Technology by 13.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,570,179 shares of the company’s stock worth $44,719,000 after purchasing an additional 181,194 shares in the last quarter. Driehaus Capital Management LLC lifted its stake in Alkami Technology by 56.2% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company’s stock worth $31,080,000 after purchasing an additional 392,483 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Alkami Technology by 12.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,053,567 shares of the company’s stock worth $30,002,000 after purchasing an additional 120,468 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in Alkami Technology by 124.1% in the 2nd quarter. Millennium Management LLC now owns 514,677 shares of the company’s stock worth $14,658,000 after purchasing an additional 284,977 shares in the last quarter. 54.97% of the stock is owned by institutional investors.

Alkami Technology Stock Up 7.1 %

The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.75 and a current ratio of 3.75. The firm has a market capitalization of $4.05 billion, a PE ratio of -70.70 and a beta of 0.46. The company’s 50 day simple moving average is $33.01 and its 200-day simple moving average is $30.05.

Alkami Technology (NASDAQ:ALKT) last posted its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.02. The business had revenue of $82.16 million for the quarter, compared to analysts’ expectations of $81.32 million. Alkami Technology had a negative net margin of 17.47% and a negative return on equity of 13.43%. The business’s revenue for the quarter was up 24.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.17) EPS. On average, analysts forecast 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.