Alkami Technology (NASDAQ:ALKT) Posts Earnings Results

Alkami Technology (NASDAQ:ALKT) released its quarterly earnings data on Wednesday. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.03, Briefing.com reports. The firm had revenue of $76.10 million for the quarter, compared to analyst estimates of $75.57 million. Alkami Technology had a negative net margin of 20.42% and a negative return on equity of 15.31%. The business’s quarterly revenue was up 26.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.16) earnings per share. Alkami Technology updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Alkami Technology Stock Performance

Shares of ALKT stock traded up $0.64 during trading hours on Friday, hitting $27.33. 622,085 shares of the company were exchanged, compared to its average volume of 321,106. The company has a current ratio of 3.77, a quick ratio of 3.77 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of -45.55 and a beta of 0.40. The firm has a fifty day simple moving average of $24.12 and a 200 day simple moving average of $23.35. Alkami Technology has a 52-week low of $11.23 and a 52-week high of $27.87.

Insider Activity at Alkami Technology

In related news, insider Douglas A. Linebarger sold 33,593 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $23.59, for a total transaction of $792,458.87. Following the sale, the insider now directly owns 262,749 shares in the company, valued at approximately $6,198,248.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Alkami Technology news, insider Stephen Bohanon sold 29,052 shares of Alkami Technology stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $23.02, for a total transaction of $668,777.04. Following the completion of the transaction, the insider now owns 434,823 shares of the company’s stock, valued at approximately $10,009,625.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Douglas A. Linebarger sold 33,593 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $23.59, for a total transaction of $792,458.87. Following the completion of the sale, the insider now directly owns 262,749 shares in the company, valued at $6,198,248.91. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,734 shares of company stock worth $2,658,864. Insiders own 38.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Needham & Company LLC lifted their price target on Alkami Technology from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. The Goldman Sachs Group lowered Alkami Technology from a “buy” rating to a “neutral” rating and increased their price target for the company from $23.00 to $27.00 in a research report on Tuesday, January 23rd. JPMorgan Chase & Co. raised their price objective on Alkami Technology from $27.00 to $31.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. TheStreet upgraded shares of Alkami Technology from a “d” rating to a “c-” rating in a research note on Thursday, February 29th. Finally, Barclays raised their price target on shares of Alkami Technology from $26.00 to $27.00 and gave the company an “equal weight” rating in a research report on Thursday, February 29th. Three investment analysts have rated the stock with a hold rating and eight have assigned 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 $26.90.

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.