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

Alkami Technology, Inc. (NASDAQ:ALKT)’s stock price hit a new 52-week high on Thursday after The Goldman Sachs Group raised their price target on the stock from $34.00 to $39.00. The Goldman Sachs Group currently has a neutral rating on the stock. Alkami Technology traded as high as $40.31 and last traded at $39.93, with a volume of 4248 shares trading hands. The stock had previously closed at $38.18.

Several other research firms also recently issued reports on ALKT. Craig Hallum lifted their price target on Alkami Technology from $38.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday. Barclays boosted their price target on Alkami Technology from $35.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Thursday. Lake Street Capital increased their price objective on Alkami Technology from $30.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Needham & Company LLC boosted 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. Finally, JMP Securities increased 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 note on Tuesday. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $37.44.

Insiders Place Their Bets

In other news, major shareholder George B. Kaiser sold 1,666,666 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $31.17, for a total transaction of $51,949,979.22. Following the completion of the sale, the insider now owns 8,419,784 shares in the company, valued at approximately $262,444,667.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Alkami Technology news, major shareholder George B. Kaiser sold 1,666,666 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $31.17, for a total transaction of $51,949,979.22. Following the completion of the transaction, the insider now owns 8,419,784 shares of the company’s stock, valued at approximately $262,444,667.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $1,206,004.80. Following the sale, the insider now owns 403,786 shares in the company, valued at $13,567,209.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,648,416 shares of company stock valued at $113,920,758 over the last ninety days. 38.00% of the stock is currently owned by company insiders.

Institutional Trading of Alkami Technology

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

Alkami Technology Price Performance

The company has a market capitalization of $3.72 billion, a PE ratio of -80.00 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. The firm’s 50-day moving average is $33.18 and its 200-day moving average is $30.19.

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. The company had revenue of $82.16 million during the quarter, compared to the consensus estimate of $81.32 million. Alkami Technology had a negative return on equity of 11.43% and a negative net margin of 14.55%. Alkami Technology’s quarterly revenue was up 24.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.17) EPS. Equities analysts predict that Alkami Technology, Inc. will post -0.36 earnings per share for the current fiscal year.

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.