Alkami Technology (NASDAQ:ALKT) Sets New 12-Month High - What's Next?

Alkami Technology, Inc. (NASDAQ:ALKT - Get Free Report)'s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $39.85 and last traded at $39.85, with a volume of 1213 shares trading hands. The stock had previously closed at $38.18.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Craig Hallum increased 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 increased their price objective on shares of Alkami Technology from $28.00 to $34.00 and gave the company a "neutral" rating in a research note on Thursday, August 1st. Barclays increased their price objective on shares of Alkami Technology from $31.00 to $35.00 and gave the company an "equal weight" rating in a research note on Thursday, August 1st. Lake Street Capital raised their price target on shares of Alkami Technology from $30.00 to $36.00 and gave the company a "buy" rating in a research note on Thursday, August 1st. Finally, JMP Securities raised their price target on shares of Alkami Technology from $35.00 to $38.00 and gave the company a "market outperform" rating in a research note on Thursday, August 1st. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $33.89.

Alkami Technology Price Performance

The business's 50 day moving average is $32.32 and its two-hundred day moving average is $29.55. The firm has a market cap of $3.71 billion, a P/E ratio of -63.42 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.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last announced 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 business had revenue of $82.16 million during the quarter, compared to the consensus estimate of $81.32 million. Alkami Technology had a negative net margin of 17.47% and a negative return on equity of 13.43%. Alkami Technology's quarterly revenue was up 24.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.17) earnings per share. As a group, analysts anticipate that Alkami Technology, Inc. will post -0.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO W Bryan Hill sold 69,511 shares of Alkami Technology stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $33.34, for a total transaction of $2,317,496.74. Following the completion of the transaction, the chief financial officer now directly owns 489,340 shares in the company, valued at $16,314,595.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO W Bryan Hill sold 69,511 shares of Alkami Technology stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $33.34, for a total transaction of $2,317,496.74. Following the completion of the transaction, the chief financial officer now directly owns 489,340 shares in the company, valued at $16,314,595.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephen Bohanon sold 35,893 shares of Alkami Technology stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $33.60, for a total transaction of $1,206,004.80. Following the transaction, the insider now owns 403,786 shares of the company's stock, valued at $13,567,209.60. This 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. 38.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Wasatch Advisors LP bought a new position in shares of Alkami Technology during the first quarter valued at about $37,178,000. Driehaus Capital Management LLC lifted its position in shares of Alkami Technology by 56.2% during 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 in the last quarter. Millennium Management LLC lifted its position in shares of Alkami Technology by 124.1% during 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 in the last quarter. Vanguard Group Inc. lifted its position in shares of Alkami Technology by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 4,562,170 shares of the company's stock valued at $110,633,000 after purchasing an additional 267,336 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of Alkami Technology during the first quarter valued at about $5,569,000. 54.97% of the stock is currently owned by institutional investors and hedge funds.

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.