Alkami Technology (NASDAQ:ALKT) Hits New 12-Month High on Analyst Upgrade

Alkami Technology, Inc. (NASDAQ:ALKT - Get Free Report)'s stock price 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. The stock had previously closed at $38.18.

Several other research analysts also recently weighed in on the company. Lake Street Capital upped their target price on Alkami Technology from $30.00 to $36.00 and gave the stock a "buy" rating in a research note on Thursday, August 1st. Craig Hallum lifted their price objective on Alkami Technology from $38.00 to $45.00 and gave the stock a "buy" rating in a report on Thursday. Needham & Company LLC increased their target price on Alkami Technology from $43.00 to $54.00 and gave the company a "buy" rating in a report on Thursday. JMP Securities lifted their price target on Alkami Technology from $38.00 to $41.00 and gave the stock a "market outperform" rating in a research note on Tuesday. Finally, The Goldman Sachs Group boosted their price target on Alkami Technology from $28.00 to $34.00 and gave the stock a "neutral" rating in a research report on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $36.89.

Insider Activity

In other news, Director Brian R. Smith sold 83,333 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $31.17, for a total transaction of $2,597,489.61. Following the completion of the transaction, the director now directly owns 784,549 shares of the company's stock, valued at approximately $24,454,392.33. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Stephen Bohanon sold 15,605 shares of Alkami Technology stock in a transaction that occurred 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 transaction, the insider now directly owns 388,181 shares in the company, valued at $12,262,637.79. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Brian R. Smith sold 83,333 shares of the company's stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $31.17, for a total transaction of $2,597,489.61. Following the completion of the transaction, the director now owns 784,549 shares in the company, valued at approximately $24,454,392.33. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,648,416 shares of company stock valued at $113,920,758 over the last quarter. Corporate insiders own 38.00% of the company's stock.

Institutional Trading of Alkami Technology

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Alkami Technology by 1.9% during the first 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 grew its holdings in Alkami Technology by 13.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,570,179 shares of the company's stock valued at $44,719,000 after purchasing an additional 181,194 shares in the last quarter. Driehaus Capital Management LLC increased its stake in Alkami Technology by 56.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company's stock worth $31,080,000 after buying an additional 392,483 shares during the period. Dimensional Fund Advisors LP lifted its holdings 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 buying an additional 120,468 shares in the last quarter. Finally, Millennium Management LLC boosted its position in Alkami Technology by 124.1% in the 2nd quarter. Millennium Management LLC now owns 514,677 shares of the company's stock valued at $14,658,000 after buying an additional 284,977 shares during the last quarter. 54.97% of the stock is owned by institutional investors and hedge funds.

Alkami Technology Stock Down 4.1 %

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 has a 50 day moving average price of $33.01 and a two-hundred day moving average price of $30.05. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of -68.41 and a beta of 0.46.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $82.16 million for the quarter, compared to the consensus estimate of $81.32 million. Alkami Technology had a negative return on equity of 13.43% and a negative net margin of 17.47%. Alkami Technology's revenue for the quarter was up 24.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.17) EPS. As a group, sell-side analysts expect that Alkami Technology, Inc. will post -0.36 earnings per share for the current 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.