Alkami Technology (NASDAQ:ALKT) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

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

Alkami Technology Price Performance

ALKT opened at $27.33 on Friday. Alkami Technology has a fifty-two week low of $11.23 and a fifty-two week high of $27.87. The business has a 50-day moving average of $24.15 and a 200-day moving average of $23.41. The company has a quick ratio of 3.77, a current ratio of 3.77 and a debt-to-equity ratio of 0.06.

Insider Transactions at Alkami Technology

In other news, CFO W Bryan Hill sold 50,089 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $23.91, for a total transaction of $1,197,627.99. Following the completion of the sale, the chief financial officer now directly owns 508,501 shares of the company’s stock, valued at approximately $12,158,258.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO W Bryan Hill sold 50,089 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $23.91, for a total transaction of $1,197,627.99. Following the completion of the sale, the chief financial officer now directly owns 508,501 shares of the company’s stock, valued at approximately $12,158,258.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas A. Linebarger sold 33,593 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $23.59, for a total value of $792,458.87. Following the sale, the insider now directly owns 262,749 shares of the company’s stock, valued at $6,198,248.91. The disclosure for this sale can be found here. Insiders sold 112,734 shares of company stock valued at $2,658,864 in the last three months. Corporate insiders own 38.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ALKT shares. Needham & Company LLC increased their price target on Alkami Technology from $30.00 to $32.00 and gave the company a “buy” rating in a research report 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. TheStreet upgraded Alkami Technology from a “d” rating to a “c-” rating in a research report on Thursday, February 29th. JMP Securities reiterated a “market outperform” rating and issued a $30.00 price target on shares of Alkami Technology in a research report on Monday, April 15th. Finally, Barclays increased their price target on 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 given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.