Alkami Technology (NASDAQ:ALKT) Price Target Raised to $54.00

Alkami Technology (NASDAQ:ALKT) had its target price lifted by Needham & Company LLC from $43.00 to $54.00 in a research note published on Thursday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other equities research analysts also recently issued reports on ALKT. The Goldman Sachs Group raised their price objective on shares of Alkami Technology from $28.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Barclays lifted 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. JMP Securities boosted their target price on shares of Alkami Technology from $38.00 to $41.00 and gave the company a “market outperform” rating in a report on Tuesday. Craig Hallum boosted their target price on shares of Alkami Technology from $31.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Lake Street Capital boosted their target price on shares of Alkami Technology from $30.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $36.89.

Alkami Technology Stock Performance

ALKT stock traded up $0.63 during mid-day trading on Thursday, hitting $37.24. 37,065 shares of the company were exchanged, compared to its average volume of 452,428. The business has a 50 day simple moving average of $33.11 and a 200-day simple moving average of $30.10. The company has a current ratio of 3.75, a quick ratio of 3.75 and a debt-to-equity ratio of 0.05. Alkami Technology has a 1-year low of $18.03 and a 1-year high of $41.36.

Alkami Technology (NASDAQ:ALKT) last issued 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 firm 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 14.55% and a negative return on equity of 11.43%. The business’s revenue for the quarter was up 24.9% compared to the same quarter last year. During the same period last year, the business posted ($0.17) earnings per share. Equities analysts expect that Alkami Technology will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Alkami Technology

In other Alkami Technology news, Director Brian R. Smith sold 83,333 shares of Alkami Technology stock in a transaction that occurred on 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 transaction, the director now owns 784,549 shares of the company’s stock, valued at $24,454,392.33. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Alkami Technology news, CEO Alex Shootman sold 37,758 shares of Alkami Technology stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $29.75, for a total transaction of $1,123,300.50. Following the completion of the sale, the chief executive officer now directly owns 1,056,207 shares in the company, valued at approximately $31,422,158.25. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Brian R. Smith sold 83,333 shares of Alkami Technology stock in a transaction that occurred on 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 sale, the director now owns 784,549 shares of the company’s stock, valued at approximately $24,454,392.33. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,648,416 shares of company stock valued at $113,920,758 over the last 90 days. 38.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Alkami Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALKT. Vanguard Group Inc. increased 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 purchasing an additional 88,390 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Alkami Technology by 13.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,570,179 shares of the company’s stock valued at $44,719,000 after acquiring an additional 181,194 shares during the period. Driehaus Capital Management LLC lifted its holdings in Alkami Technology by 56.2% in the second quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company’s stock valued at $31,080,000 after acquiring an additional 392,483 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Alkami Technology by 12.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,053,567 shares of the company’s stock valued at $30,002,000 after buying an additional 120,468 shares in the last quarter. Finally, Millennium Management LLC increased its position in shares of Alkami Technology by 124.1% in the second 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 in the last quarter. Hedge funds and other institutional investors own 54.97% of the company’s stock.

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.