Needham & Company LLC Raises Alkami Technology (NASDAQ:ALKT) Price Target to $43.00

Alkami Technology (NASDAQ:ALKT) had its price objective hoisted by Needham & Company LLC from $32.00 to $43.00 in a research report sent to investors on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the company. Craig Hallum increased their target price on Alkami Technology from $31.00 to $38.00 and gave the stock a buy rating in a report on Thursday. Lake Street Capital increased their price objective on shares of Alkami Technology from $30.00 to $36.00 and gave the stock a buy rating in a report on Thursday. Barclays raised 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 report on Thursday. The Goldman Sachs Group upped their target price on shares of Alkami Technology from $28.00 to $34.00 and gave the stock a neutral rating in a research report on Thursday. 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 report on Thursday. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Alkami Technology presently has a consensus rating of Moderate Buy and a consensus price target of $32.50.

Alkami Technology Trading Down 4.8 %

Shares of ALKT stock opened at $32.24 on Thursday. The company has a market capitalization of $3.14 billion, a P/E ratio of -53.73 and a beta of 0.47. Alkami Technology has a 12-month low of $14.93 and a 12-month high of $36.00. The company has a quick ratio of 3.92, a current ratio of 3.92 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average price of $29.32 and a 200 day moving average price of $26.46.

Alkami Technology (NASDAQ:ALKT) last posted its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. The company had revenue of $82.16 million during the quarter, compared to analysts’ expectations of $81.32 million. Alkami Technology had a negative net margin of 17.47% and a negative return on equity of 13.47%. 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) earnings per share. Research analysts forecast that Alkami Technology will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Alkami Technology

In related news, Director Atlantic Genpar (Bermu General sold 1,542,821 shares of Alkami Technology stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $26.53, for a total transaction of $40,931,041.13. Following the completion of the sale, the director now directly owns 17,186,985 shares of the company’s stock, valued at $455,970,712.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Alkami Technology news, insider Stephen Bohanon sold 12,450 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $28.66, for a total value of $356,817.00. Following the completion of the sale, the insider now owns 449,552 shares of the company’s stock, valued at $12,884,160.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Atlantic Genpar (Bermu General sold 1,542,821 shares of Alkami Technology stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $26.53, for a total transaction of $40,931,041.13. Following the transaction, the director now directly owns 17,186,985 shares in the company, valued at $455,970,712.05. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,777,442 shares of company stock worth $47,335,815. Insiders own 38.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hodges Capital Management Inc. raised its position in shares of Alkami Technology by 24.0% during the second quarter. Hodges Capital Management Inc. now owns 211,500 shares of the company’s stock worth $6,024,000 after purchasing an additional 40,949 shares during the period. Rhumbline Advisers lifted its stake in Alkami Technology by 11.2% in the second quarter. Rhumbline Advisers now owns 68,658 shares of the company’s stock valued at $1,955,000 after buying an additional 6,928 shares in the last quarter. nVerses Capital LLC bought a new position in Alkami Technology in the second quarter valued at approximately $88,000. Bank of New York Mellon Corp boosted its holdings in shares of Alkami Technology by 45.8% in the second quarter. Bank of New York Mellon Corp now owns 173,294 shares of the company’s stock valued at $4,935,000 after buying an additional 54,453 shares during the period. Finally, Perkins Coie Trust Co bought a new stake in shares of Alkami Technology during the second quarter worth $85,000. 54.97% of the stock is currently owned by institutional investors.

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.