Alkami Technology (NASDAQ:ALKT) Given New $43.00 Price Target at Needham & Company LLC

Alkami Technology (NASDAQ:ALKT) had its price target hoisted by Needham & Company LLC from $32.00 to $43.00 in a report issued on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also issued reports on ALKT. JMP Securities boosted their price target on Alkami Technology from $35.00 to $38.00 and gave the company a market outperform rating in a research note on Thursday. Barclays boosted their price target on Alkami Technology from $31.00 to $35.00 and gave the company an equal weight rating in a research note on Thursday. Lake Street Capital boosted their price target on Alkami Technology from $30.00 to $36.00 and gave the company a buy rating in a research note on Thursday. Craig Hallum boosted their price target on Alkami Technology from $31.00 to $38.00 and gave the company a buy rating in a research note on Thursday. Finally, The Goldman Sachs Group boosted their price target on Alkami Technology from $28.00 to $34.00 and gave the company a neutral rating in a research note on Thursday. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $32.50.

Alkami Technology Stock Performance

Shares of NASDAQ:ALKT traded down $1.00 during midday trading on Thursday, hitting $32.86. 57,257 shares of the stock were exchanged, compared to its average volume of 409,797. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.92 and a current ratio of 3.92. The business’s 50-day moving average price is $29.22 and its 200 day moving average price is $26.38. Alkami Technology has a 12 month low of $14.93 and a 12 month high of $36.00.

Alkami Technology (NASDAQ:ALKT) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.03. The company had revenue of $76.10 million for the quarter, compared to analyst estimates of $75.57 million. Alkami Technology had a negative return on equity of 13.47% and a negative net margin of 17.47%. The firm’s quarterly revenue was up 26.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.16) earnings per share. On average, analysts forecast that Alkami Technology will post -0.38 earnings per share for the current year.

Insider Activity

In other news, insider Douglas A. Linebarger sold 71,030 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $26.83, for a total transaction of $1,905,734.90. Following the transaction, the insider now owns 262,749 shares of the company’s stock, valued at approximately $7,049,555.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO W Bryan Hill sold 100,000 shares of Alkami Technology stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $25.72, for a total transaction of $2,572,000.00. Following the completion of the sale, the chief financial officer now owns 489,340 shares in the company, valued at approximately $12,585,824.80. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Douglas A. Linebarger sold 71,030 shares of Alkami Technology stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $26.83, for a total value of $1,905,734.90. Following the sale, the insider now owns 262,749 shares of the company’s stock, valued at approximately $7,049,555.67. The disclosure for this sale can be found here. Insiders have sold 1,848,472 shares of company stock valued at $49,241,550 in the last 90 days. Insiders own 38.00% of the company’s stock.

Hedge Funds Weigh In On Alkami Technology

A number of large investors have recently modified their holdings of ALKT. Wasatch Advisors LP purchased a new position in shares of Alkami Technology during the 1st quarter valued at about $37,178,000. Scalar Gauge Management LLC purchased a new position in shares of Alkami Technology during the 4th quarter valued at about $20,694,000. The Manufacturers Life Insurance Company raised its holdings in shares of Alkami Technology by 3,727.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 854,379 shares of the company’s stock valued at $20,719,000 after buying an additional 832,059 shares in the last quarter. Capital International Investors increased its stake in shares of Alkami Technology by 15.6% during the fourth quarter. Capital International Investors now owns 4,679,907 shares of the company’s stock valued at $113,488,000 after buying an additional 632,061 shares during the period. Finally, Vanguard Group Inc. increased its stake 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 buying an additional 267,336 shares during the period. 54.97% of the stock is owned by hedge funds and other institutional investors.

Alkami Technology Company Profile

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.