Brokerages Set Alkami Technology, Inc. (NASDAQ:ALKT) Price Target at $22.80

Alkami Technology, Inc. (NASDAQ:ALKT) has been assigned an average recommendation of “Hold” from the seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $22.80.

Several research analysts have commented on ALKT shares. Needham & Company LLC lowered their price objective on shares of Alkami Technology from $32.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Weiss Ratings restated a “sell (e+)” rating on shares of Alkami Technology in a research report on Friday, June 5th. JPMorgan Chase & Co. lowered their price objective on shares of Alkami Technology from $38.00 to $22.00 and set an “overweight” rating for the company in a research report on Wednesday, February 18th. Barclays lowered their price objective on shares of Alkami Technology from $25.00 to $21.00 and set an “equal weight” rating for the company in a research report on Thursday, February 26th. Finally, Citizens Jmp lowered their price objective on shares of Alkami Technology from $28.00 to $23.00 and set a “market outperform” rating for the company in a research report on Thursday, April 30th.

Alkami Technology Stock Up 1.6%

Shares of ALKT opened at $15.55 on Wednesday. Alkami Technology has a 12 month low of $14.11 and a 12 month high of $31.08. The firm’s 50 day moving average is $16.63 and its 200-day moving average is $18.43. The stock has a market capitalization of $1.66 billion, a PE ratio of -33.09 and a beta of 0.58. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt-to-equity ratio of 0.96.

Alkami Technology (NASDAQ:ALKT) last announced its earnings results on Wednesday, April 29th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.21 by ($0.30). The business had revenue of $126.14 million for the quarter, compared to the consensus estimate of $125.22 million. Alkami Technology had a negative return on equity of 8.91% and a negative net margin of 10.55%.The firm’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.08 earnings per share. Equities research analysts forecast that Alkami Technology will post 0.18 EPS for the current year.

Insider Buying and Selling

In other news, Director Atlantic Genpar (Bermu General acquired 844,772 shares of the stock in a transaction on Wednesday, May 6th. The stock was acquired at an average cost of $16.63 per share, for a total transaction of $14,048,558.36. Following the completion of the transaction, the director directly owned 17,445,994 shares in the company, valued at approximately $290,126,880.22. This trade represents a 5.09% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have purchased 4,041,543 shares of company stock worth $67,594,674 in the last three months. 17.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ALKT. Amundi grew its stake in shares of Alkami Technology by 1.9% during the first quarter. Amundi now owns 29,040 shares of the company’s stock worth $731,000 after buying an additional 548 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of Alkami Technology by 32.4% during the first quarter. Advisors Asset Management Inc. now owns 2,425 shares of the company’s stock worth $64,000 after buying an additional 594 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Alkami Technology by 19.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,081 shares of the company’s stock worth $947,000 after buying an additional 5,884 shares during the last quarter. Millennium Management LLC grew its stake in shares of Alkami Technology by 64.7% during the first quarter. Millennium Management LLC now owns 698,677 shares of the company’s stock worth $18,340,000 after buying an additional 274,439 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Alkami Technology by 11.1% during the first quarter. Goldman Sachs Group Inc. now owns 720,770 shares of the company’s stock worth $18,920,000 after buying an additional 71,949 shares during the last quarter. 54.97% of the stock is currently owned by institutional investors and hedge funds.

About Alkami Technology

Alkami Technology, Inc is a provider of cloud-based digital banking and engagement solutions tailored for banks and credit unions. The company’s platform offers a comprehensive suite of online and mobile banking features, including bill payment, peer-to-peer transfers, card management, streamlined account opening and real-time alerts, all designed to enhance the end-user experience and drive customer loyalty.

Built on a multi-tenant, software-as-a-service (SaaS) architecture hosted in the cloud, Alkami’s platform leverages modern APIs and a partner ecosystem to integrate third-party fintech applications and services.