Alkami Technology (NASDAQ:ALKT) Hits New 12-Month High – Here’s What Happened

Alkami Technology, Inc. (NASDAQ:ALKT) hit a new 52-week high on Thursday . The stock traded as high as $39.85 and last traded at $39.85, with a volume of 1213 shares traded. The stock had previously closed at $38.18.

Analyst Ratings Changes

A number of brokerages have issued reports on ALKT. Lake Street Capital upped their price objective on Alkami Technology from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. The Goldman Sachs Group raised their price target on 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 stock an “equal weight” rating in a research note on Thursday, August 1st. Needham & Company LLC increased their target price on shares of Alkami Technology from $32.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Craig Hallum lifted their price target on shares of Alkami Technology from $31.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $33.89.

Alkami Technology Trading Up 2.3 %

The stock’s 50-day moving average price is $32.32 and its 200 day moving average price is $29.55. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.75 and a quick ratio of 3.75. The firm has a market capitalization of $3.81 billion, a PE ratio of -63.63 and a beta of 0.46.

Alkami Technology (NASDAQ:ALKT) last issued its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. Alkami Technology had a negative return on equity of 13.43% and a negative net margin of 17.47%. The business had revenue of $82.16 million during the quarter, compared to analyst estimates of $81.32 million. During the same period in the previous year, the company posted ($0.17) EPS. Alkami Technology’s revenue was up 24.9% on a year-over-year basis. On average, sell-side analysts expect that Alkami Technology, Inc. will post -0.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Alex Shootman sold 37,758 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $29.75, for a total value of $1,123,300.50. Following the completion of the sale, the chief executive officer now 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Brian R. Smith sold 83,333 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was 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 $24,454,392.33. This trade represents 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 this link. Also, CEO Alex Shootman sold 37,758 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $29.75, for a total transaction of $1,123,300.50. Following the completion of the transaction, the chief executive officer now owns 1,056,207 shares of the company’s stock, valued at $31,422,158.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,648,416 shares of company stock worth $113,920,758 in the last three months. Corporate insiders own 38.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Alkami Technology by 1.9% in the first quarter. Vanguard Group Inc. now owns 4,650,560 shares of the company’s stock valued at $114,264,000 after acquiring an additional 88,390 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Alkami Technology by 13.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,570,179 shares of the company’s stock worth $44,719,000 after purchasing an additional 181,194 shares in the last quarter. Wasatch Advisors LP purchased a new position in Alkami Technology during the 1st quarter worth $37,178,000. Driehaus Capital Management LLC increased its position in Alkami Technology by 56.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company’s stock valued at $31,080,000 after buying an additional 392,483 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in 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 during 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.