Alkami Technology (NASDAQ:ALKT) Coverage Initiated at JPMorgan Chase & Co.

Equities researchers at JPMorgan Chase & Co. initiated coverage on shares of Alkami Technology (NASDAQ:ALKT - Get Free Report) in a report released on Wednesday, Marketbeat Ratings reports. The brokerage set an "overweight" rating and a $40.00 price target on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 43.11% from the company's current price.

ALKT has been the topic of several other reports. Barclays cut their target price on Alkami Technology from $35.00 to $30.00 and set an "equal weight" rating on the stock in a report on Monday, April 14th. JMP Securities reaffirmed a "market outperform" rating and set a $46.00 target price on shares of Alkami Technology in a report on Thursday, May 1st. Lake Street Capital dropped their price objective on Alkami Technology from $47.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Stephens raised Alkami Technology from an "equal weight" rating to an "overweight" rating and set a $40.00 price objective on the stock in a research note on Thursday, March 13th. Finally, Needham & Company LLC dropped their price objective on Alkami Technology from $54.00 to $40.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.25.

Alkami Technology Trading Down 1.4%

ALKT traded down $0.39 during midday trading on Wednesday, hitting $27.95. 1,371,897 shares of the company were exchanged, compared to its average volume of 883,453. The firm has a market capitalization of $2.88 billion, a P/E ratio of -73.55 and a beta of 0.58. Alkami Technology has a 1-year low of $21.70 and a 1-year high of $42.29. The firm's 50 day moving average price is $28.11 and its 200-day moving average price is $30.86. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 1.23.

Insider Activity at Alkami Technology

In related news, insider Douglas A. Linebarger sold 7,170 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $28.36, for a total value of $203,341.20. Following the completion of the sale, the insider now directly owns 238,172 shares of the company's stock, valued at $6,754,557.92. The trade was a 2.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph P. Payne bought 8,200 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was purchased at an average cost of $30.46 per share, with a total value of $249,772.00. Following the completion of the transaction, the director now directly owns 21,128 shares in the company, valued at $643,558.88. This represents a 63.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 27,690 shares of company stock valued at $785,288 in the last three months. Corporate insiders own 18.10% of the company's stock.

Institutional Trading of Alkami Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in Alkami Technology by 86.8% during the 4th quarter. Bank of New York Mellon Corp now owns 288,862 shares of the company's stock worth $10,595,000 after purchasing an additional 134,198 shares in the last quarter. Bank of America Corp DE increased its holdings in Alkami Technology by 7.1% during the 4th quarter. Bank of America Corp DE now owns 229,629 shares of the company's stock worth $8,423,000 after purchasing an additional 15,293 shares in the last quarter. Rhumbline Advisers increased its holdings in Alkami Technology by 16.9% during the 4th quarter. Rhumbline Advisers now owns 75,352 shares of the company's stock worth $2,764,000 after purchasing an additional 10,891 shares in the last quarter. Geode Capital Management LLC increased its holdings in Alkami Technology by 15.8% during the 4th quarter. Geode Capital Management LLC now owns 1,426,038 shares of the company's stock worth $52,320,000 after purchasing an additional 194,051 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Alkami Technology by 12.8% during the 4th quarter. Vanguard Group Inc. now owns 7,447,851 shares of the company's stock worth $273,187,000 after purchasing an additional 843,129 shares in the last quarter. 54.97% of the stock is owned by 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.