JPMorgan Chase & Co. Cuts Alkami Technology (NASDAQ:ALKT) Price Target to $19.00

Key Points

• JPMorgan Chase & Co. cut its price target on Alkami Technology from $20 to $19 but kept an overweight rating, implying about 32.8% upside from the prior close.
• Analyst views on ALKT remain mixed: the stock currently has a consensus Hold rating and an average price target of $22.20, with several other firms recently lowering their targets as well.
• Alkami Technology shares were trading near their 52-week low at $14.30, and the company recently posted a quarterly EPS miss even though revenue grew 28.9% year over year.

Alkami Technology (NASDAQ:ALKT - Get Free Report) had its target price reduced by investment analysts at JPMorgan Chase & Co. from $20.00 to $19.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 32.84% from the stock's previous close.

ALKT has been the subject of a number of other research reports. Weiss Ratings reissued a "sell (e+)" rating on shares of Alkami Technology in a research report on Friday, June 5th. Citizens Jmp reduced their target price on shares of Alkami Technology from $28.00 to $23.00 and set a "market outperform" rating on the stock in a research note on Thursday, April 30th. Needham & Company LLC dropped their target price 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. Finally, Barclays reduced their price target on shares of Alkami Technology from $25.00 to $21.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 26th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $22.20.

Alkami Technology Stock Performance

ALKT stock opened at $14.30 on Monday. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of -30.56 and a beta of 0.57. The firm has a 50 day moving average of $16.52 and a two-hundred day moving average of $18.30. The company has a quick ratio of 2.30, a current ratio of 2.30 and a debt-to-equity ratio of 0.96. Alkami Technology has a 12 month low of $14.11 and a 12 month high of $31.08.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last posted 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). Alkami Technology had a negative return on equity of 8.91% and a negative net margin of 10.55%.The business had revenue of $126.14 million for the quarter, compared to analyst estimates of $125.22 million. During the same period in the previous year, the company earned $0.08 earnings per share. The company's quarterly revenue was up 28.9% compared to the same quarter last year. As a group, equities analysts anticipate that Alkami Technology will post 0.18 EPS for the current fiscal year.

Insider Activity at Alkami Technology

In other news, Director Atlantic Genpar (Bermu General acquired 675,000 shares of Alkami Technology stock in a transaction that occurred on Thursday, May 14th. The shares were acquired at an average price of $16.49 per share, with a total value of $11,130,750.00. Following the purchase, the director directly owned 19,420,994 shares of the company's stock, valued at $320,252,191.06. The trade was a 3.60% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders bought 4,041,543 shares of company stock valued at $67,594,674. Corporate insiders own 17.10% of the company's stock.

Institutional Investors Weigh In On Alkami Technology

Several hedge funds have recently bought and sold shares of the company. Amundi raised its stake in Alkami Technology by 1.9% during the 1st quarter. Amundi now owns 29,040 shares of the company's stock worth $731,000 after buying an additional 548 shares during the period. Advisors Asset Management Inc. increased its holdings in shares of Alkami Technology by 32.4% in the first quarter. Advisors Asset Management Inc. now owns 2,425 shares of the company's stock worth $64,000 after acquiring an additional 594 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Alkami Technology by 19.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,081 shares of the company's stock worth $947,000 after acquiring an additional 5,884 shares in the last quarter. Millennium Management LLC raised its position 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 purchasing an additional 274,439 shares during the period. Finally, Goldman Sachs Group Inc. raised its position 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 purchasing an additional 71,949 shares during the period. 54.97% of the stock is currently owned by institutional investors and hedge funds.

Alkami Technology Company Profile

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.

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