Alkami Technology (NASDAQ:ALKT) Stock Price Up 8.6% Following Analyst Upgrade

Alkami Technology, Inc. (NASDAQ:ALKT - Get Free Report)'s stock price rose 8.6% during trading on Thursday after Craig Hallum raised their price target on the stock from $30.00 to $31.00. Craig Hallum currently has a buy rating on the stock. Alkami Technology traded as high as $26.57 and last traded at $26.50. Approximately 142,629 shares were traded during trading, a decline of 53% from the average daily volume of 306,694 shares. The stock had previously closed at $24.40.

A number of other brokerages also recently issued reports on ALKT. JMP Securities reiterated a "market outperform" rating and issued a $30.00 price target on shares of Alkami Technology in a report on Monday, April 15th. TheStreet raised shares of Alkami Technology from a "d" rating to a "c-" rating in a research note on Thursday, February 29th. JPMorgan Chase & Co. upped their target price on shares of Alkami Technology from $27.00 to $31.00 and gave the stock an "overweight" rating in a research note on Thursday, February 29th. William Blair reaffirmed an "outperform" rating on shares of Alkami Technology in a research report on Thursday, February 29th. Finally, The Goldman Sachs Group cut shares of Alkami Technology from a "buy" rating to a "neutral" rating and increased their target price for the company from $23.00 to $27.00 in a research report on Tuesday, January 23rd. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Alkami Technology presently has an average rating of "Moderate Buy" and a consensus price target of $26.90.

Insider Activity at Alkami Technology

In other Alkami Technology news, CFO W Bryan Hill sold 50,089 shares of the business's stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $23.91, for a total transaction of $1,197,627.99. Following the completion of the transaction, the chief financial officer now owns 508,501 shares in the company, valued at approximately $12,158,258.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Alkami Technology news, insider Douglas A. Linebarger sold 33,593 shares of the company's stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $23.59, for a total value of $792,458.87. Following the transaction, the insider now directly owns 262,749 shares in the company, valued at approximately $6,198,248.91. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO W Bryan Hill sold 50,089 shares of the company's stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $23.91, for a total transaction of $1,197,627.99. Following the completion of the transaction, the chief financial officer now owns 508,501 shares in the company, valued at $12,158,258.91. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,734 shares of company stock worth $2,658,864. Corporate insiders own 38.00% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Capital International Investors raised its holdings in Alkami Technology by 15.6% in 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. Vanguard Group Inc. raised its holdings in Alkami Technology by 6.2% in 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. Massachusetts Financial Services Co. MA raised its holdings in Alkami Technology by 10.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,244,783 shares of the company's stock valued at $40,900,000 after buying an additional 217,123 shares during the period. Wasatch Advisors LP acquired a new stake in Alkami Technology in the first quarter valued at approximately $37,178,000. Finally, FMR LLC grew its position in Alkami Technology by 1.8% in the third quarter. FMR LLC now owns 1,182,327 shares of the company's stock valued at $21,542,000 after acquiring an additional 21,086 shares in the last quarter. 54.97% of the stock is currently owned by hedge funds and other institutional investors.

Alkami Technology Stock Performance

The company has a market capitalization of $2.60 billion, a PE ratio of -40.30 and a beta of 0.40. The company has a 50 day moving average price of $24.09 and a 200 day moving average price of $23.32. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.77 and a current ratio of 3.77.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last issued its earnings results on Wednesday, February 28th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.11). Alkami Technology had a negative net margin of 23.76% and a negative return on equity of 17.00%. The firm had revenue of $71.37 million for the quarter, compared to analysts' expectations of $71.12 million. Equities analysts forecast that Alkami Technology, Inc. will post -0.41 EPS for the current year.

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.