Alkami Technology (NASDAQ:ALKT) Price Target Cut to $40.00 by Analysts at Needham & Company LLC

Alkami Technology (NASDAQ:ALKT - Free Report) had its price objective lowered by Needham & Company LLC from $54.00 to $40.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts also recently weighed in on ALKT. Stephens raised Alkami Technology from an "equal weight" rating to an "overweight" rating and set a $40.00 price objective for the company in a research note on Thursday, March 13th. Barclays dropped their price target on Alkami Technology from $35.00 to $30.00 and set an "equal weight" rating for the company in a research report on Monday, April 14th. Finally, The Goldman Sachs Group decreased their price objective on shares of Alkami Technology from $39.00 to $32.00 and set a "neutral" rating on the stock in a research report on Monday, March 3rd. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Alkami Technology presently has a consensus rating of "Moderate Buy" and an average target price of $39.88.

Alkami Technology Price Performance

ALKT stock traded down $0.10 on Thursday, reaching $27.58. 446,266 shares of the company's stock were exchanged, compared to its average volume of 829,666. The stock has a fifty day moving average of $25.97 and a 200-day moving average of $32.97. The firm has a market cap of $2.84 billion, a PE ratio of -58.66 and a beta of 0.56. The company has a quick ratio of 3.52, a current ratio of 3.52 and a debt-to-equity ratio of 0.05. Alkami Technology has a twelve month low of $21.70 and a twelve month high of $42.29.

Alkami Technology (NASDAQ:ALKT - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.13). Alkami Technology had a negative return on equity of 11.31% and a negative net margin of 14.55%. The company had revenue of $89.66 million for the quarter, compared to analyst estimates of $89.63 million. As a group, equities analysts predict that Alkami Technology will post -0.34 EPS for the current fiscal year.

Insider Transactions at Alkami Technology

In related news, insider Douglas A. Linebarger sold 4,358 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $30.41, for a total transaction of $132,526.78. Following the sale, the insider now owns 244,404 shares in the company, valued at approximately $7,432,325.64. This trade represents a 1.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO W Bryan Hill sold 17,409 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $30.41, for a total value of $529,407.69. Following the completion of the transaction, the chief financial officer now owns 450,620 shares of the company's stock, valued at $13,703,354.20. This trade represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 18.10% of the company's stock.

Institutional Trading of Alkami Technology

A number of hedge funds have recently added to or reduced their stakes in the business. Essex Investment Management Co. LLC purchased a new position in shares of Alkami Technology during the 4th quarter worth about $34,000. Perkins Coie Trust Co increased its position in Alkami Technology by 62.5% during the first quarter. Perkins Coie Trust Co now owns 1,300 shares of the company's stock worth $34,000 after purchasing an additional 500 shares during the last quarter. Versant Capital Management Inc purchased a new position in Alkami Technology during the first quarter worth approximately $36,000. Quarry LP acquired a new position in shares of Alkami Technology in the 4th quarter valued at $61,000. Finally, Amalgamated Bank increased its holdings in shares of Alkami Technology by 50.8% during the 1st quarter. Amalgamated Bank now owns 2,091 shares of the company's stock worth $55,000 after buying an additional 704 shares during the last quarter. 54.97% of the stock is owned by institutional investors and hedge funds.

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.