Needham & Company LLC Lowers Alkami Technology (NASDAQ:ALKT) Price Target to $32.00

Alkami Technology (NASDAQ:ALKT) had its price objective cut by equities researchers at Needham & Company LLC from $40.00 to $32.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 57.71% from the company’s current price.

A number of other equities research analysts also recently issued reports on ALKT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Alkami Technology in a research report on Wednesday, October 8th. The Goldman Sachs Group reiterated a “neutral” rating and set a $26.00 price target on shares of Alkami Technology in a research report on Friday. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.00.

Alkami Technology Price Performance

ALKT stock opened at $20.29 on Friday. The firm has a 50 day moving average of $24.39 and a 200-day moving average of $26.30. Alkami Technology has a 12-month low of $19.28 and a 12-month high of $42.29. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 1.17. The company has a market cap of $2.11 billion, a price-to-earnings ratio of -47.19 and a beta of 0.57.

Insider Buying and Selling

In related news, Director Atlantic Genpar (Bermu General acquired 650,000 shares of the business’s stock in a transaction that occurred on Monday, August 11th. The stock was purchased at an average cost of $20.70 per share, for a total transaction of $13,455,000.00. Following the transaction, the director directly owned 11,287,274 shares of the company’s stock, valued at approximately $233,646,571.80. This trade represents a 6.11% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO W Bryan Hill sold 20,366 shares of Alkami Technology stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $24.76, for a total value of $504,262.16. Following the transaction, the chief financial officer owned 409,889 shares of the company’s stock, valued at $10,148,851.64. This represents a 4.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders purchased 1,396,162 shares of company stock worth $29,692,440 in the last ninety days. Insiders own 18.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. CWM LLC raised its position in shares of Alkami Technology by 176.2% during the 2nd quarter. CWM LLC now owns 942 shares of the company’s stock worth $28,000 after purchasing an additional 601 shares during the last quarter. First Horizon Corp purchased a new stake in Alkami Technology in the 3rd quarter worth approximately $30,000. EverSource Wealth Advisors LLC grew its stake in Alkami Technology by 398.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,146 shares of the company’s stock worth $35,000 after acquiring an additional 916 shares during the period. Assetmark Inc. purchased a new stake in Alkami Technology in the 2nd quarter worth approximately $44,000. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in Alkami Technology in the 2nd quarter worth approximately $49,000. 54.97% of the stock is currently owned by institutional investors and hedge funds.

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.