Citizens Jmp Cuts Alkami Technology (NASDAQ:ALKT) Price Target to $40.00

Alkami Technology (NASDAQ:ALKT) had its price objective reduced by Citizens Jmp from $46.00 to $40.00 in a research note released on Friday morning,Benzinga reports. They currently have a market outperform rating on the stock.

Several other analysts have also weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Alkami Technology in a research note on Wednesday, October 8th. The Goldman Sachs Group reiterated a “neutral” rating and set a $26.00 target price on shares of Alkami Technology in a research note on Friday. Finally, Needham & Company LLC lowered their target price on shares of Alkami Technology from $40.00 to $32.00 and set a “buy” rating for the company in a research note on Friday. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $36.00.

Alkami Technology Stock Down 7.7%

Shares of NASDAQ:ALKT opened at $20.29 on Friday. 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 fifty day simple moving average of $24.39 and a 200 day simple moving average of $26.31. The firm has a market cap of $2.11 billion, a PE ratio of -47.19 and a beta of 0.55. Alkami Technology has a 12-month low of $19.28 and a 12-month high of $42.29.

Insider Buying and Selling

In related news, CFO W Bryan Hill sold 20,366 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $24.76, for a total value of $504,262.16. Following the completion of the sale, 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Atlantic Genpar (Bermu General purchased 229,391 shares of the business’s stock in a transaction on Wednesday, August 13th. The stock was acquired at an average cost of $22.44 per share, with a total value of $5,147,534.04. Following the completion of the acquisition, the director directly owned 12,033,436 shares in the company, valued at $270,030,303.84. The trade was a 1.94% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 1,396,162 shares of company stock valued at $29,692,440 over the last 90 days. 18.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alkami Technology

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Alkami Technology by 6.7% during the first quarter. Vanguard Group Inc. now owns 7,949,573 shares of the company’s stock valued at $208,676,000 after buying an additional 501,722 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Alkami Technology by 13.4% in the second quarter. Alliancebernstein L.P. now owns 3,249,114 shares of the company’s stock worth $97,928,000 after buying an additional 383,691 shares during the last quarter. Champlain Investment Partners LLC increased its holdings in Alkami Technology by 18.6% in the second quarter. Champlain Investment Partners LLC now owns 3,064,695 shares of the company’s stock worth $92,370,000 after buying an additional 481,642 shares during the last quarter. Riverbridge Partners LLC increased its holdings in Alkami Technology by 7.2% in the third quarter. Riverbridge Partners LLC now owns 2,250,685 shares of the company’s stock worth $55,907,000 after buying an additional 151,895 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Alkami Technology by 3.1% in the second quarter. Ameriprise Financial Inc. now owns 2,012,157 shares of the company’s stock worth $60,646,000 after buying an additional 60,094 shares during the last quarter. Institutional investors own 54.97% of the company’s stock.

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.