Goldman Sachs Raises Alkami Technology Price Target Amid Positive Outlook

The Goldman Sachs Group has increased its price target for Alkami Technology (NASDAQ:ALKT) from $34.00 to $39.00, according to a report released on Friday. This adjustment comes with a "neutral" rating on the stock. The new price target suggests a potential upside of 3.04% based on the stock's previous closing price.

In recent days, several other equity analysts have also provided their assessments of Alkami Technology. Barclays raised its price target from $35.00 to $41.00, maintaining an "equal weight" rating in its Thursday report. Similarly, Needham & Company LLC increased its price target for Alkami Technology from $43.00 to $54.00, giving the stock a "buy" rating in their research. Lake Street Capital also lifted its price target from $30.00 to $36.00 with a "buy" rating on August 1st. In another report, Craig Hallum increased its target from $38.00 to $45.00 while retaining its "buy" designation. JMP Securities followed suit, adjusting its price target from $38.00 to $41.00 and rating the stock as a "market outperform". Currently, three analysts have rated the stock as a "hold", while seven have given it a "buy" rating. Based on data from MarketBeat, the stock holds an average rating of "Moderate Buy" with an average target price of $37.44.

Alkami Technology's Recent Trading Activity

Alkami Technology's shares experienced a 3.4% increase, trading at $37.85 during Friday's trading session. The volume on Friday reached 394,782 shares, which falls short of its average volume of 454,115. The company's fifty-day moving average stands at $33.11, and its 200-day moving average is $30.10. Over the past year, Alkami Technology's stock has fluctuated between a low of $18.03 and a high of $41.36. The firm’s market capitalization is estimated at $3.75 billion, with a price-to-earnings (P/E) ratio of -80.81 and a beta of 0.46. Alkami holds a quick ratio and current ratio of 3.75 each, while its debt-to-equity ratio is remarkably low at 0.05.

On July 31st, Alkami Technology reported its quarterly earnings, showing earnings per share (EPS) of $0.05, surpassing the consensus estimate of $0.03 by $0.02. However, the company noted a negative net margin of 14.55% and a negative return on equity of 11.43%. The reported revenue for the quarter was $82.16 million, slightly exceeding analysts' expectations of $81.32 million. Comparatively, last year during the same quarter, the company recorded an EPS of -$0.17, indicating a significant improvement. Revenue also grew by 24.9% from the same quarter last year. Analysts predict that Alkami Technology might post an EPS of -0.36 for the current fiscal year.

Insider Trading at Alkami Technology

In other news regarding Alkami Technology, CEO Alex Shootman sold 37,758 shares on September 9th at an average price of $29.75, totaling $1,123,300.50. Following this sale, he owns 1,056,207 shares worth approximately $31,422,158.25, reflecting a negligible decrease in his ownership stake. This transaction has been officially recorded with the SEC. In a similar transaction, insider Stephen Bohanon sold 35,893 shares on August 29th for an average price of $33.60, totaling roughly $1,206,004.80. Post-sale, Bohanon holds 403,786 shares valued at about $13,567,209.60. Insiders sold a total of 3,648,416 shares of Alkami stock worth $113,920,758 over the past quarter, while insiders collectively hold 38.00% of the company's stock.

Institutional Investments in Alkami Technology

Several hedge funds and institutional investors have recently adjusted their positions in Alkami Technology. Park Place Capital Corp acquired a new stake valued around $28,000 during the third quarter. Blue Trust Inc. heightened its holdings by 507.0% during this quarter, now owning 1,214 shares after purchasing an additional 1,014 shares, bringing its total stake value to $38,000. Similarly, Point72 Asset Management L.P. and Perkins Coie Trust Co each made new investments worth approximately $40,000 and $85,000, respectively, in the second quarter. Also, nVerses Capital LLC entered a new position valued at about $88,000 during the same quarter. Approximately 54.97% of Alkami Technology's shares are currently owned by institutional investors.

A Glimpse into Alkami Technology

Founded in 2009, Alkami Technology, Inc. provides cloud-based digital banking solutions primarily for financial institutions in the United States. Their flagship product, the Alkami Platform, is designed to help these institutions attract and engage new users, enhance revenue streams, and improve operational efficiency, all through a proprietary, cloud-based system.

Alkami, Technology, Stocks