JMP Securities Increases Alkami Technology Price Target to $41.00

JMP Securities has raised its price target for Alkami Technology (NASDAQ:ALKT) from $38.00 to $41.00, as reported on Tuesday. The firm has maintained a market outperform rating on the company's stock.

In addition to JMP Securities, several other equity analysts have updated their projections for Alkami Technology. For instance, Lake Street Capital set their target at $36.00, increasing from a previous $30.00, while also assigning a 'buy' rating on August 1st. Similarly, Needham & Company LLC raised their price objective from $32.00 to $43.00, and likewise gave the company a 'buy' rating on the same date. Barclays adjusted their target from $31.00 to $35.00 and issued an 'equal weight' rating, while Craig Hallum also increased their target from $31.00 to $38.00 and provided a 'buy' rating. The Goldman Sachs Group raised their price target from $28.00 to $34.00, maintaining a 'neutral' rating.

Overall, three investment analysts have rated Alkami Technology as a hold, while seven have issued buy ratings. According to MarketBeat.com, the stock currently enjoys a consensus rating of 'Moderate Buy' with an average price target set at $37.44.

Alkami Technology Stock Overview

On Tuesday, shares of NASDAQ: ALKT opened at $37.60. The stock's fifty-day moving average is $33.18, with a two-hundred-day moving average of $30.19. Alkami Technology has a market capitalization of $3.72 billion, a debt-to-equity ratio of 0.05, and a beta of 0.46. Over the past year, the stock reached a low of $18.03 and a high of $41.36.

The company recently reported its quarterly earnings on July 31st, showing earnings per share (EPS) of $0.05, which exceeded analysts’ expected EPS of $0.03 by $0.02. The total revenue for the quarter was $82.16 million, surpassing the forecast of $81.32 million. This marks a year-over-year revenue growth of 24.9%. Analysts predict that Alkami will post an EPS of -0.36 for the current fiscal year.

Insider Activity

In recent news regarding insider transactions, CFO W. Bryan Hill sold 55,046 shares of Alkami stock on September 23rd, with the shares averaging a selling price of $31.19. The total value of this transaction was approximately $1.72 million. After this sale, Hill maintains ownership of 471,403 shares amounting to about $14.70 million.

Additionally, on August 12th, Director Atlantic Genpar sold 1,666,667 shares at an average price of $31.17, totaling around $51.95 million. Post-sale, the director holds approximately 15.56 million shares of the stock valued at $484.85 million. In total, insiders have sold more than 3.64 million shares, valued at around $113.92 million over the past ninety days. Insiders own about 38% of the company's stock.

Recent Hedge Fund Activity

In terms of institutional and hedge fund participation, several investors have moved in and out of Alkami stock recently. Vanguard Group, for instance, increased its shareholding by 1.9% in the first quarter, holding now 4,650,560 shares valued at approximately $114.26 million. Massachusetts Financial Services also grew its stake by 13.0%, acquiring an additional 181,194 shares for a total of 1,570,179 shares valued at about $44.72 million.

Driehaus Capital Management expanded its position by 56.2%, owning 1,091,276 shares post-acquisition. Dimensional Fund Advisors raised their stake by 12.9% as well. Lastly, Millennium Management enhanced its position in Alkami Technology significantly by 124.1% during the second quarter.

Currently, institutional ownership accounts for approximately 54.97% of Alkami Technology.

Company Profile

Alkami Technology, Inc. specializes in offering cloud-based digital banking solutions across the United States. Their Alkami Platform enables financial institutions to onboard and engage new users effectively while improving revenue generation and operational efficiency through a proprietary, cloud-based, multi-tenant architecture.

JMP, Alkami, Stock