Alkami Technology (NASDAQ:ALKT) Research Coverage Started at JPMorgan Chase & Co.

JPMorgan Chase & Co. initiated coverage on shares of Alkami Technology (NASDAQ:ALKT) in a research report released on Wednesday morning, MarketBeat reports. The firm issued an overweight rating and a $40.00 target price on the stock.

Several other equities research analysts have also recently issued reports on ALKT. JMP Securities reiterated a “market outperform” rating and set a $46.00 price objective on shares of Alkami Technology in a research report on Thursday, May 1st. The Goldman Sachs Group reduced 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. Lake Street Capital cut their target price on shares of Alkami Technology from $47.00 to $41.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Stephens raised shares of Alkami Technology from an “equal weight” rating to an “overweight” rating and set a $40.00 target price for the company in a report on Thursday, March 13th. Finally, Needham & Company LLC cut their target price on shares of Alkami Technology from $54.00 to $40.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.25.

Alkami Technology Trading Down 1.4%

Alkami Technology stock opened at $27.95 on Wednesday. The stock has a market cap of $2.88 billion, a P/E ratio of -73.55 and a beta of 0.58. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.75 and a quick ratio of 2.75. Alkami Technology has a 1 year low of $21.70 and a 1 year high of $42.29. The firm’s 50 day moving average price is $28.11 and its 200-day moving average price is $30.92.

Insider Activity at Alkami Technology

In other news, Director Joseph P. Payne acquired 8,200 shares of the company’s stock in a transaction on Thursday, May 15th. The stock was bought at an average cost of $30.46 per share, with a total value of $249,772.00. Following the completion of the purchase, the director now directly owns 21,128 shares of the company’s stock, valued at $643,558.88. This represents a 63.43% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO W Bryan Hill sold 20,365 shares of Alkami Technology stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $28.36, for a total transaction of $577,551.40. Following the transaction, the chief financial officer now directly owns 430,255 shares of the company’s stock, valued at $12,202,031.80. The trade was a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,690 shares of company stock valued at $785,288. 18.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ALKT. Rhumbline Advisers boosted its stake in Alkami Technology by 16.9% during the fourth quarter. Rhumbline Advisers now owns 75,352 shares of the company’s stock worth $2,764,000 after buying an additional 10,891 shares during the period. Principal Financial Group Inc. boosted its stake in Alkami Technology by 11.8% during the fourth quarter. Principal Financial Group Inc. now owns 31,042 shares of the company’s stock worth $1,139,000 after buying an additional 3,287 shares during the period. New York State Common Retirement Fund boosted its stake in Alkami Technology by 33.5% during the fourth quarter. New York State Common Retirement Fund now owns 44,567 shares of the company’s stock worth $1,635,000 after buying an additional 11,175 shares during the period. Private Advisor Group LLC purchased a new position in Alkami Technology during the fourth quarter worth $308,000. Finally, Handelsbanken Fonder AB purchased a new position in Alkami Technology during the fourth quarter worth $451,000. 54.97% of the stock is owned by hedge funds and other institutional investors.

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.