Alkami Technology (NASDAQ:ALKT) Reaches New 52-Week High – Time to Buy?

Alkami Technology, Inc. (NASDAQ:ALKT) hit a new 52-week high during trading on Monday . The company traded as high as $41.57 and last traded at $40.58, with a volume of 45760 shares trading hands. The stock had previously closed at $40.69.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ALKT. JMP Securities lifted their price target on shares of Alkami Technology from $38.00 to $41.00 and gave the stock a “market outperform” rating in a research note on Tuesday, October 29th. Needham & Company LLC upped their target price on shares of Alkami Technology from $43.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. The Goldman Sachs Group increased their price target on shares of Alkami Technology from $34.00 to $39.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Craig Hallum upped their price objective on Alkami Technology from $38.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, Lake Street Capital raised their target price on Alkami Technology from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $37.44.

Alkami Technology Price Performance

The stock has a fifty day moving average of $35.34 and a 200-day moving average of $31.73. The company has a quick ratio of 3.52, a current ratio of 3.52 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $3.99 billion, a P/E ratio of -84.45 and a beta of 0.43.

Insider Activity

In other news, insider Stephen Bohanon sold 35,893 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $33.60, for a total value of $1,206,004.80. Following the transaction, the insider now owns 403,786 shares of the company’s stock, valued at approximately $13,567,209.60. This trade represents a 8.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO W Bryan Hill sold 17,937 shares of Alkami Technology stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $31.59, for a total transaction of $566,629.83. Following the sale, the chief financial officer now owns 471,403 shares of the company’s stock, valued at approximately $14,891,620.77. This represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,396,321 shares of company stock valued at $126,872,573 over the last three months. 25.90% of the stock is owned by insiders.

Institutional Trading of Alkami Technology

A number of institutional investors have recently bought and sold shares of ALKT. Park Place Capital Corp acquired a new stake in shares of Alkami Technology in the 3rd quarter valued at approximately $28,000. Advisors Asset Management Inc. lifted its holdings in Alkami Technology by 117.9% during the third quarter. Advisors Asset Management Inc. now owns 1,166 shares of the company’s stock worth $37,000 after acquiring an additional 631 shares in the last quarter. Blue Trust Inc. grew its stake in Alkami Technology by 507.0% in the third quarter. Blue Trust Inc. now owns 1,214 shares of the company’s stock valued at $38,000 after acquiring an additional 1,014 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Alkami Technology during the second quarter worth about $40,000. Finally, Perkins Coie Trust Co bought a new position in shares of Alkami Technology during the 2nd quarter valued at about $85,000. Institutional investors and hedge funds own 54.97% of the company’s stock.

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.