Alkami Technology (NASDAQ:ALKT) Rating Lowered to Hold at Zacks Research

Alkami Technology (NASDAQ:ALKT) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other research firms also recently issued reports on ALKT. Barclays reduced their price target on shares of Alkami Technology from $30.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Friday, October 31st. The Goldman Sachs Group decreased their target price on Alkami Technology from $29.00 to $26.00 and set a “neutral” rating for the company in a research note on Friday, October 31st. Citizens Jmp dropped their price target on Alkami Technology from $46.00 to $40.00 and set a “market outperform” rating on the stock in a research report on Friday, October 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of Alkami Technology in a report on Wednesday, October 8th. Finally, Needham & Company LLC lowered their price objective on Alkami Technology from $40.00 to $32.00 and set a “buy” rating for the company in a research note on Friday, October 31st. Six equities research analysts have rated the stock with a Buy rating, three have assigned 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 a consensus rating of “Moderate Buy” and an average target price of $36.00.

Alkami Technology Stock Performance

Shares of ALKT opened at $19.09 on Tuesday. The stock has a market capitalization of $2.00 billion, a PE ratio of -44.40 and a beta of 0.55. The business’s fifty day moving average price is $24.06 and its 200 day moving average price is $26.19. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.17 and a quick ratio of 2.68. Alkami Technology has a 12-month low of $18.84 and a 12-month high of $42.29.

Insider Activity

In related news, CFO W Bryan Hill sold 20,366 shares of Alkami Technology stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $24.76, for a total transaction of $504,262.16. Following the sale, the chief financial officer directly owned 409,889 shares in the company, valued at $10,148,851.64. The trade was a 4.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Atlantic Genpar (Bermu General bought 650,000 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The stock was bought at an average price of $20.70 per share, with a total value of $13,455,000.00. Following the transaction, the director directly owned 11,287,274 shares in the company, valued at $233,646,571.80. This represents a 6.11% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 1,396,162 shares of company stock valued at $29,692,440. Company insiders own 18.10% of the company’s stock.

Institutional Investors Weigh In On Alkami Technology

A number of institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its stake in Alkami Technology by 27.6% during the 2nd quarter. Blue Trust Inc. now owns 1,852 shares of the company’s stock valued at $56,000 after purchasing an additional 401 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Alkami Technology by 18.8% in the first quarter. Covestor Ltd now owns 3,252 shares of the company’s stock valued at $85,000 after buying an additional 514 shares during the period. AlphaQuest LLC boosted its stake in Alkami Technology by 54.5% during the third quarter. AlphaQuest LLC now owns 1,542 shares of the company’s stock valued at $38,000 after buying an additional 544 shares in the last quarter. Amundi boosted its stake in Alkami Technology by 1.9% during the first quarter. Amundi now owns 29,040 shares of the company’s stock valued at $731,000 after buying an additional 548 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in Alkami Technology by 32.4% during the first quarter. Advisors Asset Management Inc. now owns 2,425 shares of the company’s stock worth $64,000 after acquiring an additional 594 shares during the period. 54.97% of the stock is currently owned by institutional investors and hedge funds.

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.