Zacks Research Downgrades Alkami Technology (NASDAQ:ALKT) to Hold

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

Other equities analysts have also issued research reports about the company. Citizens Jmp reduced their price objective on Alkami Technology from $46.00 to $40.00 and set a “market outperform” rating on the stock in a research note on Friday, October 31st. The Goldman Sachs Group reduced their price objective on Alkami Technology from $29.00 to $26.00 and set a “neutral” rating on the stock in a research note on Friday, October 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of Alkami Technology in a research note on Wednesday, October 8th. Barclays reduced their price objective on Alkami Technology from $30.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Friday, October 31st. Finally, Needham & Company LLC reduced their price objective on Alkami Technology from $40.00 to $32.00 and set a “buy” rating on the stock in a research note on Friday, October 31st. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Alkami Technology presently has a consensus rating of “Moderate Buy” and an average target price of $36.00.

Alkami Technology Price Performance

Alkami Technology stock opened at $19.09 on Tuesday. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.17 and a quick ratio of 2.68. The company has a market capitalization of $2.00 billion, a PE ratio of -44.40 and a beta of 0.55. Alkami Technology has a one year low of $18.84 and a one year high of $42.29. The business has a 50 day simple moving average of $24.06 and a 200 day simple moving average of $26.19.

Insider Transactions at Alkami Technology

In other news, CFO W Bryan Hill sold 20,366 shares of the business’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $24.76, for a total transaction of $504,262.16. Following the completion of the sale, the chief financial officer 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Prerna Sachdeva sold 2,967 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $24.76, for a total value of $73,462.92. Following the completion of the sale, the chief accounting officer owned 66,061 shares of the company’s stock, valued at $1,635,670.36. This represents a 4.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders bought a total of 1,396,162 shares of company stock worth $29,692,440 over the last 90 days. 18.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Alkami Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALKT. Amalgamated Bank increased its holdings in Alkami Technology by 50.8% in the first quarter. Amalgamated Bank now owns 2,091 shares of the company’s stock valued at $55,000 after purchasing an additional 704 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in Alkami Technology in the first quarter valued at about $248,000. Principal Financial Group Inc. grew its stake in Alkami Technology by 2.7% in the first quarter. Principal Financial Group Inc. now owns 31,892 shares of the company’s stock valued at $837,000 after acquiring an additional 850 shares during the period. Bank of New York Mellon Corp grew its stake in Alkami Technology by 81.8% in the first quarter. Bank of New York Mellon Corp now owns 525,146 shares of the company’s stock valued at $13,785,000 after acquiring an additional 236,284 shares during the period. Finally, Arizona State Retirement System grew its stake in Alkami Technology by 18.6% in the first quarter. Arizona State Retirement System now owns 18,715 shares of the company’s stock valued at $491,000 after acquiring an additional 2,931 shares during the period. Institutional investors own 54.97% of the company’s stock.

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.