Alkami Technology (NASDAQ:ALKT) Hits New 52-Week High – Still a Buy?

Shares of Alkami Technology, Inc. (NASDAQ:ALKT) hit a new 52-week high during mid-day trading on Monday . The stock 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.

Analysts Set New Price Targets

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

Alkami Technology Price Performance

The company has a current ratio of 3.52, a quick ratio of 3.52 and a debt-to-equity ratio of 0.05. The company’s 50 day moving average price is $35.10 and its 200 day moving average price is $31.62.

Insider Buying and Selling at Alkami Technology

In other Alkami Technology news, CFO W Bryan Hill sold 69,511 shares of Alkami Technology stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $33.34, for a total transaction of $2,317,496.74. Following the completion of the sale, the chief financial officer now directly owns 489,340 shares in the company, valued at approximately $16,314,595.60. The trade was a 12.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Alex Shootman sold 37,758 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $29.75, for a total transaction of $1,123,300.50. Following the completion of the sale, the chief executive officer now owns 1,056,207 shares in the company, valued at $31,422,158.25. The trade was a 3.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,366,077 shares of company stock worth $125,011,332. 25.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Alkami Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. Driehaus Capital Management LLC lifted its holdings in Alkami Technology by 56.2% in the second quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company’s stock valued at $31,080,000 after acquiring an additional 392,483 shares during the period. Millennium Management LLC increased its holdings in shares of Alkami Technology by 124.1% during the 2nd quarter. Millennium Management LLC now owns 514,677 shares of the company’s stock valued at $14,658,000 after purchasing an additional 284,977 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of Alkami Technology in the 1st quarter valued at $5,569,000. Castleark Management LLC purchased a new stake in Alkami Technology during the third quarter worth $6,050,000. Finally, Loomis Sayles & Co. L P acquired a new stake in Alkami Technology during the third quarter valued at $6,032,000. 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.