JPMorgan Chase & Co. Begins Coverage on Alkami Technology (NASDAQ:ALKT)

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

Several other analysts also recently weighed in on the company. Stephens upgraded Alkami Technology from an “equal weight” rating to an “overweight” rating and set a $40.00 target price for the company in a research report on Thursday, March 13th. The Goldman Sachs Group decreased their target price on Alkami Technology from $39.00 to $32.00 and set a “neutral” rating for the company in a research report on Monday, March 3rd. JMP Securities reiterated a “market outperform” rating and set a $46.00 target price on shares of Alkami Technology in a research report on Thursday, May 1st. Needham & Company LLC decreased their price objective on Alkami Technology from $54.00 to $40.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Finally, Lake Street Capital decreased their price objective on Alkami Technology from $47.00 to $41.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $39.25.

Alkami Technology Stock Down 1.4%

NASDAQ:ALKT opened at $27.95 on Wednesday. Alkami Technology has a twelve month low of $21.70 and a twelve month high of $42.29. The company has a market cap of $2.88 billion, a price-to-earnings ratio of -73.55 and a beta of 0.58. The stock has a fifty day simple moving average of $28.11 and a 200-day simple moving average of $30.92. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 1.23.

Insider Activity at Alkami Technology

In other Alkami Technology news, insider Douglas A. Linebarger sold 7,170 shares of the business’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $28.36, for a total value of $203,341.20. Following the completion of the transaction, the insider now directly owns 238,172 shares in the company, valued at approximately $6,754,557.92. The trade was a 2.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO W Bryan Hill sold 20,365 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $28.36, for a total transaction of $577,551.40. Following the completion of the transaction, the chief financial officer now owns 430,255 shares of the company’s stock, valued at $12,202,031.80. This represents a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,690 shares of company stock worth $785,288 over the last three months. 18.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alkami Technology

Large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in Alkami Technology by 86.8% in the fourth quarter. Bank of New York Mellon Corp now owns 288,862 shares of the company’s stock worth $10,595,000 after purchasing an additional 134,198 shares in the last quarter. Bank of America Corp DE raised its holdings in Alkami Technology by 7.1% in the fourth quarter. Bank of America Corp DE now owns 229,629 shares of the company’s stock worth $8,423,000 after purchasing an additional 15,293 shares in the last quarter. Rhumbline Advisers raised its holdings in Alkami Technology by 16.9% in the fourth quarter. Rhumbline Advisers now owns 75,352 shares of the company’s stock worth $2,764,000 after purchasing an additional 10,891 shares in the last quarter. Geode Capital Management LLC raised its holdings in Alkami Technology by 15.8% in the fourth quarter. Geode Capital Management LLC now owns 1,426,038 shares of the company’s stock worth $52,320,000 after purchasing an additional 194,051 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Alkami Technology by 12.8% in the fourth quarter. Vanguard Group Inc. now owns 7,447,851 shares of the company’s stock worth $273,187,000 after purchasing an additional 843,129 shares in the last quarter. 54.97% of the stock is currently owned by institutional investors.

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.