Alex Shootman, the Chief Executive Officer of Alkami Technology, Inc. (NASDAQ:ALKT), recently sold 39,143 shares of the company’s common stock. The shares were sold at an average price of $38.32 each, totaling approximately $1.5 million. This transaction, dated December 9, 2024, was executed to cover tax withholding obligations related to the vesting and settlement of restricted stock units (RSUs). According to InvestingPro analysis, the stock is currently trading near its 52-week high of $42.29, suggesting potential overvaluation. Following this sale, Shootman retains ownership of 942,064 shares in the company. For deeper insights into ALKT's valuation and 10+ additional expert tips, check out the comprehensive research available on InvestingPro.
In other recent news, Alkami Technology has launched a secondary offering of 7.5 million shares, with entities affiliated with General Atlantic, S3 Ventures, George B. Kaiser, and Brian R. Smith acting as the selling stockholders. The proceeds from this offering will go entirely to these stockholders, with Alkami not selling any shares or receiving any proceeds. J.P. Morgan Securities LLC is the underwriter and sole book-running manager for the offering, which is facilitated by an effective shelf registration statement filed with the Securities and Exchange Commission.
In financial news, Alkami Technology reported a strong Q3 performance, with a significant 27% increase in revenue to $85.9 million and an adjusted EBITDA of $8.3 million, surpassing expectations. The company's annual recurring revenue (ARR) grew by 24% to $342 million, though it fell slightly short of analyst expectations. In response to these results, KeyBanc Capital Markets raised its price target for Alkami Technology to $45, maintaining an Overweight rating.
In recent developments, Alkami Technology secured nine new digital banking wins and 14 renewals, indicating strong demand for its services. The company's implementation backlog now includes 36 clients, accounting for 1.3 million users. Alkami Technology forecasts Q4 2024 revenue between $89 million and $90 million, with full-year guidance of $333.2 million to $334.2 million. Despite a favorable environment for mergers and acquisitions, Alkami has not made any recent acquisitions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.