George B. Kaiser, a former 10% owner of Alkami Technology, Inc. (NASDAQ:ALKT), sold 2.5 million shares of the company's common stock on November 8, 2024. The sale comes amid ALKT's impressive 66.7% surge over the past year, with the stock recently reaching near its 52-week high of $42.29. The shares were sold at an average price of $37.50 each, amounting to a total transaction value of approximately $93.75 million. Following this sale, Kaiser holds 5,919,784 shares directly and maintains indirect ownership of 2,521,611 shares through ARG Private Equity II, LLC. Kaiser has disclaimed beneficial ownership of shares held by ARG, except for his pecuniary interest. With a market capitalization of $3.87 billion and analyst price targets ranging from $39 to $54, InvestingPro analysis suggests the stock is currently trading above its Fair Value.
In other recent news, Alkami Technology has initiated a secondary offering of 7.5 million shares with entities affiliated with General Atlantic, S3 Ventures, George B. Kaiser, and Brian R. Smith as the sellers. The underwriter, J.P. Morgan Securities LLC, has been granted a 30-day option to purchase up to an additional 1,125,000 shares. The proceeds from this offering will go entirely to the selling stockholders.
Alkami Technology has also demonstrated strong Q3 financial performance, reporting a 27% increase in revenue to $85.9 million and an adjusted EBITDA of $8.3 million. The company's annual recurring revenue (ARR) grew by 24% to $342 million. In response to these developments, KeyBanc Capital Markets raised its price target for Alkami Technology to $45, maintaining an Overweight rating.
The company has secured nine new digital banking wins and 14 renewals, indicating strong demand for its services. Looking ahead, 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. These are the recent developments related to Alkami Technology.
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