Stephen Bohanon, Chief Strategy and Product Officer at Alkami Technology Inc. (NASDAQ:ALKT), recently sold shares of the company in two separate transactions, according to a filing with the Securities and Exchange Commission. On December 5, Bohanon sold a total of 21,068 shares of Alkami Technology common stock, with the sales occurring at prices ranging from $39.1515 to $39.50 per share. The total value of these transactions amounted to $825,741. The sales come amid a remarkable year for Alkami, which has seen its stock surge nearly 80% over the past 12 months, according to InvestingPro data. The company, now valued at $3.84 billion, is currently trading above its Fair Value based on comprehensive analysis.
Following these sales, Bohanon continues to hold 337,136 shares directly. Additionally, he indirectly owns 678,232 shares through trusts, with 339,116 shares held by the Botech Trust, where Bohanon serves as trustee, and another 339,116 shares held by the KBCouture Trust, managed by his spouse. The sales were conducted under a pre-arranged 10b5-1 trading plan, as noted in the filing. Notably, InvestingPro analysis shows strong analyst confidence in Alkami's future, with six analysts recently revising earnings estimates upward. Subscribers can access 10 additional ProTips and detailed valuation metrics in the comprehensive Pro Research Report.
In other recent news, Alkami Technology has initiated a secondary offering of 7.5 million shares, a move that underscores recent developments within the company. The shares are being sold by entities affiliated with General Atlantic, S3 Ventures, George B. Kaiser, and Brian R. Smith. The company, however, is not selling any shares or receiving any proceeds from this offering.
Alkami Technology recently reported a strong Q3 financial performance, with a significant 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. Following these results, KeyBanc Capital Markets upgraded its price target for the company to $45, maintaining an Overweight rating.
The company also reported nine new digital banking wins and secured 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. However, the company's data technology is increasingly seen as a market differentiator, with over 70% of new client wins in 2024 incorporating data and marketing products.
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