Shares of Alkami Technology, Inc. (ALKT) plummeted 7.37% in pre-market trading on Friday, as multiple analysts lowered their price targets for the company following its recent quarterly report.

JP Morgan reduced its price target on Alkami from $40 to $38, while maintaining an Overweight rating. Barclays made a more significant cut, lowering its target from $30 to $25 and keeping an Equal Weight rating. Needham also joined the trend, decreasing its price target from $40 to $32.

The wave of price target reductions suggests that analysts are recalibrating their expectations for Alkami's future performance. While JP Morgan's relatively small cut and maintained Overweight rating indicate continued optimism, Barclays' larger reduction points to increased caution. These adjustments, coming after the company's latest financial results, appear to have sparked selling pressure on the stock, leading to the significant pre-market decline.