Allot (NASDAQ:ALLT) to Repurchase $40.00 million in Outstanding Stock

Allot (NASDAQ:ALLT) announced that its board has initiated a share repurchase program on Tuesday, June 23rd, RTT News reports. The company plans to buyback $40.00 million in shares. This buyback authorization authorizes the communications equipment provider to reacquire up to 11.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Allot Price Performance

ALLT stock traded up $0.42 during midday trading on Tuesday, reaching $7.43. The company had a trading volume of 830,218 shares, compared to its average volume of 430,860. The stock has a 50 day moving average price of $7.46 and a 200-day moving average price of $8.35. Allot has a 1-year low of $6.12 and a 1-year high of $11.92. The company has a market capitalization of $361.43 million, a price-to-earnings ratio of 57.16 and a beta of 1.48.

Allot (NASDAQ:ALLT) last issued its earnings results on Tuesday, March 31st. The communications equipment provider reported $0.06 earnings per share for the quarter. Allot had a return on equity of 7.38% and a net margin of 5.68%.The firm had revenue of $26.43 million for the quarter. As a group, research analysts anticipate that Allot will post 0.21 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ALLT. Needham & Company LLC lifted their target price on shares of Allot from $8.50 to $10.50 and gave the stock a “buy” rating in a report on Wednesday, May 13th. TD Cowen set a $11.00 price objective on Allot in a report on Wednesday, February 25th. Wall Street Zen raised Allot from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $15.00 target price on shares of Allot in a research note on Wednesday, May 13th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $13.62.

Insider Activity at Allot

In other Allot news, SVP Boaz Grossman sold 5,000 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $7.37, for a total transaction of $36,850.00. Following the completion of the transaction, the senior vice president owned 192,000 shares of the company’s stock, valued at approximately $1,415,040. The trade was a 2.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark Shteiman sold 6,000 shares of Allot stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $7.58, for a total transaction of $45,480.00. Following the sale, the insider directly owned 214,000 shares in the company, valued at $1,622,120. This trade represents a 2.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 47,556 shares of company stock valued at $374,464 over the last ninety days. 3.40% of the stock is owned by corporate insiders.

Allot Company Profile

Allot Ltd. is a provider of network intelligence and security solutions designed for service providers and enterprises worldwide. The company delivers software and cloud-based services that enable customers to gain real-time visibility into network traffic, enforce security policies and optimize bandwidth usage. Its platforms support a wide range of applications, from DDoS protection and threat prevention to subscriber experience management and network analytics.

Allot’s product portfolio includes managed solutions for mobile and fixed-line operators, as well as cloud-native services that can be deployed across private, public and hybrid environments.