Eyal David Harari Sells 29,111 Shares of Allot (NASDAQ:ALLT) Stock

Allot Ltd. (NASDAQ:ALLT) CEO Eyal David Harari sold 29,111 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $7.64, for a total value of $222,408.04. Following the sale, the chief executive officer owned 1,099,118 shares of the company’s stock, valued at approximately $8,397,261.52. The trade was a 2.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Allot Stock Up 6.2%

Shares of NASDAQ ALLT opened at $8.02 on Wednesday. The business’s 50 day moving average is $7.83 and its two-hundred day moving average is $7.88. The company has a market cap of $390.17 million, a P/E ratio of 61.70 and a beta of 1.48. Allot Ltd. has a 12 month low of $6.12 and a 12 month high of $11.92.

Allot (NASDAQ:ALLT) last posted its quarterly earnings data on Tuesday, March 31st. The communications equipment provider reported $0.06 earnings per share for the quarter. The company had revenue of $26.43 million during the quarter. Allot had a return on equity of 7.38% and a net margin of 5.68%. Sell-side analysts expect that Allot Ltd. will post 0.21 earnings per share for the current fiscal year.

Allot declared that its Board of Directors has initiated a share buyback program on Tuesday, June 23rd that authorizes the company to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to buy up to 11.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Wall Street Zen raised shares of Allot from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Cantor Fitzgerald restated an “overweight” rating and set a $15.00 price objective on shares of Allot in a report on Wednesday, May 13th. Needham & Company LLC upped their price objective on shares of Allot from $8.50 to $10.50 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Allot in a research note on Friday, June 26th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $13.62.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. QVT Financial LP raised its stake in Allot by 22.2% during the second quarter. QVT Financial LP now owns 4,505,793 shares of the communications equipment provider’s stock worth $36,598,000 after acquiring an additional 817,938 shares in the last quarter. Millennium Management LLC raised its stake in shares of Allot by 239.4% in the third quarter. Millennium Management LLC now owns 753,393 shares of the communications equipment provider’s stock valued at $7,971,000 after acquiring an additional 531,412 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of Allot by 744.0% in the 1st quarter. Sei Investments Co. now owns 523,162 shares of the communications equipment provider’s stock worth $3,484,000 after acquiring an additional 461,175 shares in the last quarter. Boothbay Fund Management LLC acquired a new position in shares of Allot in the 2nd quarter worth approximately $3,164,000. Finally, Potomac Capital Management Inc. bought a new stake in Allot during the 4th quarter worth approximately $3,483,000. Institutional investors and hedge funds own 51.50% of the company’s stock.

About Allot

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.