Allot (NASDAQ:ALLT) SVP Boaz Grossman Sells 6,000 Shares of Stock

Key Points

• Allot SVP Boaz Grossman sold 6,000 shares at an average price of $7.45, generating $44,700. He retained 186,000 shares after reducing his position by 3.12%.
• Allot’s latest quarterly results exceeded expectations, with EPS of $0.09 versus the $0.06 consensus and revenue of $27.74 million compared with estimates of $27.45 million.
• The company authorized a $40 million share-repurchase program, while analysts maintain a “Moderate Buy” consensus and a $13.38 average price target despite mixed individual ratings.

Allot Ltd. (NASDAQ:ALLT - Get Free Report) SVP Boaz Grossman sold 6,000 shares of Allot stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $7.45, for a total transaction of $44,700.00. Following the completion of the sale, the senior vice president directly owned 186,000 shares in the company, valued at approximately $1,385,700. The trade was a 3.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Allot Price Performance

Shares of Allot stock opened at $7.48 on Monday. The firm has a market cap of $363.90 million, a price-to-earnings ratio of 34.00 and a beta of 1.48. Allot Ltd. has a 52-week low of $6.12 and a 52-week high of $11.92. The company's 50-day simple moving average is $7.88 and its 200-day simple moving average is $7.73.

Allot (NASDAQ:ALLT - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The communications equipment provider reported $0.09 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.03. Allot had a net margin of 9.40% and a return on equity of 9.64%. The firm had revenue of $27.74 million during the quarter, compared to the consensus estimate of $27.45 million. Equities research analysts anticipate that Allot Ltd. will post 0.23 EPS for the current year.

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

Institutional Investors Weigh In On Allot

Institutional investors and hedge funds have recently modified their holdings of the company. Worth Venture Partners LLC grew its position in shares of Allot by 4.6% in the third quarter. Worth Venture Partners LLC now owns 43,941 shares of the communications equipment provider's stock valued at $465,000 after purchasing an additional 1,946 shares during the last quarter. DCF Advisers LLC raised its position in shares of Allot by 2.9% during the 4th quarter. DCF Advisers LLC now owns 72,000 shares of the communications equipment provider's stock worth $708,000 after purchasing an additional 2,000 shares during the last quarter. Magnetar Financial LLC raised its position in shares of Allot by 10.8% during the 3rd quarter. Magnetar Financial LLC now owns 22,404 shares of the communications equipment provider's stock worth $237,000 after purchasing an additional 2,192 shares during the last quarter. XTX Topco Ltd lifted its stake in Allot by 8.5% in the 4th quarter. XTX Topco Ltd now owns 34,536 shares of the communications equipment provider's stock valued at $339,000 after buying an additional 2,718 shares in the last quarter. Finally, Quarry LP purchased a new stake in Allot in the 3rd quarter valued at approximately $37,000. Institutional investors and hedge funds own 51.50% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on ALLT. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Allot in a report on Friday, June 26th. Needham & Company LLC raised their target price on Allot from $8.50 to $10.50 and gave the company a "buy" rating in a report on Wednesday, May 13th. Wall Street Zen upgraded shares of Allot from a "hold" rating to a "buy" rating in a research report on Saturday, May 16th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $15.00 price target on shares of Allot in a research note on Wednesday, May 13th. Finally, Northland Securities set a $17.00 price target on shares of Allot in a report on Thursday, August 13th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Allot has a consensus rating of "Moderate Buy" and a consensus price target of $13.38.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source