Allot Ltd. $ALLT Shares Acquired by QVT Financial LP

Key Points

• QVT Financial LP increased its stake in Allot Ltd. by 12.4% in the fourth quarter, buying 556,730 additional shares and bringing its total to 5,062,523 shares. The position is now QVT’s second-largest holding and represents 10.45% of Allot.
• Several other hedge funds also added to or initiated positions in Allot, and institutional investors now own 51.50% of the company’s stock. This suggests continued interest from large investors despite the stock’s recent volatility.
• Analysts are generally constructive on the stock, with a consensus rating of Moderate Buy and an average price target of $13.63. Recent commentary included upgrades and higher targets from firms such as Wall Street Zen and Needham.

QVT Financial LP raised its position in shares of Allot Ltd. (NASDAQ:ALLT - Free Report) by 12.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,062,523 shares of the communications equipment provider's stock after acquiring an additional 556,730 shares during the quarter. Allot makes up about 4.3% of QVT Financial LP's holdings, making the stock its 2nd largest holding. QVT Financial LP owned 10.45% of Allot worth $49,765,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Kanen Wealth Management LLC raised its holdings in shares of Allot by 1.7% during the third quarter. Kanen Wealth Management LLC now owns 4,606,003 shares of the communications equipment provider's stock valued at $48,624,000 after acquiring an additional 78,180 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Allot by 10.5% during the fourth quarter. Renaissance Technologies LLC now owns 1,119,939 shares of the communications equipment provider's stock valued at $11,009,000 after acquiring an additional 106,740 shares during the last quarter. Greenhaven Road Investment Management L.P. raised its holdings in shares of Allot by 12.8% during the fourth quarter. Greenhaven Road Investment Management L.P. now owns 856,991 shares of the communications equipment provider's stock valued at $8,424,000 after acquiring an additional 97,348 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Allot by 239.4% during 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. Finally, Boothbay Fund Management LLC acquired a new position in shares of Allot during the second quarter valued at approximately $3,164,000. Institutional investors and hedge funds own 51.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ALLT shares. Wall Street Zen raised Allot from a "hold" rating to a "buy" rating in a report on Saturday, May 16th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $15.00 price target on shares of Allot in a report on Wednesday, May 13th. Needham & Company LLC increased their price target on Allot from $8.50 to $10.50 and gave the company a "buy" rating in a report on Wednesday, May 13th. Finally, TD Cowen set a $11.00 price target on Allot in a report on Wednesday, February 25th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Allot currently has an average rating of "Moderate Buy" and a consensus price target of $13.63.

Insider Buying and Selling

In related news, SVP Noam Lelah sold 21,000 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $8.48, for a total value of $178,080.00. Following the completion of the transaction, the senior vice president directly owned 176,250 shares in the company, valued at approximately $1,494,600. This represents a 10.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark Shteiman sold 6,000 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $7.58, for a total value of $45,480.00. Following the completion of the transaction, the insider owned 214,000 shares of the company's stock, valued at $1,622,120. The trade was a 2.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 45,556 shares of company stock worth $359,464. Company insiders own 3.40% of the company's stock.

Allot Stock Performance

NASDAQ:ALLT opened at $7.37 on Monday. Allot Ltd. has a one year low of $6.12 and a one year high of $11.92. The stock has a market cap of $358.55 million, a PE ratio of 56.70 and a beta of 1.48. The stock has a 50 day moving average price of $7.42 and a 200 day moving average price of $8.46.

Allot (NASDAQ:ALLT - Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The communications equipment provider reported $0.06 EPS 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 during the quarter. As a group, analysts predict that Allot Ltd. will post 0.21 earnings per share for the current fiscal year.

Allot 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.

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