Renaissance Technologies LLC Sells 134,841 Shares of Allot Ltd. $ALLT

Key Points

• Renaissance Technologies reduced its Allot stake by 12%, selling 134,841 shares and retaining 985,098 shares valued at approximately $6.56 million. Institutional investors collectively own 51.5% of the company.
• Allot shares were trading at $8.19, up 3.8%, while the company reported quarterly revenue of $26.43 million and earnings of $0.06 per share. Its board also authorized a $40 million share buyback, representing up to 11.7% of outstanding shares.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $13.62, although recent insider sales and one “Sell” rating remain notable counterpoints.

Renaissance Technologies LLC lessened its holdings in shares of Allot Ltd. (NASDAQ:ALLT - Free Report) by 12.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 985,098 shares of the communications equipment provider's stock after selling 134,841 shares during the period. Renaissance Technologies LLC owned about 2.02% of Allot worth $6,561,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALLT. Quarry LP purchased a new stake in Allot in the 3rd quarter worth approximately $37,000. Kestra Advisory Services LLC purchased a new position in shares of Allot during the fourth quarter valued at approximately $62,000. State of Wyoming purchased a new position in shares of Allot during the fourth quarter valued at approximately $66,000. Wells Fargo & Company MN raised its holdings in shares of Allot by 200.0% during the fourth quarter. Wells Fargo & Company MN now owns 9,000 shares of the communications equipment provider's stock valued at $88,000 after acquiring an additional 6,000 shares in the last quarter. Finally, Invesco Ltd. bought a new position in shares of Allot during the fourth quarter valued at approximately $112,000. Institutional investors own 51.50% of the company's stock.

Allot Stock Up 3.8%

ALLT opened at $8.19 on Wednesday. The stock has a market cap of $398.44 million, a PE ratio of 63.00 and a beta of 1.48. The business has a 50 day moving average of $7.87 and a 200-day moving average of $7.97. Allot Ltd. has a 52 week low of $6.12 and a 52 week high of $11.92.

Allot (NASDAQ:ALLT - Get Free Report) last released its quarterly earnings results 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 for the quarter. Allot had a return on equity of 7.38% and a net margin of 5.68%. Equities analysts anticipate that Allot Ltd. will post 0.21 EPS for the current year.

Allot declared that its board has initiated a stock buyback plan on Tuesday, June 23rd that allows the company to buyback $40.00 million in shares. This buyback authorization allows the communications equipment provider to purchase up to 11.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board believes its shares are undervalued.

Insider Activity

In related news, insider Mark Shteiman sold 6,000 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $7.58, for a total value of $45,480.00. Following the completion of the transaction, the insider directly owned 214,000 shares in the company, valued at $1,622,120. This trade represents a 2.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Noam Lelah sold 21,000 shares of Allot stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $8.48, for a total transaction of $178,080.00. Following the transaction, the senior vice president directly owned 176,250 shares of the company's stock, valued at approximately $1,494,600. This trade represents a 10.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 47,556 shares of company stock worth $374,687. Corporate insiders own 3.40% of the company's stock.

Analyst Ratings Changes

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

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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