Boaz Grossman Sells 4,000 Shares of Allot (NASDAQ:ALLT) Stock

Key Points

• Insider sale: Allot SVP Boaz Grossman sold 4,000 shares at an average price of $7.80, receiving $31,200. After the transaction, he held 182,000 shares; he had also sold 6,000 shares the prior week.
• Stock and financial performance: Allot shares fell 0.3% to $7.77, while the company’s latest quarterly results exceeded expectations with earnings of $0.09 per share and revenue of $27.74 million.
• Buyback and analyst outlook: Allot approved a $40 million share-repurchase plan covering up to 11.7% of outstanding shares. Analysts’ consensus rating is “Moderate Buy,” with a consensus price target of $13.38, although ratings range from Buy to Sell.

Allot Ltd. (NASDAQ:ALLT - Get Free Report) SVP Boaz Grossman sold 4,000 shares of the company's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $7.80, for a total transaction of $31,200.00. Following the transaction, the senior vice president owned 182,000 shares of the company's stock, valued at approximately $1,419,600. This represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Boaz Grossman also recently made the following trade(s):

• On Friday, August 21st, Boaz Grossman sold 6,000 shares of Allot stock. The shares were sold at an average price of $7.45, for a total transaction of $44,700.00.

Allot Stock Down 0.3%

Shares of NASDAQ ALLT traded down $0.02 during midday trading on Monday, reaching $7.77. 70,266 shares of the company were exchanged, compared to its average volume of 418,962. The stock's 50-day moving average price is $7.94 and its 200-day moving average price is $7.66. The stock has a market cap of $378.01 million, a P/E ratio of 35.32 and a beta of 1.48. Allot Ltd. has a one year low of $6.12 and a one year high of $11.92.

Allot (NASDAQ:ALLT - Get Free Report) last announced its quarterly earnings results 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 return on equity of 9.64% and a net margin of 9.40%.The company had revenue of $27.74 million during the quarter, compared to analysts' expectations of $27.45 million. On average, equities research analysts anticipate that Allot Ltd. will post 0.23 EPS for the current year.

Allot announced that its Board of Directors has approved a share buyback plan on Tuesday, June 23rd that permits the company to buyback $40.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to repurchase up to 11.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

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

Institutional Trading of Allot

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALLT. QVT Financial LP boosted its holdings in Allot by 12.4% in the fourth quarter. QVT Financial LP now owns 5,062,523 shares of the communications equipment provider's stock worth $49,765,000 after acquiring an additional 556,730 shares in the last quarter. Kanen Wealth Management LLC raised its position in shares of Allot by 1.1% during the first quarter. Kanen Wealth Management LLC now owns 4,653,697 shares of the communications equipment provider's stock worth $30,994,000 after purchasing an additional 51,029 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Allot by 10.5% in the 4th quarter. Renaissance Technologies LLC now owns 1,119,939 shares of the communications equipment provider's stock worth $11,009,000 after purchasing an additional 106,740 shares in the last quarter. Greenhaven Road Investment Management L.P. grew its position in Allot by 12.8% in the 4th 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 purchasing an additional 97,348 shares during the period. Finally, Millennium Management LLC grew its position in Allot by 239.4% in the 3rd quarter. Millennium Management LLC now owns 753,393 shares of the communications equipment provider's stock valued at $7,971,000 after purchasing an additional 531,412 shares during the period. 51.50% of the stock is owned by institutional investors.

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.

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