Allot (NASDAQ:ALLT) to Repurchase $40.00 million in Shares

Allot (NASDAQ:ALLT) declared that its Board of Directors has initiated a share repurchase plan on Tuesday, June 23rd, RTT News reports. The company plans to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the communications equipment provider to purchase up to 11.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have commented on ALLT. TD Cowen set a $11.00 target price on shares of Allot in a research report on Wednesday, February 25th. Needham & Company LLC lifted their price objective on Allot from $8.50 to $10.50 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Wall Street Zen upgraded Allot from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $15.00 target price on shares of Allot in a research note on Wednesday, May 13th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Allot presently has a consensus rating of “Moderate Buy” and an average price target of $13.62.

Allot Stock Performance

NASDAQ ALLT traded up $0.42 during trading hours on Tuesday, reaching $7.43. 830,218 shares of the company’s stock were exchanged, compared to its average volume of 430,860. The company’s 50-day moving average is $7.46 and its two-hundred day moving average is $8.35. Allot has a one year low of $6.12 and a one year high of $11.92. The company has a market capitalization of $361.43 million, a price-to-earnings ratio of 57.16 and a beta of 1.48.

Allot (NASDAQ:ALLT) last announced its quarterly earnings results on Tuesday, March 31st. The communications equipment provider reported $0.06 earnings per share for the quarter. Allot had a net margin of 5.68% and a return on equity of 7.38%. The firm had revenue of $26.43 million for the quarter. Research analysts predict that Allot will post 0.21 earnings per share for the current fiscal year.

Insider Activity at Allot

In other news, SVP Boaz Grossman sold 5,000 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $7.37, for a total value of $36,850.00. Following the sale, the senior vice president directly owned 192,000 shares in the company, valued at $1,415,040. The trade was a 2.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Noam Lelah sold 21,000 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $8.48, for a total value of $178,080.00. Following the transaction, the senior vice president directly owned 176,250 shares of the company’s stock, valued at $1,494,600. This represents a 10.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 47,556 shares of company stock valued at $374,464. 3.40% of the stock is owned by corporate insiders.

Allot Company 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.