Eyal David Harari Sells 29,111 Shares of Allot (NASDAQ:ALLT) Stock

Allot Ltd. (NASDAQ:ALLT) CEO Eyal David Harari sold 29,111 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $7.64, for a total value of $222,408.04. Following the completion of the transaction, the chief executive officer owned 1,099,118 shares of the company’s stock, valued at approximately $8,397,261.52. The trade was a 2.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Allot Stock Performance

Shares of ALLT opened at $7.82 on Monday. The business’s 50-day moving average is $7.86 and its two-hundred day moving average is $7.92. The company has a market capitalization of $380.44 million, a P/E ratio of 60.16 and a beta of 1.48. Allot Ltd. has a fifty-two week low of $6.12 and a fifty-two week high of $11.92.

Allot (NASDAQ:ALLT) last issued its quarterly earnings data on Tuesday, March 31st. The communications equipment provider reported $0.06 earnings per share (EPS) for the quarter. The business had revenue of $26.43 million during the quarter. Allot had a return on equity of 7.38% and a net margin of 5.68%. Analysts forecast that Allot Ltd. will post 0.21 EPS for the current year.

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

Institutional Trading of Allot

Large investors have recently made changes to their positions in the company. QVT Financial LP raised its stake in Allot by 22.2% in the 2nd quarter. QVT Financial LP now owns 4,505,793 shares of the communications equipment provider’s stock valued at $36,598,000 after purchasing an additional 817,938 shares during the last quarter. Millennium Management LLC grew 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 worth $7,971,000 after buying an additional 531,412 shares in the last quarter. Sei Investments Co. raised its position in shares of Allot by 744.0% in the first quarter. Sei Investments Co. now owns 523,162 shares of the communications equipment provider’s stock valued at $3,484,000 after buying an additional 461,175 shares during the last quarter. Boothbay Fund Management LLC purchased a new position in shares of Allot in the second quarter worth about $3,164,000. Finally, Potomac Capital Management Inc. acquired a new position in Allot during the fourth quarter worth about $3,483,000. 51.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Allot in a report on Friday, June 26th. Needham & Company LLC upped their price objective 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. Wall Street Zen upgraded Allot from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $15.00 price target on shares of Allot in a research report on Wednesday, May 13th. Five 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’s stock. According to data from MarketBeat.com, Allot has an average rating of “Moderate Buy” and a consensus price target of $13.62.

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.