Key Points
- Insider sale: Allot insider Gili Groner sold 26,666 shares for approximately $209,595 under a pre-arranged Rule 10b5-1 trading plan, reducing the position by 30.96% to 59,467 shares.
- Quarterly performance: Allot reported earnings of $0.09 per share, exceeding analyst expectations of $0.06, while revenue of $27.74 million also surpassed estimates.
- Investor outlook: The company authorized a $40 million share buyback covering up to 11.7% of outstanding shares. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $13.38 versus a recent share price near $7.69.
Allot Ltd. (NASDAQ:ALLT - Get Free Report) insider Gili Groner sold 26,666 shares of the firm's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $7.86, for a total value of $209,594.76. Following the transaction, the insider owned 59,467 shares in the company, valued at $467,410.62. This represents a 30.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Allot Price Performance
Shares of Allot stock opened at $7.69 on Thursday. The firm's fifty day simple moving average is $7.88 and its 200-day simple moving average is $7.77. Allot Ltd. has a 12 month low of $6.12 and a 12 month high of $11.92. The stock has a market capitalization of $374.12 million, a price-to-earnings ratio of 34.96 and a beta of 1.48.
Allot (NASDAQ:ALLT - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The communications equipment provider reported $0.09 earnings per share for the quarter, topping 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. Analysts anticipate that Allot Ltd. will post 0.24 earnings per share 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 reacquire up to 11.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on ALLT. Needham & Company LLC lifted their price target 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 shares of Allot from a "hold" rating to a "buy" rating in a report on Saturday, May 16th. Northland Securities set a $17.00 price target on Allot in a research report on Thursday, August 13th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Allot in a research note on Friday, June 26th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $15.00 price objective on shares of Allot in a research report on Wednesday, May 13th. Five 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. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $13.38.
Get Our Latest Stock Report on Allot
Institutional Investors Weigh In On Allot
Several large investors have recently made changes to their positions in the company. QVT Financial LP boosted its position in Allot by 22.2% during the 2nd quarter. QVT Financial LP now owns 4,505,793 shares of the communications equipment provider's stock worth $36,598,000 after acquiring an additional 817,938 shares during the period. Millennium Management LLC lifted its holdings 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 acquiring an additional 531,412 shares during the last quarter. Sei Investments Co. boosted its holdings in Allot by 744.0% during the first quarter. Sei Investments Co. now owns 523,162 shares of the communications equipment provider's stock worth $3,484,000 after buying an additional 461,175 shares in the last quarter. Boothbay Fund Management LLC acquired a new position in shares of Allot in the 2nd quarter worth $3,164,000. Finally, Potomac Capital Management Inc. acquired a new stake in Allot during the 4th quarter worth about $3,483,000. Institutional investors and hedge funds own 51.50% of the company's stock.
Allot Company Profile
(
Get Free Report)
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.
Further Reading
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