Allot (NASDAQ:ALLT) Stock Passes Above 200-Day Moving Average – Here’s Why

Allot Ltd. (NASDAQ:ALLT) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $8.23 and traded as high as $8.90. Allot shares last traded at $8.59, with a volume of 175,887 shares traded.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of Allot in a research report on Friday, June 26th. Needham & Company LLC upped 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. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $15.00 price objective on shares of Allot in a report on Wednesday, May 13th. Finally, Wall Street Zen upgraded shares of Allot from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.62.

Allot Stock Down 3.7%

The stock has a market capitalization of $390.90 million, a P/E ratio of 62.16 and a beta of 1.46. The company has a fifty day moving average price of $7.82 and a 200-day moving average price of $8.22.

Allot (NASDAQ:ALLT) last announced its quarterly earnings results on Tuesday, March 31st. The communications equipment provider reported $0.06 EPS for the quarter. The company 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%. As a group, research analysts expect that Allot Ltd. will post 0.21 earnings per share for the current fiscal year.

Allot announced that its Board of Directors has initiated a stock buyback program 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 purchase up to 11.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, SVP Noam Lelah sold 21,000 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $8.48, for a total transaction of $178,080.00. Following the sale, the senior vice president 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark Shteiman sold 6,000 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $7.58, for a total transaction of $45,480.00. Following the transaction, the insider owned 214,000 shares of the company’s stock, valued at $1,622,120. This trade represents a 2.73% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 47,556 shares of company stock worth $374,464. 3.40% of the stock is currently owned by insiders.

Institutional Trading of Allot

A number of large investors have recently made changes to their positions in ALLT. QVT Financial LP lifted its holdings in shares of 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 acquiring an additional 817,938 shares during the last quarter. Millennium Management LLC increased its stake in 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 acquiring an additional 531,412 shares during the last quarter. Sei Investments Co. raised its position in Allot by 744.0% during the first quarter. Sei Investments Co. now owns 523,162 shares of the communications equipment provider’s stock valued at $3,484,000 after purchasing an additional 461,175 shares during the period. Boothbay Fund Management LLC purchased a new stake in Allot during the second quarter valued at approximately $3,164,000. Finally, Potomac Capital Management Inc. bought a new stake in shares of Allot in the 4th quarter valued at approximately $3,483,000. 51.50% of the stock is currently owned by institutional investors.

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.