Soros Fund Management, the investment fund of tycoon George Soros, took advantage of a 33% surge in the share price of Allot Communications Ltd. (Nasdaq:ALLT; TASE: ALLT) to sell some of the shares it holds in the company.
According to the fund's reports to the US Securities and Exchange Commission (SEC), Soros Management currently holds 3.6 million shares in Allot, 10.7% of the Israeli company's share capital. In its February report, the fund reported that it held 5.3 million shares, a 15.7% stake.
The value of Soros Fund's current holding in Allot is $24.7 million. The fund is not obligated to disclose when and at what prices it sold the shares it had, but the price was probably $6-6.50 per share, which is within the range at which Allot's share has been traded in recent weeks, making the proceeds from the sale $10-11 million.
Soros Fund first invested in Allot in mid-2016, when the share price was around $5, and later increased its holdings in the company.
Allot provides solutions for communications operators, including security solutions, in contrast to earlier years, when most of its activity was in streamlining use of communications equipment in the core network, a fading sector. Allot, managed by CEO Erez Antebi, has a market cap of $230 million.
Published by Globes, Israel business news - en.globes.co.il - on November 22, 2018
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