# Radware Ltd. (RDWR)

> Source: Nexqual · https://nexqual.com/RDWR · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Radware Ltd. (RDWR), nexqual.com/RDWR" · informational, not investment advice.

**Price:** USD 31.07 (+4.33% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 29.78 · day 28.78–31.15 · 52w 21.68–32.79 · market cap $1.31B · NMS

## Key facts
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $1.0M; 6 not under a Rule 10b5-1 plan ($1.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $50K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +17.3% vs S&P 500 +13.4%; 5Y -12.3% vs S&P 500 +76.9%.
- Next earnings: 2026-10-28, EPS estimate USD 0.29, revenue estimate $83.0M.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-17 | Aviv David Meleh | Chief Technology Officer | 15,000 | $461K | 10% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-27 | Malka Gabriel | Chief Operating Officer | 6,500 | $195K | 11.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-09 | Goldriech Rivkah | Chief People Officer | 750 | $24K | 1.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-29 | Malka Gabriel | Chief Operating Officer | 7,000 | $210K | 11.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22 | Goldriech Rivkah | Chief People Officer | 1,375 | $41K | 2.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Malka Gabriel | Chief Operating Officer | 3,111 | $90K | 4.8% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $50K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-31 | Avidan Guy | Chief Financial Officer | 2,000 | $50K | 25.21 | Too little history (no open-market trades in 2023–2025) |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +17.3% | -12.3% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +17.3% | -2.6% |
| Volatility (annualized) | 43.8% | 37.4% |
| Max drawdown | -27.3% (Jul 2026→Jul 2026) | -64.2% (Dec 2021→Oct 2023) |

## Peers (Software - Infrastructure)
CORZ (Core Scientific, Inc.) USD 13.1 -0.76% · BLSH (Bullish) USD 28.21 -3.36% · DLO (DLocal Limited) USD 15.06 +1.48% · TENB (Tenable Holdings, Inc.) USD 44.59 +6.17% · BB (BlackBerry Limited) USD 8.92 +3.84% · RELY (Remitly Global, Inc.) USD 24.82 -1.97%

## More
Full page: https://nexqual.com/RDWR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RDWR's own 20-F filed 2026-03-31 (https://www.sec.gov/Archives/edgar/data/1094366/000117891326001923/zk2634899.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Cisco (CSCO) | "We also participate in our partners' events, such as Cisco Live and Checkpoint Experience, to promote our solutions" |
| Partner | Israel | "Partner in KPMG Israel, is our internal auditor." |
| Partner | Bynet Data Communications | "We have a written distributor agreement with Bynet under which" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.29 | $0.28 | +6.7% | $83.0M | 3 |
| Next quarter (ends 2026-12-31) | $0.33 | $0.29 | +12.6% | $87.2M | 3 |
| Current fiscal year (ends 2026-12-31) | $1.22 | $1.11 | +9.1% | $332.3M | 3 |
| Next fiscal year (ends 2027-12-31) | $1.36 | $1.32 | +3.3% | $358.6M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±13.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 59.6% | ±13.2% |
| 2026-12-18 | 56 | 49.0% | ±15.3% |
| 2027-03-19 | 147 | 44.7% | ±22.2% |
| 2027-06-17 | 237 | 44.7% | ±28.0% |