Truist Financial Corp Sells 4,442 Shares of Arlo Technologies, Inc. (NYSE:ARLO)

Truist Financial Corp lowered its position in shares of Arlo Technologies, Inc. (NYSE:ARLO) by 18.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,219 shares of the company’s stock after selling 4,442 shares during the quarter. Truist Financial Corp’s holdings in Arlo Technologies were worth $251,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ARLO. GAMMA Investing LLC increased its position in Arlo Technologies by 34.9% in the second quarter. GAMMA Investing LLC now owns 3,246 shares of the company’s stock worth $42,000 after purchasing an additional 840 shares during the period. Arizona State Retirement System grew its position in shares of Arlo Technologies by 3.5% during the 2nd quarter. Arizona State Retirement System now owns 25,577 shares of the company’s stock worth $334,000 after buying an additional 871 shares during the period. Texas Permanent School Fund Corp raised its stake in shares of Arlo Technologies by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 82,818 shares of the company’s stock worth $1,048,000 after buying an additional 1,106 shares during the last quarter. ProShare Advisors LLC lifted its holdings in Arlo Technologies by 7.3% in the first quarter. ProShare Advisors LLC now owns 18,158 shares of the company’s stock valued at $230,000 after buying an additional 1,241 shares during the period. Finally, CWM LLC boosted its stake in Arlo Technologies by 90.5% in the second quarter. CWM LLC now owns 3,742 shares of the company’s stock valued at $49,000 after acquiring an additional 1,778 shares during the last quarter. Institutional investors and hedge funds own 83.18% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Kurtis Joseph Binder sold 7,098 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $11.94, for a total transaction of $84,750.12. Following the sale, the chief financial officer now owns 892,595 shares of the company’s stock, valued at $10,657,584.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Kurtis Joseph Binder sold 7,098 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $11.94, for a total value of $84,750.12. Following the sale, the chief financial officer now directly owns 892,595 shares of the company’s stock, valued at approximately $10,657,584.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ralph E. Faison bought 8,842 shares of Arlo Technologies stock in a transaction that occurred on Monday, August 12th. The stock was bought at an average cost of $11.89 per share, with a total value of $105,131.38. Following the completion of the purchase, the director now owns 385,599 shares in the company, valued at approximately $4,584,772.11. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 3.80% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ARLO. BWS Financial reiterated a “buy” rating and set a $24.00 target price on shares of Arlo Technologies in a research report on Friday, September 27th. Roth Mkm upped their price objective on Arlo Technologies from $16.50 to $18.00 and gave the company a “buy” rating in a report on Monday, July 22nd.

Arlo Technologies Stock Down 2.2 %

Shares of NYSE ARLO opened at $11.58 on Friday. Arlo Technologies, Inc. has a 52-week low of $7.77 and a 52-week high of $17.64. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.23 and a current ratio of 1.48. The stock has a market cap of $1.13 billion, a P/E ratio of -64.33 and a beta of 1.76. The firm has a 50 day moving average price of $11.68 and a 200 day moving average price of $12.70.

Arlo Technologies (NYSE:ARLO) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Arlo Technologies had a negative net margin of 4.19% and a negative return on equity of 20.75%. The company had revenue of $127.45 million for the quarter, compared to analysts’ expectations of $125.03 million. During the same period last year, the firm posted ($0.08) earnings per share. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. Analysts expect that Arlo Technologies, Inc. will post -0.4 EPS for the current year.

Arlo Technologies Company Profile

Arlo Technologies, Inc, together with its subsidiaries, provides a cloud-based platform in the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. The company offers Arlo Essential Cameras and Doorbells (2nd Generation) delivers smart home protection, including automated privacy shield, 180-degree field of view, and 2K video resolution; Arlo Home Security System, an all-in-one multi-sensor that provides access to security experts for monitoring and responding to emergency situations; Arlo Pro 5S, a wireless 2K video resolution security camera; Arlo Go 2, a camera for monitoring remote areas, large properties, construction sites, vacation homes, boat or RV slips, and hard-to-access areas; Arlo Ultra 2 provides 4K video with HDR, an ultra-wide, 180-degree field of view, auto zoom and tracking on moving objects, and color night vision; and Arlo Floodlight Camera, a wire-free floodlight camera.