Arlo Technologies (NYSE:ARLO) Shares Down 2.8% on Insider Selling

Arlo Technologies, Inc. (NYSE:ARLO)’s stock price dropped 2.8% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $16.01 and last traded at $16.03. Approximately 235,716 shares traded hands during trading, a decline of 77% from the average daily volume of 1,020,710 shares. The stock had previously closed at $16.50.

Specifically, Director Amy M. Rothstein sold 15,000 shares of the company’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $14.83, for a total transaction of $222,450.00. Following the sale, the director now owns 75,032 shares in the company, valued at approximately $1,112,724.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Amy M. Rothstein sold 25,000 shares of the stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $13.37, for a total value of $334,250.00. Following the transaction, the director now owns 76,271 shares in the company, valued at approximately $1,019,743.27. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Amy M. Rothstein sold 15,000 shares of the stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $14.83, for a total value of $222,450.00. Following the completion of the transaction, the director now owns 75,032 shares in the company, valued at approximately $1,112,724.56. The disclosure for this sale can be found here. 3.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Craig Hallum increased their price objective on Arlo Technologies from $14.00 to $17.00 and gave the company a “buy” rating in a report on Friday, May 10th. Roth Mkm increased their price objective on Arlo Technologies from $13.75 to $16.50 and gave the company a “buy” rating in a report on Friday, May 10th. Finally, BWS Financial reiterated a “buy” rating and issued a $24.00 price objective on shares of Arlo Technologies in a report on Tuesday.

Arlo Technologies Stock Performance

The firm has a fifty day moving average price of $13.27 and a 200 day moving average price of $11.36. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -92.33 and a beta of 1.83.

Arlo Technologies (NYSE:ARLO) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.05). The business had revenue of $124.20 million during the quarter, compared to analyst estimates of $124.06 million. Arlo Technologies had a negative net margin of 3.46% and a negative return on equity of 16.71%. Research analysts predict that Arlo Technologies, Inc. will post -0.33 earnings per share for the current fiscal year.

Institutional Trading of Arlo Technologies

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in Arlo Technologies by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 9,556,442 shares of the company’s stock worth $90,977,000 after buying an additional 51,623 shares in the last quarter. Primecap Management Co. CA increased its position in Arlo Technologies by 3.1% during the fourth quarter. Primecap Management Co. CA now owns 4,876,641 shares of the company’s stock worth $46,426,000 after buying an additional 147,341 shares in the last quarter. Brandes Investment Partners LP increased its position in Arlo Technologies by 8.4% during the fourth quarter. Brandes Investment Partners LP now owns 4,499,968 shares of the company’s stock worth $42,840,000 after buying an additional 349,082 shares in the last quarter. Rice Hall James & Associates LLC increased its position in Arlo Technologies by 11.6% during the first quarter. Rice Hall James & Associates LLC now owns 4,061,255 shares of the company’s stock worth $51,375,000 after buying an additional 421,708 shares in the last quarter. Finally, Cannell Capital LLC increased its position in Arlo Technologies by 6.8% during the fourth quarter. Cannell Capital LLC now owns 2,480,703 shares of the company’s stock worth $23,616,000 after buying an additional 158,580 shares in the last quarter. 83.18% of the stock is owned by institutional investors and hedge funds.

About Arlo Technologies

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.