Arlo Technologies (NYSE:ARLO) Shares Gap Down on Analyst Downgrade

Arlo Technologies, Inc. (NYSE:ARLO) shares gapped down before the market opened on Friday after Craig Hallum lowered their price target on the stock from $17.00 to $15.00. The stock had previously closed at $12.16, but opened at $10.00. Craig Hallum currently has a buy rating on the stock. Arlo Technologies shares last traded at $10.56, with a volume of 730,582 shares trading hands.

A number of other brokerages also recently issued reports on ARLO. BWS Financial reissued a “buy” rating and set a $24.00 price objective on shares of Arlo Technologies in a research report on Friday, September 27th. Roth Mkm lifted their target price on shares of Arlo Technologies from $16.50 to $18.00 and gave the company a “buy” rating in a research note on Monday, July 22nd.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in Arlo Technologies by 34.9% during the second quarter. GAMMA Investing LLC now owns 3,246 shares of the company’s stock valued at $42,000 after purchasing an additional 840 shares during the period. Arizona State Retirement System raised its holdings 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 acquiring an additional 871 shares in the last quarter. Texas Permanent School Fund Corp lifted its position in Arlo Technologies by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 82,818 shares of the company’s stock valued at $1,048,000 after purchasing an additional 1,106 shares during the last quarter. ProShare Advisors LLC grew its position in Arlo Technologies by 7.3% in the first quarter. ProShare Advisors LLC now owns 18,158 shares of the company’s stock worth $230,000 after acquiring an additional 1,241 shares in the last quarter. Finally, CWM LLC increased its position in shares of Arlo Technologies by 90.5% during the 2nd quarter. CWM LLC now owns 3,742 shares of the company’s stock valued at $49,000 after purchasing an additional 1,778 shares during the last quarter. 83.18% of the stock is owned by hedge funds and other institutional investors.

Arlo Technologies Trading Down 2.0 %

The company’s 50 day moving average price is $11.36 and its two-hundred day moving average price is $12.69. The firm has a market cap of $1.19 billion, a PE ratio of -54.18 and a beta of 1.78. The company has a quick ratio of 1.23, a current ratio of 1.48 and a debt-to-equity ratio of 0.16.

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

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.