Arlo Technologies (NYSE:ARLO) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Arlo Technologies (NYSE:ARLO) from a hold rating to a buy rating in a research report report published on Monday morning, Zacks.com reports. Zacks Investment Research currently has $3.50 price objective on the stock.

According to Zacks, “Arlo Technologies, Inc. product design, wireless connectivity, cloud infrastructure and cutting-edge AI capabilities focuses on delivering a seamless, smart home experience. The company’s cloud-based platform provides users with visibility, insight and a powerful means to help protect and connect in real-time. Its connected devices, including wire-free smart Wi-Fi and LTE-enabled cameras, advanced baby monitors and smart security lights. Arlo Technologies, Inc. is based in San Jose, United States. “

Separately, Bank of America reaffirmed an underperform rating and set a $3.50 price target (down from $5.00) on shares of Arlo Technologies in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $12.67.

Shares of ARLO opened at $2.80 on Monday. The company has a current ratio of 2.04, a quick ratio of 1.43 and a debt-to-equity ratio of 0.16. The firm has a market cap of $229.83 million and a PE ratio of -2.75. The company’s 50 day simple moving average is $3.99 and its 200-day simple moving average is $4.09. Arlo Technologies has a 12-month low of $2.71 and a 12-month high of $23.77.

Arlo Technologies (NYSE:ARLO) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.45) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.48) by $0.03. Arlo Technologies had a negative return on equity of 45.02% and a negative net margin of 29.90%. The firm had revenue of $83.60 million during the quarter, compared to the consensus estimate of $77.23 million. During the same period last year, the company earned ($0.29) earnings per share. The company’s revenue for the quarter was down 24.7% on a year-over-year basis. As a group, equities research analysts forecast that Arlo Technologies will post -1.61 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of Montreal Can lifted its holdings in shares of Arlo Technologies by 5,782.4% during the first quarter. Bank of Montreal Can now owns 10,000 shares of the company’s stock worth $41,000 after purchasing an additional 9,830 shares during the period. HHM Wealth Advisors LLC acquired a new stake in shares of Arlo Technologies during the first quarter worth $47,000. BNP Paribas Arbitrage SA lifted its holdings in shares of Arlo Technologies by 6,578.5% during the first quarter. BNP Paribas Arbitrage SA now owns 17,698 shares of the company’s stock worth $73,000 after purchasing an additional 17,433 shares during the period. Marshall Wace LLP acquired a new stake in shares of Arlo Technologies during the first quarter worth $74,000. Finally, Piedmont Investment Advisors Inc. acquired a new stake in shares of Arlo Technologies during the first quarter worth $77,000. 84.17% of the stock is owned by hedge funds and other institutional investors.

Arlo Technologies Company Profile

Arlo Technologies, Inc provides smart connected devices to monitor the environments in real-time with a Wi-Fi or a cellular network Internet connection in the Americas, Europe, the Middle-East and Africa, and the Asia Pacific regions. It offers Arlo Security Camera, a battery-operated Wi-Fi security camera; Arlo Q and Arlo Q Plus, an indoor wired solution that allow users to monitor their surroundings; Arlo Pro, a battery-operated weather-resistant Wi-Fi camera; Arlo Go, an LTE-enabled wire-free camera that provides untethered mobile monitoring; and Arlo Baby, a baby monitor with air quality and temperature sensors, motion and audio detection, and advanced night vision.

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