Arlo Technologies (NYSE:ARLO) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research cut shares of Arlo Technologies (NYSE:ARLO) from a buy rating to a hold rating in a report published on Monday morning, Zacks.com reports.

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. “

Several other research analysts have also weighed in on the company. Deutsche Bank Aktiengesellschaft boosted their price target on Arlo Technologies from $7.00 to $11.00 in a research report on Wednesday, February 24th. Raymond James boosted their price target on Arlo Technologies from $10.00 to $11.00 and gave the stock an outperform rating in a research report on Thursday, May 6th.

NYSE:ARLO opened at $6.79 on Monday. The firm has a market cap of $551.86 million, a price-to-earnings ratio of -7.38 and a beta of 1.76. Arlo Technologies has a twelve month low of $2.16 and a twelve month high of $10.49. The business’s 50 day moving average is $6.38.

Arlo Technologies (NYSE:ARLO) last posted its quarterly earnings results on Tuesday, May 4th. The company reported ($0.03) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.18. Arlo Technologies had a negative return on equity of 51.54% and a negative net margin of 19.41%. As a group, sell-side analysts predict that Arlo Technologies will post -0.68 earnings per share for the current fiscal year.

In other news, CFO Gordon Mattingly sold 23,000 shares of Arlo Technologies stock in a transaction that occurred on Tuesday, May 11th. The stock was sold at an average price of $5.99, for a total transaction of $137,770.00. Following the completion of the transaction, the chief financial officer now directly owns 652,182 shares in the company, valued at approximately $3,906,570.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have bought a total of 635 shares of company stock valued at $4,209 over the last quarter. 1.60% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of ARLO. Comerica Bank boosted its stake in Arlo Technologies by 1.5% in the 4th quarter. Comerica Bank now owns 83,193 shares of the company’s stock valued at $675,000 after purchasing an additional 1,219 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in Arlo Technologies by 4.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 31,518 shares of the company’s stock valued at $246,000 after purchasing an additional 1,254 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Arlo Technologies by 3.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 48,390 shares of the company’s stock valued at $377,000 after purchasing an additional 1,673 shares during the period. Prudential Financial Inc. boosted its stake in Arlo Technologies by 1.9% in the 1st quarter. Prudential Financial Inc. now owns 91,510 shares of the company’s stock valued at $575,000 after purchasing an additional 1,740 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its stake in Arlo Technologies by 3.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 64,760 shares of the company’s stock valued at $504,000 after purchasing an additional 2,077 shares during the period. Institutional investors own 68.47% of the company’s stock.

Arlo Technologies Company Profile

Arlo Technologies, Inc, together with its subsidiaries, provides smart connected devices to monitor the environments in real-time with a Wi-Fi or a cellular connection in the Americas, Europe, the Middle-East and Africa, and the Asia Pacific regions. It offers Arlo Q and Arlo Q Plus, an indoor wired solution that allow users to monitor their surroundings; Arlo Go, a LTE-enabled wire-free camera that provides untethered mobile security; Arlo Baby, a baby monitor with air quality and temperature sensors, motion and audio detection, and advanced night vision; Arlo Chime, a product that plugs into standard wall outlet and pairs with the Arlo Audio Doorbell to play various ringtones or act as a siren; and Arlo Ultra, an integrated spotlight and crystal-clear two-way audio with advanced noise cancellations camera.

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