Arlo Technologies’ (ARLO) Buy Rating Reiterated at BWS Financial

BWS Financial reaffirmed their buy rating on shares of Arlo Technologies (NYSE:ARLO) in a report published on Monday morning,Benzinga reports. The brokerage currently has a $24.00 target price on the stock.

Several other equities analysts also recently commented on the stock. Craig Hallum upped their price target on shares of Arlo Technologies from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Roth Capital set a $22.00 price target on shares of Arlo Technologies in a research note on Friday, February 28th.

Arlo Technologies Price Performance

Shares of ARLO opened at $17.03 on Monday. The firm has a market capitalization of $1.77 billion, a PE ratio of -68.11 and a beta of 2.01. The company’s 50-day moving average is $11.84 and its 200-day moving average is $11.62. Arlo Technologies has a fifty-two week low of $7.84 and a fifty-two week high of $17.64.

Arlo Technologies (NYSE:ARLO) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. The company had revenue of $119.07 million for the quarter, compared to analyst estimates of $118.35 million. Arlo Technologies had a negative net margin of 4.76% and a negative return on equity of 24.14%. The company’s revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.09 earnings per share. Analysts predict that Arlo Technologies will post -0.29 earnings per share for the current fiscal year.

Insider Activity at Arlo Technologies

In other Arlo Technologies news, General Counsel Brian Busse sold 21,367 shares of the firm’s stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $10.37, for a total value of $221,575.79. Following the transaction, the general counsel now directly owns 656,785 shares of the company’s stock, valued at $6,810,860.45. This trade represents a 3.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kurtis Joseph Binder sold 184,589 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $10.70, for a total transaction of $1,975,102.30. Following the completion of the sale, the chief financial officer now owns 977,457 shares in the company, valued at approximately $10,458,789.90. The trade was a 15.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 642,652 shares of company stock worth $6,774,031. Corporate insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On Arlo Technologies

Hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC boosted its position in Arlo Technologies by 104.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,331 shares of the company’s stock worth $26,000 after buying an additional 1,191 shares during the period. KBC Group NV raised its holdings in Arlo Technologies by 106.8% during the 4th quarter. KBC Group NV now owns 6,167 shares of the company’s stock worth $69,000 after purchasing an additional 3,185 shares during the last quarter. Strs Ohio bought a new position in Arlo Technologies during the 1st quarter worth approximately $66,000. GAMMA Investing LLC raised its holdings in Arlo Technologies by 40.9% during the 1st quarter. GAMMA Investing LLC now owns 7,212 shares of the company’s stock worth $71,000 after purchasing an additional 2,095 shares during the last quarter. Finally, Ieq Capital LLC bought a new position in Arlo Technologies during the 4th quarter worth approximately $121,000. 83.18% of the stock is currently 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.