Arlo Technologies (NYSE:ARLO) Rating Reiterated by BWS Financial

BWS Financial reissued their buy rating on shares of Arlo Technologies (NYSE:ARLO) in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a $17.00 price target on the stock.

Arlo Technologies Trading Up 5.2 %

Shares of NYSE ARLO opened at $11.80 on Wednesday. Arlo Technologies has a twelve month low of $6.24 and a twelve month high of $13.34. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of -49.15 and a beta of 1.86. The business has a 50 day simple moving average of $11.22 and a 200-day simple moving average of $9.80.

Arlo Technologies (NYSE:ARLO) last issued its quarterly earnings results on Thursday, February 29th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. Arlo Technologies had a negative return on equity of 22.27% and a negative net margin of 4.49%. The business had revenue of $135.09 million during the quarter, compared to the consensus estimate of $135.05 million. As a group, equities analysts predict that Arlo Technologies will post -0.06 earnings per share for the current year.

Insider Activity

In other news, General Counsel Brian Busse sold 42,161 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $10.97, for a total value of $462,506.17. Following the completion of the sale, the general counsel now directly owns 661,878 shares in the company, valued at approximately $7,260,801.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Arlo Technologies news, CEO Matthew Blake Mcrae sold 132,214 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $10.95, for a total value of $1,447,743.30. Following the sale, the chief executive officer now directly owns 2,314,950 shares of the company’s stock, valued at $25,348,702.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Brian Busse sold 42,161 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $10.97, for a total value of $462,506.17. Following the completion of the sale, the general counsel now directly owns 661,878 shares in the company, valued at $7,260,801.66. The disclosure for this sale can be found here. In the last ninety days, insiders sold 362,386 shares of company stock worth $3,947,459. 2.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arlo Technologies

Several large investors have recently added to or reduced their stakes in ARLO. Summit Global Investments acquired a new stake in Arlo Technologies in the third quarter worth $202,000. Harbor Capital Advisors Inc. increased its position in Arlo Technologies by 51.0% in the third quarter. Harbor Capital Advisors Inc. now owns 16,458 shares of the company’s stock worth $170,000 after buying an additional 5,561 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Arlo Technologies by 18.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,327 shares of the company’s stock valued at $189,000 after purchasing an additional 2,896 shares during the period. Strs Ohio increased its holdings in shares of Arlo Technologies by 203.4% during the third quarter. Strs Ohio now owns 17,900 shares of the company’s stock valued at $184,000 after purchasing an additional 12,000 shares during the period. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in shares of Arlo Technologies by 38.4% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 30,376 shares of the company’s stock valued at $313,000 after purchasing an additional 8,429 shares during the period. 83.18% of the stock is owned by institutional investors and hedge funds.

Arlo Technologies Company Profile

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.