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

Shares of Arlo Technologies, Inc. (NYSE:ARLO) gapped down prior to trading 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.

Several other brokerages also recently weighed in on ARLO. BWS Financial reaffirmed a “buy” rating and set a $24.00 target price on shares of Arlo Technologies in a research note on Friday, September 27th. Roth Mkm boosted their target price on Arlo Technologies from $16.50 to $18.00 and gave the stock a “buy” rating in a report on Monday, July 22nd.

Insider Transactions at Arlo Technologies

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

Institutional Investors Weigh In On Arlo Technologies

Hedge funds have recently modified their holdings of the stock. Jupiter Asset Management Ltd. purchased a new stake in shares of Arlo Technologies during the first quarter worth about $885,000. Lord Abbett & CO. LLC acquired a new position in Arlo Technologies during the first quarter worth about $8,282,000. Inspire Investing LLC bought a new stake in shares of Arlo Technologies in the 1st quarter worth approximately $873,000. Swedbank AB increased its holdings in shares of Arlo Technologies by 45.5% in the second quarter. Swedbank AB now owns 800,000 shares of the company’s stock valued at $10,432,000 after buying an additional 250,000 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC lifted its holdings in shares of Arlo Technologies by 644.1% during the first quarter. Susquehanna Fundamental Investments LLC now owns 155,488 shares of the company’s stock valued at $1,967,000 after purchasing an additional 134,591 shares during the last quarter. 83.18% of the stock is owned by institutional investors and hedge funds.

Arlo Technologies Stock Down 2.0 %

The business’s 50 day simple moving average is $11.36 and its 200 day simple moving average is $12.69. The company has a quick ratio of 1.23, a current ratio of 1.48 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.19 billion, a PE ratio of -54.18 and a beta of 1.78.

Arlo Technologies (NYSE:ARLO) last posted its earnings results on Thursday, August 8th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. The company had revenue of $127.45 million during the quarter, compared to the consensus estimate of $125.03 million. Arlo Technologies had a negative net margin of 4.19% and a negative return on equity of 20.75%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.08) earnings per share. As a group, 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.