BWS Financial Reaffirms Buy Rating for Arlo Technologies (NYSE:ARLO)

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

Arlo Technologies Trading Up 5.3 %

ARLO opened at $11.80 on Wednesday. The business’s 50 day moving average is $11.22 and its 200-day moving average is $9.81. The stock has a market cap of $1.13 billion, a PE ratio of -49.17 and a beta of 1.86. Arlo Technologies has a twelve month low of $6.24 and a twelve month high of $13.34.

Arlo Technologies (NYSE:ARLO) last released 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. The company had revenue of $135.09 million for the quarter, compared to analysts’ expectations of $135.05 million. Arlo Technologies had a negative return on equity of 22.27% and a negative net margin of 4.49%. As a group, analysts forecast that Arlo Technologies will post -0.06 EPS for the current year.

Insider Activity

In other news, Director Miller Joycelyn Carter sold 32,000 shares of Arlo Technologies stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $9.04, for a total transaction of $289,280.00. Following the sale, the director now owns 127,012 shares of the company’s stock, valued at $1,148,188.48. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Miller Joycelyn Carter sold 32,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $9.04, for a total transaction of $289,280.00. Following the sale, the director now owns 127,012 shares of the company’s stock, valued at $1,148,188.48. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Matthew Blake Mcrae sold 132,214 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $10.95, for a total value of $1,447,743.30. Following the sale, the chief executive officer now directly owns 2,314,950 shares in the company, valued at approximately $25,348,702.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 362,386 shares of company stock valued at $3,947,459. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Arlo Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in Arlo Technologies by 229.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 889,422 shares of the company’s stock worth $9,161,000 after purchasing an additional 619,049 shares in the last quarter. Vanguard Group Inc. raised its holdings in Arlo Technologies by 5.0% during the third quarter. Vanguard Group Inc. now owns 9,504,819 shares of the company’s stock worth $97,900,000 after purchasing an additional 451,236 shares in the last quarter. Brandes Investment Partners LP raised its holdings in Arlo Technologies by 29.4% during the third quarter. Brandes Investment Partners LP now owns 4,150,886 shares of the company’s stock worth $42,754,000 after purchasing an additional 943,089 shares in the last quarter. GSA Capital Partners LLP raised its holdings in Arlo Technologies by 119.1% during the third quarter. GSA Capital Partners LLP now owns 175,289 shares of the company’s stock worth $1,805,000 after purchasing an additional 95,275 shares in the last quarter. Finally, Cannell Capital LLC increased its holdings in shares of Arlo Technologies by 7.5% in the third quarter. Cannell Capital LLC now owns 2,322,123 shares of the company’s stock valued at $23,918,000 after buying an additional 162,470 shares in the last quarter. Institutional investors own 83.18% of the company’s stock.

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.