Arlo Technologies (NYSE:ARLO) CFO Kurtis Joseph Binder Sells 33,394 Shares of Stock

Arlo Technologies, Inc. (NYSE:ARLO) CFO Kurtis Binder sold 33,394 shares of the business’s stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $15.03, for a total value of $501,911.82. Following the completion of the sale, the chief financial officer directly owned 312,147 shares of the company’s stock, valued at $4,691,569.41. The trade was a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Kurtis Joseph Binder also recently made the following trade(s):

• On Tuesday, September 29th, Kurtis Binder sold 13,358 shares of Arlo Technologies stock. The shares were sold at an average price of $12.58, for a total value of $168,043.64.
• On Monday, September 28th, Kurtis Binder sold 83,211 shares of Arlo Technologies stock. The shares were sold at an average price of $12.44, for a total value of $1,035,144.84.

Arlo Technologies Stock Down 2.6%

NYSE:ARLO traded down $0.40 during mid-day trading on Thursday, reaching $14.82. 2,241,094 shares of the stock were exchanged, compared to its average volume of 1,423,011. The company has a 50 day simple moving average of $13.03 and a 200-day simple moving average of $13.39. The stock has a market capitalization of $1.61 billion, a P/E ratio of 54.90 and a beta of 1.59. Arlo Technologies, Inc. has a 1 year low of $11.05 and a 1 year high of $17.76.

Arlo Technologies (NYSE:ARLO) last issued its quarterly earnings data on Thursday, November 5th. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.04. The company had revenue of $149.18 million during the quarter, compared to analysts’ expectations of $144.93 million. Arlo Technologies had a return on equity of 17.29% and a net margin of 5.20%. As a group, research analysts predict that Arlo Technologies, Inc. will post 0.12 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ARLO shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Arlo Technologies in a research note on Friday, October 30th. Wall Street Zen lowered shares of Arlo Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 31st. Finally, Piper Sandler reduced their target price on shares of Arlo Technologies from $18.00 to $16.00 and set an “overweight” rating for the company in a report on Tuesday, October 20th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Arlo Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $20.20.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Arlo Technologies in the second quarter valued at approximately $235,992,000. Wasatch Advisors LP raised its stake in shares of Arlo Technologies by 9.0% during the second quarter. Wasatch Advisors LP now owns 5,915,935 shares of the company’s stock worth $79,747,000 after purchasing an additional 489,668 shares during the last quarter. Rice Hall James & Associates LLC acquired a new stake in shares of Arlo Technologies during the second quarter worth $50,320,000. Jupiter Topco LLC acquired a new stake in shares of Arlo Technologies during the second quarter worth $34,557,000. Finally, Primecap Management Co. CA acquired a new position in Arlo Technologies in the 2nd quarter valued at $26,183,000. 83.18% of the stock is currently owned by hedge funds and other institutional investors.

About Arlo Technologies

Arlo Technologies, Inc is a smart home security company that develops connected devices and cloud-based services designed to help consumers monitor and protect their homes, businesses and other properties. Its product portfolio includes wire-free and wired security cameras, video doorbells, floodlight cameras, home security systems and related accessories.

Arlo’s products typically connect through mobile applications and cloud services, providing features such as live video, motion detection, two-way audio, night vision and notifications.