Allspring Global Investments Holdings LLC Sells 7,714 Shares of Arlo Technologies, Inc. (NYSE:ARLO)

Allspring Global Investments Holdings LLC trimmed its holdings in Arlo Technologies, Inc. (NYSE:ARLO) by 19.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,813 shares of the company’s stock after selling 7,714 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Arlo Technologies were worth $347,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of ARLO. FMR LLC lifted its position in Arlo Technologies by 83.7% in the first quarter. FMR LLC now owns 4,979 shares of the company’s stock worth $30,000 after purchasing an additional 2,269 shares during the period. Advisor Group Holdings Inc. lifted its position in Arlo Technologies by 733.8% in the fourth quarter. Advisor Group Holdings Inc. now owns 9,297 shares of the company’s stock worth $32,000 after purchasing an additional 8,182 shares during the period. PNC Financial Services Group Inc. lifted its position in Arlo Technologies by 82.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 9,704 shares of the company’s stock worth $34,000 after purchasing an additional 4,395 shares during the period. LPL Financial LLC bought a new position in Arlo Technologies in the fourth quarter worth $47,000. Finally, Alpine Global Management LLC bought a new position in Arlo Technologies in the fourth quarter worth $53,000. 78.82% of the stock is owned by institutional investors.

Arlo Technologies Stock Down 7.1 %

Arlo Technologies stock opened at $8.22 on Friday. The business’s 50-day simple moving average is $9.57 and its 200 day simple moving average is $9.61. The stock has a market cap of $772.70 million, a price-to-earnings ratio of -12.64 and a beta of 1.65. Arlo Technologies, Inc. has a 12-month low of $3.07 and a 12-month high of $11.54.

Arlo Technologies (NYSE:ARLO) last issued its earnings results on Thursday, August 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. Arlo Technologies had a negative return on equity of 62.09% and a negative net margin of 12.31%. The firm had revenue of $115.08 million for the quarter, compared to analysts’ expectations of $111.75 million. As a group, sell-side analysts expect that Arlo Technologies, Inc. will post -0.32 EPS for the current year.

Insiders Place Their Bets

In other Arlo Technologies news, CEO Matthew Blake Mcrae sold 187,623 shares of the firm’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $9.82, for a total transaction of $1,842,457.86. Following the transaction, the chief executive officer now owns 2,438,972 shares in the company, valued at $23,950,705.04. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Lake Street Capital increased their price objective on Arlo Technologies from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, August 11th. BWS Financial increased their price objective on Arlo Technologies from $11.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, August 11th. Finally, Roth Mkm assumed coverage on Arlo Technologies in a research note on Tuesday, October 31st. They set a “buy” rating and a $13.00 price objective for the company.

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. It combines an intelligent cloud infrastructure and mobile app with various smart connected devices. The company offers 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 pro 5S 2K 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 Video Doorbell delivers direct-to-mobile video calls and personalized alerts; Arlo Floodlight Camera, a wire-free floodlight camera; Arlo Ultra 2; Arlo Essential XL spotlight camera for stand-alone home security; Arlo Essential Video Doorbell that enables users to see packages on the ground or visitors from head-to-toe on their mobile devices; Arlo Pro 4 camera; and Arlo Essential indoor camera; Arlo Go 2 LTE/Wi-Fi security camera.