Arlo Technologies (NYSE:ARLO) Shares Gap Up on Strong Earnings

Arlo Technologies, Inc. (NYSE:ARLO)’s stock price gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $10.64, but opened at $11.68. Arlo Technologies shares last traded at $11.92, with a volume of 234,766 shares traded.

The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.12 by $0.03. Arlo Technologies had a negative return on equity of 24.14% and a negative net margin of 4.76%. The firm had revenue of $119.07 million during the quarter, compared to the consensus estimate of $118.35 million. During the same period last year, the company earned $0.09 earnings per share. The business’s quarterly revenue was down 4.1% on a year-over-year basis.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ARLO shares. Roth Capital set a $22.00 price objective on shares of Arlo Technologies in a report on Friday, February 28th. BWS Financial reiterated a “buy” rating and issued a $24.00 price objective on shares of Arlo Technologies in a research note on Thursday, April 24th. Finally, Craig Hallum boosted their price target on shares of Arlo Technologies from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 28th.

Insider Transactions at Arlo Technologies

In related news, CEO Matthew Blake Mcrae sold 26,435 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $11.50, for a total transaction of $304,002.50. Following the transaction, the chief executive officer now owns 3,205,132 shares of the company’s stock, valued at approximately $36,859,018. This trade represents a 0.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Brian Busse sold 17,669 shares of the stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $11.11, for a total value of $196,302.59. Following the sale, the general counsel now owns 606,832 shares of the company’s stock, valued at $6,741,903.52. This represents a 2.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,164,731 shares of company stock valued at $12,816,439. 5.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arlo Technologies

A number of large investors have recently made changes to their positions in ARLO. Vanguard Group Inc. grew its stake in Arlo Technologies by 1.3% in the first quarter. Vanguard Group Inc. now owns 9,953,767 shares of the company’s stock worth $98,244,000 after purchasing an additional 132,350 shares during the period. XTX Topco Ltd raised its stake in shares of Arlo Technologies by 277.6% in the first quarter. XTX Topco Ltd now owns 63,590 shares of the company’s stock worth $628,000 after purchasing an additional 46,749 shares during the last quarter. GSA Capital Partners LLP bought a new position in Arlo Technologies during the first quarter valued at approximately $1,339,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Arlo Technologies by 16.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,325 shares of the company’s stock worth $329,000 after buying an additional 4,627 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Arlo Technologies during the 1st quarter valued at about $661,000. 83.18% of the stock is currently owned by institutional investors.

Arlo Technologies Trading Up 16.8 %

The stock has a market capitalization of $1.29 billion, a PE ratio of -49.72 and a beta of 1.81. The firm has a 50 day moving average price of $10.03 and a 200 day moving average price of $11.12.

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.