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

Arlo Technologies (NYSE:ARLO)‘s stock had its “buy” rating reissued by equities researchers at BWS Financial in a note issued to investors on Monday, Marketbeat.com reports. They presently have a $26.00 price target on the stock, up from their previous price target of $24.00. BWS Financial’s price objective indicates a potential upside of 43.61% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Craig Hallum raised their price objective on shares of Arlo Technologies from $17.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Raymond James Financial reissued an “outperform” rating and set a $22.00 target price (up from $15.00) on shares of Arlo Technologies in a research note on Friday.

Arlo Technologies Stock Performance

Shares of NYSE ARLO opened at $18.10 on Monday. Arlo Technologies has a 1 year low of $7.84 and a 1 year high of $19.25. The firm has a market cap of $1.89 billion, a P/E ratio of -258.59 and a beta of 1.85. The stock has a fifty day moving average price of $16.64 and a two-hundred day moving average price of $13.08.

Arlo Technologies (NYSE:ARLO) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.02. The business had revenue of $129.41 million during the quarter, compared to analyst estimates of $123.33 million. Arlo Technologies had a negative return on equity of 6.69% and a negative net margin of 1.38%. The company’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.10 earnings per share. On average, research analysts predict that Arlo Technologies will post -0.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arlo Technologies news, CEO Matthew Blake Mcrae sold 331,625 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $17.38, for a total transaction of $5,763,642.50. Following the completion of the sale, the chief executive officer directly owned 2,142,392 shares of the company’s stock, valued at approximately $37,234,772.96. This represents a 13.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kurtis Joseph Binder sold 113,912 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $18.56, for a total transaction of $2,114,206.72. Following the completion of the transaction, the chief financial officer owned 809,615 shares of the company’s stock, valued at approximately $15,026,454.40. The trade was a 12.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,786,410 shares of company stock worth $30,606,824 over the last ninety days. 3.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. First Horizon Advisors Inc. boosted its stake in Arlo Technologies by 161.4% in the 2nd quarter. First Horizon Advisors Inc. now owns 3,220 shares of the company’s stock worth $55,000 after purchasing an additional 1,988 shares during the period. Strs Ohio acquired a new stake in Arlo Technologies during the 1st quarter valued at $66,000. GAMMA Investing LLC lifted its holdings in shares of Arlo Technologies by 40.9% in the first quarter. GAMMA Investing LLC now owns 7,212 shares of the company’s stock valued at $71,000 after purchasing an additional 2,095 shares in the last quarter. Ameritas Investment Partners Inc. boosted its position in shares of Arlo Technologies by 9.0% in the second quarter. Ameritas Investment Partners Inc. now owns 10,155 shares of the company’s stock worth $172,000 after buying an additional 838 shares during the period. Finally, Bank of Montreal Can purchased a new position in shares of Arlo Technologies during the fourth quarter valued at $130,000. 83.18% of the stock is owned by hedge funds and other institutional investors.

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.