Arlo Technologies, Inc. (NYSE:ARLO) Receives $23.33 Consensus PT from Brokerages

Shares of Arlo Technologies, Inc. (NYSE:ARLO) have earned a consensus rating of “Moderate Buy” from the five analysts that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $23.3333.

A number of research firms recently issued reports on ARLO. Weiss Ratings raised Arlo Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, March 6th. Zacks Research cut Arlo Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 6th.

Arlo Technologies Trading Down 2.8%

ARLO opened at $14.18 on Tuesday. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 109.07 and a beta of 1.71. Arlo Technologies has a 1 year low of $9.39 and a 1 year high of $19.94. The stock has a fifty day moving average price of $13.74 and a 200 day moving average price of $14.44.

Arlo Technologies (NYSE:ARLO) last released its quarterly earnings data on Friday, February 27th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.06. The firm had revenue of $141.30 million during the quarter, compared to analysts’ expectations of $135.57 million. Arlo Technologies had a return on equity of 10.76% and a net margin of 2.82%.The business’s revenue for the quarter was up 16.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.10 earnings per share. As a group, sell-side analysts forecast that Arlo Technologies will post 0.16 earnings per share for the current fiscal year.

Arlo Technologies declared that its board has authorized a stock buyback plan on Wednesday, March 4th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Arlo Technologies

In other Arlo Technologies news, CFO Kurtis Joseph Binder sold 179,419 shares of the firm’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $13.78, for a total transaction of $2,472,393.82. Following the transaction, the chief financial officer directly owned 614,885 shares in the company, valued at $8,473,115.30. This trade represents a 22.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Brian Busse sold 31,407 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $12.29, for a total value of $385,992.03. Following the transaction, the general counsel owned 552,850 shares in the company, valued at approximately $6,794,526.50. This trade represents a 5.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 728,549 shares of company stock worth $9,806,530 over the last three months. Corporate insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Arlo Technologies

Several institutional investors have recently bought and sold shares of ARLO. Smartleaf Asset Management LLC raised its holdings in Arlo Technologies by 86.0% during the third quarter. Smartleaf Asset Management LLC now owns 1,616 shares of the company’s stock valued at $28,000 after buying an additional 747 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in Arlo Technologies by 763.3% during the fourth quarter. Hantz Financial Services Inc. now owns 1,977 shares of the company’s stock valued at $28,000 after buying an additional 1,748 shares in the last quarter. Quarry LP raised its holdings in Arlo Technologies by 42.0% during the third quarter. Quarry LP now owns 2,649 shares of the company’s stock valued at $45,000 after buying an additional 783 shares in the last quarter. Strs Ohio bought a new position in Arlo Technologies during the first quarter valued at about $66,000. Finally, Quadrant Capital Group LLC bought a new position in Arlo Technologies during the third quarter valued at about $86,000. 83.18% of the stock is currently owned by institutional investors.

About Arlo Technologies

Arlo Technologies, Inc (NYSE: ARLO) is a provider of smart home security products and services designed for residential and small business customers. The company offers a portfolio of wireless and Wi-Fi-enabled security cameras, video doorbells, smart lighting solutions, and associated accessories. Arlo integrates advanced video analytics, motion detection, cloud storage, and two-way audio capabilities to deliver end-to-end security and monitoring solutions accessible through mobile applications and web interfaces.

Founded as a division of Netgear, Inc in 2014 and spun off as an independent public company in 2018, Arlo Technologies has established a presence in North America, Europe, Australia and parts of Asia.